UAE petrol prices to fall in May

The decrease comes after prices hit a record high in April

UAE petrol prices for May 2022 have been announced. Courtesy Adnoc

Petrol prices in the UAE will fall slightly in May, a move that comes as a relief to drivers after months of double-digit increases in the Emirates.

Prices rose more than 10 per cent in February, a further 10 per cent in March and then 16 per cent in April as global oil prices surged beyond $100 a barrel.

The breakdown per litre is as follows:

• Super 98: Dh3.66 – down 2.1% from Dh3.74 in April

• Special 95: Dh3.55 – down 1.9% from Dh3.62 in March

• Diesel: Dh4.08 – up 1.5% from Dh4.02 in March

• E-plus 91: Dh3.48 – down 2% from Dh3.55 in March

The prices announced by the UAE Fuel Price Committee in April were the highest they have been since they were liberalised in 2015 to allow them to move in line with the market.

In 2020, prices were frozen by the Fuel Price Committee at the onset of the coronavirus pandemic. The controls were removed in March 2021 to reflect the movement of the market.

Oil prices rose for a fourth day on Friday as Russian supply disruption fears outweighed Covid-19 lockdowns in China.

Brent crude futures rose 88 cents, or 0.8 per cent, to $108.47 a barrel by 0639 GMT after gaining 2.1 per cent in the previous session.

West Texas Intermediate, the US benchmark, gained 55 cents, or 0.5 per cent, to $105.91 a barrel after settling 3.3 per cent higher on Thursday.

Both contracts are set to close the week higher and post their fifth straight monthly gains, buoyed by the increased likelihood that Germany will join other EU member states in an embargo on Russian oil, Reuters reported.

Crude prices rose close to $140 a barrel last month after the US banned Russian energy imports and the UK said it would phase out its purchase of Moscow's oil.

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