Latest news with #oilprices
Arabian Business
12 hours ago
- Business
- Arabian Business
UAE freezes petrol prices for June 2025
The UAE has frozen petrol prices for consumers in June 2025. Petrol prices will be unchanged from May, with a slight decrease for diesel as fuel costs remain stable. It follows a virtual freeze in May and means prices are their most stable in months. It is currently cheaper to fill up a tank than year ago, with all categories becoming more affordable, despite prices fluctuating throughout the past 12 months. UAE petrol prices June 2025 In June 2024, E-Plus 91 was priced at AED2.95 a litre, while diesel was set at AED2.88 a litre. On current prices, E-Plus 91 is cheaper (at AED2.39 a litre) than at this time last year. Special 95 and Super 98 are also cheaper now than a year ago, falling from AED3.02 to AED2.47 a litre and AED3.14 to 2.58 a litre respectively. From June 1, the cost of filling up vehicles in the UAE will be: E-Plus: AED2.39 a litre from AED2.39 in May Special 95: AED2.47 a litre from AED2.47 in May Super 98: AED2.58 a litre from AED2.58 in May Diesel: AED2.45 a litre from AED2.52 in May In response to the COVID-19 pandemic in 2020, the Fuel Price Committee froze petrol prices in the UAE, preventing any changes. However, in March 2021, as global oil prices began to rise, the controls were lifted to allow market forces to determine petrol prices once again. Moreover, the fluctuation in petrol prices is also influenced by changes in crude oil prices worldwide. UAE fuel prices Prices in AED per litre E-Plus 91 Special 95 Super 98 Diesel June 2025 2.39 2.47 2.58 2.45 May 2025 2.39 2.47 2.58 2.52 April 2025 2.38 2.46 2.57 2.63 March 2025 2.54 2.61 2.73 2.77 February 2025 2.55 2.63 2.74 2.82 January 2025 2.43 2.50 2.61 2.68 December 2024 2.43 2.50 2.61 2.68 November 2024 2.55 2.63 2.74 2.67 October 2024 2.47 2.54 2.66 2.60 September 2024 2.71 2.78 2.90 2.78 August 2024 2.86 2.93 3.05 2.95 July 2024 2.80 2.88 2.99 2.89 June 2024 2.95 3.02 3.14 2.88 May 2024 3.15 3.22 3.34 3.07 April 2024 2.96 3.03 3.15 3.09 March 2024 2.85 2.92 3.03 3.16 February 2024 2.69 2.76 2.88 2.99 January 2024 2.64 2.71 2.82 3
Times of Oman
a day ago
- Business
- Times of Oman
Govt has taken measures to keep oil prices in control for consumers: Hardeep Puri
New Delhi: Union Minister for Petroleum and Natural Gas, Hardeep Puri on Friday highlighted how is India able to keep prices for oil in control through calibrated policy measures, including excise duty cuts and collaboration with state governments on VAT reductions. Puri mentioned that the government had reduced the cess on petrol and diesel in November 2021 and May 2022, leading to price reductions of Rs 13 and Rs 16 per liter, respectively. He attributed this to the combined efforts of the central and state governments in reducing taxes. "The excise duty shares are imposed by we reduced the Cess in November 2021 and May 2022, state govt also reduced their VAT, and that's why we were able to reduce the price of petrol and diesel, respectively, by Rs 13 and Rs 16 a liter," the minister said after the CII Annual Business Summit 2025. The minister outlined the factors that influence fuel prices, including global prices, insurance costs, and refining margins. He suggested that if global prices remain stable, further price reductions could be expected. He further added, "If prices are determined by global prices, to that you add cost of prices remain like this, going forward, these are the things that you can legitimately expect." While speaking at the CII summit, the minister emphasized on the availability of crude from the western Hemisphere countries such as such as Brazil, Guyana, Suriname, and Canada. He noted that despite OPEC+ production cuts, global supply is rebounding with incremental output restorations. Apart from the he also commented about the India's strategic tie up. He said, "what we've done is we've diversified from 27 countries from which we imported to about 40 now. We bought consignments from Argentina also." He also believes that, during tough times India has been able to navigate reasonable well and he further mentions that, "and I have total confidence in going forward with more energy being available, we will be able to navigate it further also."
