UAE hikes petrol prices for third consecutive month by around 11% in May

Petrol prices rose in March and April in the UAE

Fuel prices have been increased for the third consecutive month in May in the UAE, it was announced on Monday.

The price per litre for Super 98 has been fixed at Dhs2.48, up 11.2 per cent from Dhs2.23 in April and while the price for Special 95 has been hiked by 10.9 per cent to Dhs2.34 from Dhs2.11.

The price of diesel has been increased by 1.6 per cent to Dhs2.53 per litre compared to Dhs2.49 in April.

All rates are inclusive of VAT.

The UAE links fuel prices to movements in international oil rates, which have seen high volatility in the last few weeks as US sanctions on Iranian oil take effect.

Oil prices fell 3 per cent on Friday, after US President Donald Trump said he urged the Organization of the Petroleum Exporting Countries (OPEC) to raise crude production to lower prices.

“Gasoline prices are coming down. I called up OPEC, I said you’ve got to bring them down. You’ve got to bring them down,” Trump told reporters.