UAE to announce petrol prices for May: will rates increase further?

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The UAE fuel price committee is set to announce petrol and diesel prices for May next week.

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.

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 from the previous month.

For the month of April, a litre of Super 98, Special 95 and E-Plus were priced at Dhs3.15, Dhs3.03 and Dhs2.69, respectively.

The price of diesel was reduced by 7 fils to Dhs3.09 in April compared to Dhs3.16 the previous month.

Meanwhile, oil prices rose on Tuesday, as the US dollar index fell to its lowest in over a week and as oil investors shifted focus away from geopolitical issues in the Middle East to the state of global economies.

Brent crude futures rose $1.04 or 1.2 per cent to $88.04 a barrel as of 04:09 pm GST on April 24. US West Texas Intermediate crude futures rose $1.10 or 1.3 per cent to $83.00 a barrel.

The US dollar index weakened after S&P Global data showed US business activity cooled in April to a four-month low on weaker demand. A cheaper dollar typically boosts demand for dollar-denominated oil from buyers holding other currencies.

Furthermore, support for prices came from Eurozone data that showed business activity expanding at the fastest pace in nearly a year this month.

Read: See how UAE petrol prices have risen for April 2024