UAE petrol, diesel prices to decline in June

The fuel prices in the United Arab Emirates will decline by at least 2.5 percent in June, according to ministry of energy on Sunday announcement on Sunday.

Starting June 1, motorists will pay AED 1.96 per liter for Super 98 (down 2.5 percent from May), AED 1.85 a liter for Special 95 (down 2.6 percent), and AED 1.78 for E Plus (down 2.7 percent).

Diesel will cost AED 1.9 in June, down 3.5 percent from May.

Fuel prices in the UAE are set every month by a committee led by the ministry of energy, and are linked to global crude prices.

Crude prices, which had touched $55 a barrel (bbl) earlier this month, slumped nearly 5 percent on Thursday after Organization of the Petroleum Exporting Countries (OPEC) and other major exporters decided to extend the output deal at levels agreed on last year.

Analysts said the markets were hoping that the oil producers will tighten the output ceiling further during their May 25 meeting.

Global benchmark Brent crude closed at $52.15/bbl on Friday.