UAE petrol prices rise by 5% as diesel prices decline
In 2015, the nation deregulated retail fuel prices and brought them into line with market oil prices, which results in monthly rate revisions.
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Due to a reduction in supply by the oil-producing nations, the UAE raised retail petrol prices on Sunday by more than 5% for the month of May 2023.
Oil prices rose in April as a result of an unexpected reduction in oil output of 1.64 million barrels per day announced by the UAE, Russia, Algeria, Kazakhstan, and other GCC nations.
Super 98 petrol will cost Dh3.16 per gallon in May 2023, up from Dh3.01 in April. Similar price increases have been made to Special 95 petrol (from Dh2.90 to Dh3.05 per litre) and E-Plus (from Dh2.82 to Dh2.97 per litre).
May's increased rates are the highest in 2023, which will raise the cost of transit and motivate more frequent use of public transport.
In 2015, the UAE deregulated retail fuel prices and brought them into line with market oil pricing. As a result, rates are adjusted at the end of each month to reflect market pricing and lessen the strain on regional fuel dealers.
When global oil prices spiked following the Ukraine-Russian war, petrol prices reached a peak in the middle of last year and exceeded Dh4.5 per litre.
Despite local gas prices reaching their highest point of the year as of April 24, they remain significantly less expensive than the Dh4.87 global average.
In the meantime, the price of diesel was reduced by 12 fils to Dh2.91 per litre for May, which would assist lower the cost of transporting consumer products and lower the price of groceries for locals in May.
Retail gas prices in the UAE (in dirhams per litre)
|Month||Super 98||Special 95||E-Plus|