The UAE’s fuel price follow-up committee has hiked petrol prices and reduced diesel rates for the month of May.

The price for one litre of Super 98 has increased by 15 fils to Dhs3.16 in May from Dhs3.01 in April while Special 95 will cost Dhs3.05 beginning May 1, an increase of 15 fils compared to Dhs2.90 last month, according to a tweet from fuel retailing company Emarat.

Meanwhile, the price of diesel was reduced further to Dhs2.91 per litre in May from Dhs3.03 the previous month while the price of E-plus 91 went up by 15 fils in May to Dhs2.79 compared to Dhs2.82 in April.

The fuel price committee marginally increased the prices of Super 98, Special 95 and E-plus 91 after slashing them by 8 fils per litre last month.

Here’s a quick glance at UAE fuel prices in 2023

Month	Super 98	Special 95	EPlus 91	Diesel
January 2023	2.78	2.67	2.59	3.29
February 2023	3.05	2.93	2.86	3.38
March 2023	3.09	2.97	2.90	3.14
April 2023	3.01	2.90	2.82	3.03
May 2023	3.16	3.05	2.79	2.91

UAE fuel prices 2023

The UAE liberalised petrol prices in 2015 to allow rates to move in line with the market. Fuel prices in the country tend to fluctuate in line with global trends.

Crude oil prices swung sharply in April, surging to a 15-month high after the Organization of Petroleum Exporting Countries and its allies (OPEC+) slushed production output to 3.66 million barrels per day (bpd) or 3.7 per cent of global demand.

The surprise decision by several OPEC+ producers to voluntarily cut output earlier in April prompted some analysts to caution that oil prices could surge to triple digits to near $100 bpd. However, broader financial turmoil has so far obstructed this bullish outlook, as supply-demand factors are outweighed by recessionary fears.

Brent for July settlement is trading at $80.33 a barrel as of 5:33 pm GST on Sunday while West Texas Intermediate (WTI) for June 2023 delivery surged by $1.87 or 2.5 per cent to $76.63 around the same time.

Read: Oil set for sixth monthly loss on deteriorating demand outlook