UAE announces petrol, diesel prices for May 2024

The UAE has announced the retail fuel prices for the month of May. The fuel price committee increased the retail rates for Super 98, Special 95, and E-Plus 91 by as much as 19 fils per litre.

From May 1, 2024, Super 98 petrol will cost Dhs3.34 a litre from Dhs3.15 a litre in April, while Special 95 will cost Dhs3.22 a litre compared to Dhs3.03 a litre the previous month.

Diesel will cost Dhs3.07 a litre in May compared to Dhs3.09 the previous month, while the price of E-plus 91 rose to Dhs3.15 compared to Dhs2.69 the previous month.

The fuel price committee increased the retail rates for Super 98, Special 95, and E-Plus 91 by as much as 11 fils per litre in April. The committee meets every month to decide whether prices will increase or decrease.

The country has been revising retail petrol prices on the last day of the month ever since the government deregulated oil prices in August 2015 to bring them at par with the global rates.

Meanwhile, oil price held its biggest drop in almost two weeks as the ongoing discussions on a possible cease-fire in the Middle East reduced the risk premium for crude.

Brent crude traded near $88.21 a barrel, down $0.14 or 0.16 per cent, as of 10:41 pm GST on April 30, while US West Texas Intermediate crude futures dropped by $0.21 or 027 per cent to $82.44 a barrel.

Global oil price is set to eke out a fourth monthly gain, after surging to its highest since October in mid-April following an escalation of geopolitical tensions in the Middle East. Geopolitical tensions across the globe as well as OPEC+ supply curb are bolstering prices, although uncertainty over US monetary policy and high inventories in product markets are weighing on the outlook for demand.

Read: Oil prices near $90 as Middle East tensions rise