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UAE petrol prices for May declared

UAE petrol prices for May declared

Super 98 petrol will cost Dhs1.91 per litre, while Special 95 is priced at Dhs1.80 per litre

The UAE’s fuel price committee announced on April 29 that prices for May would remain the same as April.

Super 98 petrol will therefore cost Dhs1.91 per litre, while Special 95 is priced at Dhs1.80 per litre.

Diesel will be priced at Dhs2.06 a litre.

The UAE had cut fuel prices substantially for the month of April. The price of Super 98 petrol was slashed 11.6 per cent from Dhs2.16 in March, while diesel prices were lowered by 8.4 per cent from the Dhs2.25 per litre level in March.

The price of the international benchmark of Brent crude as of April 29 stands at $21.35 a barrel, down 67 per cent from the $66 price at the start of January.

The Covid-19 pandemic has led to substantial global travel restrictions therefore drastically reducing the amount of fuel consumed worldwide.

On April 13, OPEC+ members which includes some of the world’s top oil producers, secured a historic deal when they agreed to cut global petroleum output by nearly a 10th, thereby putting an end a devastating price war between Saudi Arabia and Russia that threatened to flood the oil markets with excess oil.

Read: Oil price war ends with historic OPEC+ deal to cut output

Despite the deal, futures in New York sank as low as minus $40.32 on April 21 underscoring the sustained global lack of demand for oil.

Read: Oil rebounds from record wipeout with prices edging above zero

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