UAE: Will petrol prices rise for May due to Iran-Israel conflict?

The UAE will announce petrol prices for the month of May 2024 on Tuesday to align them with global rates.

Petrol prices could go up locally for next month as global oil prices increased after the military conflict flared up between Iran and Israel in April, pushing Brent above $90 a barrel.

The prices stayed close to $90 till mid-April before they plummeted to $86 in the third week of April. But prices rose again to $89.5 at the end of last week.

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Petrol prices saw an average increase of $4.53 a barrel in April 2024 as compared to the previous month. Brent averaged $88.79 a barrel in April as against $84.26 in March.

Petrol prices in UAE were increased for the third consecutive month in April with Super 98, Special 95 and E-Plus 91 priced at Dh3.15, Dh3.03 and Dh2.96 a litre, respectively.

Following a $3 per barrel average global price increase in March, prices for April in the UAE were increased by 12 fils a litre.

Transport companies as well as motorists who drive around quite often, due to the nature of their work, look forward to price adjustments in the UAE.

The average price of Dh3.03 in UAE is lower than the global average of Dh4.93 a litre.

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