Petrol prices to rise in UAE from May; increase to the highest rate in 2023

ABU DHABI: Global oil prices rise as oil-producing countries cut production. Oil prices have been hiked by more than five percent in the UAE, with the increased retail petrol prices effective from May. In April, the UAE, Russia, Algeria, Kazakhstan, and the GCC countries announced oil production cuts of 1.64 million barrels per day, leading to higher oil prices.

From May 1, the price of Super 98 petrol will be increased by 3.16 Dirhams. The current rate was 3.01 Dirhams. The price of Special 95 petrol has been increased from 2.90 dinars to 3.05 dinars. The price of E-Plus petrol has been increased from 2.38 dinars to 2.97 dinars.

The new rates for May are the highest since 2023. Global oil prices have soared following the Ukraine-Russia war, with petrol prices crossing 4.5 Dirhams per liter in the middle of last year.