UAE to announce petrol prices for May

The UAE and other oil-producing countries announced earlier this month to cut production from May till the end of 2023, which resulted in a spike in global oil prices.

Since the UAE aligned petrol prices with global rates in 2015, any decrease or increase in global prices directly reflects in the local petrol prices when they’re revised at the end of every month.

In April, prices were reduced by around eight fils per litre after two consecutive months of price increases.

For the month of April, Super 98, Special 95 and E-Plus were priced at Dh3.01 per litre, Dh2.90 a litre and Dh2.82 a litre, respectively.

According to globalpetrolprices.com, fuel prices were cheaper by over 40 per cent as of April 24 in the Emirates as compared to the global average. Data showed the average global price of petrol was Dh4.87 on April 24 as compared to Dh2.90 in the UAE. Based on this rate, prices in the were UAE the 23rd cheapest in the world.

Prices peaked in the UAE in June and July last year after the Russia-Ukraine war, reaching Dh4.63 per litre in the country.

For the month of May 2023, the UAE will announce retail petrol prices either today or tomorrow. The prices will be increased or decreased by the UAE government after taking into consideration the global refined petroleum product price benchmark compiled by S&P Global Platts at the end of every month. Then costs for transportation and operations are added as well. Following that, new prices are implemented by fuel retailers Enoc, Adnoc and Emarat at the beginning of each month.

Here's a recap of retail fuel prices in UAE (dirhams per litre)

(With inputs from Waheed Abbas)

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• Business
• UAE