Fuel prices in the UAE for June 2023
Powell acknowledged that the commercial real estate sector still faced some funding vulnerabilities, as evidenced by the banking crisis in March, which led to the failure of Silicon Valley Bank (SVB) and two other US lenders due to deposit runs.
Fuel prices in the UAE for June 2023
The committee responsible for determining fuel prices in the UAE has recently announced the rates for petrol and diesel in July 2023. These new rates will take effect from July 1 and are as follows:
- Super 98 petrol will be priced at Dh3 per litre, compared to Dh2.95 in June.
- Special 95 petrol will cost Dh2.89 per litre, an increase from Dh2.84 last month.
- E-Plus 91 petrol will be priced at Dh2.81 per litre, up from Dh2.76 per litre in June.
- Diesel will be charged at Dh2.76 per litre, compared to Dh2.68 last month.
In the previous month, the fuel price committee had reduced the rates by 21 fils per litre, resulting in the lowest rates observed in the past four months.
According to Federal Reserve Chair Jerome Powell, the US Federal Reserve continues to closely monitor the banking industry to address any potential vulnerabilities, particularly in the commercial real estate sector. During an event hosted by the Spanish central bank in Madrid, Powell expressed the Fed's cautious approach and stated, "We are very reluctant to say" if the sector's turmoil has subsided. He emphasized the Fed's responsibility to remain vigilant about potential risks.
Powell acknowledged that the commercial real estate sector still faced some funding vulnerabilities, as evidenced by the banking crisis in March, which led to the failure of Silicon Valley Bank (SVB) and two other US lenders due to deposit runs. Although "deposit flows have settled down," the sector remains a concern. SVB and the two banks suffered significant unrealized losses on their US Treasury bond holdings, alarming uninsured depositors.
Powell reassured that overall, bank capital remains strong and liquidity is at a very high level, as demonstrated by the Federal Reserve's recent annual health check. When discussing the commercial real estate sector, Powell acknowledged ongoing valuation adjustments, particularly concerning office spaces. He attributed these adjustments to the shift brought about by remote work, although he noted that the risks were not concentrated solely within large banks.
price of Fuel in the UAE
Addressing money market funds, Powell stated that US regulators had not yet resolved the issues surrounding them. He mentioned that there were significant inflows into money market funds during the March crisis, which have since ceased. During tightening cycles, individuals tend to gradually move their funds from bank deposits to money market funds due to higher yields. Powell explained that this phenomenon leads to banks tightening their lending conditions, which aligns with the desired outcomes. As long as this process remains orderly, it is expected as part of the Fed's actions.
