UAE fuel prices to rise in May

Petrol prices will increase by an average 3 per cent in May, while that of diesel will be up by two fils. Mona Al Marzooqi / The National

Petrol and diesel prices will rise again starting Monday as the price of crude oil hovers above US$50.

The UAE Ministry of Energy announced today that consumers will pay Dh2.01 a litre for Super 98, up 3 per cent from April; Special 95 will increase 3.2 per cent to Dh1.90; and E Plus will cost Dh1.83, growing by 3.3 per cent.

Diesel will inch up to Dh1.97 from April’s Dh1.95.

The Ministry of Energy began liberalising fuel prices nearly two years ago using “benchmark prices” that have not been publicly disclosed. Though the price of Brent declined 0.78 per cent to $51.33 from the day April’s petrol prices were announced, it should be noted that the previous day’s price was up 1.93 per cent at $50.75.

A barrel of Brent crude traded at US$51.73 at the end of last week, an 8.9 per cent drop since the start of the year at $56.82 per barrel.

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