The UAE is set to reveal petrol prices for May 2024 on Tuesday, aligning them with global rates as fluctuations in oil prices continue to impact local markets.
With global oil prices surging above $90 a barrel amid escalating tensions between Iran and Israel in April, local petrol prices may see an increase for the upcoming month. Brent crude prices hovered around $90 until mid-April, briefly dropping to $86 before climbing back to $89.5 by the end of the month.
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April 2024 witnessed an average increase of $4.53 per barrel compared to the previous month, with Brent crude averaging $88.79 per barrel. This upward trend in global oil prices led to the third consecutive month of petrol price hikes in the UAE, with Super 98, Special 95, and E-Plus 91 priced at Dh3.15, Dh3.03, and Dh2.96 per litre, respectively.
In March, following a $3 per barrel increase in global prices, petrol prices in the UAE saw a 12 fils per litre hike. This adjustment affects transport companies and motorists, particularly those with high mileage requirements due to their work responsibilities.
Despite these increases, the average petrol price in the UAE remains lower than the global average, with Dh3.03 per litre compared to the global average of Dh4.93 per litre. The forthcoming announcement on May petrol prices will provide clarity for consumers and businesses alike as they navigate the impact of global oil market dynamics on local fuel costs.
