Petrol to cost nearly 10 per cent more in May across UAE
Domestic fuel prices in the UAE will increase by an average of 8.7 per cent in May, the Ministry of Energy announced on Thursday.
This is the second straight month in which the prices of petrol and diesel across all of the refueling stations in the country have gone up.
With effect from May 1, diesel will be sold at AED1.60 per litre, up by 2.56 per cent from April’s AED1.56 per litre.
Meanwhile, the cost of Super 98 will go up 9.87 per cent, from AED1.62 per litre to AED1.78 in May.
The price for Special 95 has been hiked 10.6 per cent to AED1.67 from AED1.51 in the previous month. E-Plus 91 will retail at AED1.60, an 11.1 per cent jump from AED1.44.
The government has been announcing fuel prices for each month, after it decided to do away with petroleum subsidies, which were estimated at $7 billion annually.
The global benchmark Brent crude climbed above $47.00 per barrel to its highest level this year on Wednesday, after plunging by more than 60 per cent since June 2014 to as low as $27 a barrel in January, due to the widening glut in oil supply.