UAE announces Raise the price of gasoline and lower the price of diesel

The Fuel Lend Follow-up Committee in the United Arab Emirates has just announced a 15 fils increase in gasoline prices and a 12 fils decrease in diesel prices per litre, respectively, effective immediately for the month of May 2023.

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Beginning on Monday, May 1, 2023, fuel distribution companies will implement their newly announced pricing, which include a 5% value-added tax.

For the month of May, these are the retail prices for petrol and diesel:

  • Diesel prices are dropping from $3.03 per litre in April to $2.91 in May.
  • The retail price of E-Plus gasoline will increase from 2.82 to 2.97 dirhams per litre in April.
  • In April, the price of a gallon of regular petrol will increase from $2.90 to $3.05 in Dubai.
  • In April, the price of a litre of regular gasoline (98 octane) will increase from 3.01 to 3.16 dirhams.

Note that the committee has agreed a price cut of between 7 and 8 fils per litre for gasoline in April compared to March 2023 rates, and a drop of 11 fils per litre for diesel. Prices have gone up by a cent per litre since December of last year.

Monthly, the average global oil price is factored in with distribution company operating costs to arrive at the fuel price criteria established by the Ministry of Energy.

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