In June, Special 95 will retail for Dhs3.02 per litre. In May, it was Dhs3.22. The price of a liter of E-Plus 91 will drop to Dhs 2.95 from Dhs 3.15 in May.
Diesel will now retail for Dhs2.88 per litre as opposed to Dhs3.07.
However, analysts told reporters that at their biannual meeting on Sunday, members of the Opec+ group of oil-producing countries are likely to stick with their current output cuts, exercising caution in the face of geopolitical unpredictability. Analysts informed reporters that they anticipated maintaining the status quo at the June 2 virtual meeting of 22 energy ministers.
Since the last meeting in November, prices for the black gold have barely moved, rising by only three to four percent.Super 98 will now retail for Dhs 3.14 per litre, down from Dhs 3.34 in May, according to the Gasoline and Diesel Prices Monitoring Committee.
According to the World Bank’s Spring 2024 Gulf Economic Update (GEU), the UAE’s real gross domestic product (GDP) growth is expected to pick up speed to 3.9 percent in 2024, driven by Opec+’s announced major increase in oil production in the second half of the year and a rebound in global economic activity.
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