UAE petrol prices increase by 5% as diesel rates fall

The UAE on Sunday increased retail petrol prices by over five per cent for the month of May 2023 as global oil prices rose due to a cut in output by the oil-producing countries.

In April, the UAE, Russia, Algeria, Kazakhstan and other GCC countries announced a surprise cut in oil production of 1.64 million barrels per day, pushing oil prices higher.

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 revised rates for the month of May are the highest in 2023, which will push the transportation cost higher and encourage people to use public transport more often.

The UAE deregulated retail fuel prices in 2015 and aligned them with the global oil rates. Hence, rates are revised at the end of every month to align with global prices to reduce the burden on local fuel retailers.

Petrol prices peaked in the middle of last year when global oil rates jumped after the Ukraine-Russia war, crossing Dh4.5 a litre.

• UAE cuts fuel prices for April: Residents say they will save up to Dh200 a month, call it a 'Ramadan gift'