Asharq Al-Awsat
a day ago
- Business
- Asharq Al-Awsat
Oil Set for Second Weekly Decline as Market Eyes another OPEC+ Output Hike
Oil prices were on track for a second consecutive weekly decline on Friday, weighed down by expectations of another OPEC+ output hike in July and fresh uncertainty after the latest legal twist kept US President Donald Trump's tariffs in place. Brent crude futures slipped 21 cents, or 0.33%, to $63.94 a barrel by 0626 GMT. US West Texas Intermediate crude fell 22 cents, or 0.36%, to $60.72 a barrel. The Brent July futures contract is due to expire on Friday. Both contracts have fallen 1.3% so far this week, Reuters reported. The downward trajectory largely stemmed from the prospect of rising supplies as investors priced in another hike by the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, when eight of its members meet on Saturday. "The stage is set for another bumper production increase," Westpac's head of commodity and carbon research, Robert Rennie, said in a note, potentially more than the 411,000 barrels-per-day hike decided on at the previous two meetings. The potential hike comes as the global surplus has widened to 2.2 million bpd, likely necessitating a price adjustment to prompt a supply-side response and restore balance, said JPMorgan analysts in a note. The analysts expect prices to remain within current ranges before easing into the high $50s by year-end. In the US, Trump's tariffs were to remain in effect after a federal appeals court temporarily reinstated them on Thursday, reversing a trade court's decision on Wednesday to put an immediate block on the most sweeping of the duties. The block pushed oil prices down more than 1% on Thursday as traders weighed its effects. Analysts said uncertainty would remain as the tariff battles worked through the courts. Oil prices have lost more than 10% since Trump announced his "Liberation Day" tariffs on April 2. On the demand front, recession worries fuelled by the tariff war have clouded the outlook. Adding to US-China trade tension, Washington ordered a broad swathe of companies to stop shipping goods, including ethane and butane, to China without a license and revoked licenses already granted to certain suppliers. Global oil demand improved from the previous week, driven by a rebound in US oil consumption with robust travel over the Memorial Day long weekend, the JPMorgan analysts noted. Still, the monthly expansion in global oil demand is tracking at approximately 400,000 bpd as of May 28, 250,000 bpd below expectations, the analysts said.
CNA
a day ago
- Business
- CNA
Oil prices head for weekly drop as OPEC+ may discuss larger output hike for July
LONDON :Oil prices were flat on Friday and heading for a second consecutive weekly loss, as investors weigh a potentially larger OPEC+ output hike for July, and uncertainty spreads around U.S. tariff policy after the latest courtroom twist. Brent crude futures fell by 9 cents, or 0.14 per cent, to $64.06 a barrel by 1201 GMT. U.S. West Texas Intermediate crude fell by 15 cents, or 0.25 per cent, to $60.79 a barrel. The Brent July futures contract is due to expire on Friday. The more liquid August contract was trading 19 cents lower, or 0.3 per cent, at $63.16 per barrel. At these levels, the front-month benchmark contracts were headed for weekly losses of a little over 1 per cent. Price moves dipped into negative territory after Reuters reported that OPEC+ may discuss an increase in July output larger than the 411,000 barrels per day (bpd) that the group had made for May and June. "The oil price would probably only come under greater pressure if the oil-producing countries were to increase their production even more than in previous months or give indications that there will be similarly high production increases in the following months," Commerzbank analysts said earlier on Friday in a note, published before the news. The potential hike comes as the global surplus has widened to 2.2 million bpd, likely necessitating a price adjustment to prompt a supply-side response and restore balance, said JPMorgan analysts in a note, adding they expect prices to remain within the current range before easing into the high $50s by year-end. U.S. President Donald Trump's tariffs were expected to remain in effect after a federal appeals court temporarily reinstated them on Thursday, reversing a trade court's decision a day earlier to put an immediate block on the sweeping duties. Oil prices were down more than 1 per cent on Thursday. The appeals court's decision pushed Brent to the bottom of its recent tight range, Investec's head of commodities Callum Macpherson said. "The narrow $63-67 per barrel range that has confined Brent for much of this month might be hard to sustain given the uncertainties facing oil markets," Macpherson said.
Globe and Mail
a day ago
- Business
- Globe and Mail
Oil prices on track to decline for second week ahead of expected OPEC+ production increase
Oil prices were stable on Friday, but on track for a second consecutive weekly decline, pressured by expectations of another OPEC+ output hike and uncertainty about U.S. tariffs after the latest legal twist kept them in place. Brent crude futures gained 23 cents, or 0.36 per cent, to US$64.38 a barrel by 5:49 a.m. ET. U.S. West Texas Intermediate crude rose by 32 cents, or 0.53 per cent, to US$61.26 a barrel. The Brent July futures contract is due to expire on Friday. The more liquid August contract was trading 30 cents higher, or 0.47 per cent, at US$63.65 per barrel. The two front-month contracts were headed for a marginal weekly decrease of roughly 0.5 per cent. Investors have priced in another hike by the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, ahead of a meeting between eight of its members on Saturday. 'The stage is set for another bumper production increase,' Westpac's head of commodity and carbon research, Robert Rennie, said in a note, potentially more than the 411,000 barrels-per-day hike decided on at the previous two meetings. Commerzbank analysts said that the oil price had fallen after media reports that some delegates had already indicated that they would probably decide on a further significant increase in production. 'The actual announcement is therefore likely to have only a limited effect,' they said in a note. The potential hike comes as the global surplus has widened to 2.2 million barrels per day, likely necessitating a price adjustment to prompt a supply-side response and restore balance, said JPMorgan analysts in a note. In the U.S., Trump's tariffs were to remain in effect after a federal appeals court temporarily reinstated them on Thursday, reversing a trade court's decision on Wednesday to put an immediate block on the most sweeping of the duties. The block pushed oil prices down more than 1 per cent on Thursday as traders weighed its effects. Analysts said uncertainty would remain as the tariff battles worked through the courts. Oil prices have lost more than 10 per cent since Trump announced his 'Liberation Day' tariffs on April 2.
