UAE petrol price for May 2021 announced
The prices have increased marginally compared to April.
Motorists across the UAE will have to pay just a bit more to fill up their petrol tanks next month, with the UAE Fuel Price Follow-up Committee announcing the new prices which will be effective May 1, 2021.
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According to the announcement by the UAE Fuel Price Follow-up Committee, Super 98 petrol will increase to Dh2.30 per litre in May, compared to Dh2.29 per litre this month. Special 95 petrol will now cost Dh2.18 per litre, compared to Dh2.17 per litre previously; while E-Plus 91 fuel will be priced at Dh2.11 per litre compared to Dh2.10 per litre. The price of diesel, however, has been reduced to Dh2.17 a litre in May, compared to Dh2.22 a litre this month.
Globally, oil prices have remained steady, with forecasts of a recovery in global fuel demand tempered by a surge in India’s Covid-19 cases and rising US crude inventories. Brent crude futures edged down 0.11 per cent, to $66.35 a barrel at 0941 GMT, after rising 1.2 per cent on Tuesday. U.S. West Texas Intermediate (WTI) crude futures were up less than 0.1 per cent, to $62.95 a barrel, after gaining 1.7 per cent in the previous session.
According to the latest reports, An Opec+ decision to stick to plans for a phased easing of oil production restrictions from May to July underscored the group’s confidence in a recovery in global demand.
On Wednesday, Goldman Sachs said that it expected “the biggest jump in oil demand ever, a 5.2 million barrels per day rise over the next six months” as vaccination campaigns accelerate in Europe and demand for travel climbs. The US bank also said that the easing of international travel restrictions in May would hike jet fuel demand by 1.5 million bpd.
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