Petrol prices in UAE hike by 5% as diesel rates fall; Check out the new prices
By Aishwarya Nair | First Published May 1, 2023, 3:39 PM ISTThe increased rates for May 2023 are the highest in the entire decade, which will increase the cost of commuting and encourage more frequent use of public transportation.
The United Arab Emirates (UAE) on Sunday raised retail petrol prices by more than 5% for the month of May 2023 due to a reduction in supply by the oil-producing nations.
Oil prices rose in April as a result of an unexpected reduction in oil output of 1.64 million barrels per day announced by the UAE, Russia, Algeria, Kazakhstan, and other GCC nations.
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For May 2023, Super 98 petrol will cost Dh3.16 a litre, up from Dh3.01 in April. Similarly, the Special 95 petrol price has been increased from Dh2.90 to Dh3.05 per litre and E-Plus raised to Dh2.97 a litre, up from Dh2.82.
The increased rates for May 2023 are the highest in the entire decade, which will increase the cost of commuting and encourage more frequent use of public transportation.
Getting a full tank of petrol in May will cost you between Dh7.65 and Dh11.10 more than it did last month, depending on the type of car you drive.
In 2015, the UAE deregulated retail fuel prices and brought them into line with market oil pricing. As a result, rates are adjusted at the end of each month to reflect market pricing and lessen the strain on regional fuel dealers.
When global oil prices spiked following the Ukraine-Russian war, petrol prices reached a peak in the middle of last year and exceeded Dh4.5 per litre.
In the meantime, the price of diesel was reduced by 12 fils to Dh2.91 per litre for May, which would assist lower the cost of transporting consumer products and lowering the price of groceries for locals in May.
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