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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.
Despite local petrol prices hitting the highest this year, they’re still much cheaper than the global average of Dh4.87, as of April 24.
Meanwhile, diesel prices were decreased by 12 fils to Dh2.91 a litre for May, which will help bring down transportation costs of consumer goods, resulting in groceries costing less for residents in May.
| Month | Super 98 | Special 95 | E-Plus |
| January 2022 | 2.65 | 2.53 | 2.46 |
| February | 2.94 | 2.82 | 2.75 |
| March | 3.23 | 3.12 | 3.05 |
| April | 3.74 | 3.62 | 3.55 |
| May | 3.66 | 3.55 | 3.48 |
| June | 4.15 | 4.03 | 3.96 |
| July | 4.63 | 4.52 | 4.44 |
| August | 4.03 | 3.92 | 3.84 |
| September | 3.41 | 3.3 | 3.22 |
| October | 3.03 | 2.92 | 2.85 |
| November | 3.32 | 3.20 | 3.13 |
| December | 3.30 | 3.18 | 3.11 |
| January 2023 | 2.78 | 2.67 | 2.59 |
| February | 3.05 | 2.93 | 2.86 |
| March | 3.09 | 2.97 | 2.90 |
| April | 3.01 | 2.90 | 2.82 |
| May | 3.16 | 3.05 | 2.97 |
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