The UAE announces a new increase in gasoline prices

ahmed atef - | Arab News

The committee overseeing fuel pricing authorized a rise in gasoline and diesel prices for May 2024 that ranged from 19 fils per liter for gasoline to 2 fils per liter for diesel over April 2024 levels.

The fuel distribution businesses declared the new pricing, which would go into effect on Wednesday, May 1, 2024, and would include 5% VAT.

Increase in the price of gasoline

A liter of Super gasoline ("98") costing AED 3.15 in April 2024 grew by 19 fils to AED 3.34 in May, while a liter of private gasoline ("95") costing AED 3.03 in April 2024 climbed by 19 fils to AED 3.22 in May. In addition, a liter of gasoline with "E Plus" (91) cost 19 fils more in May, up from 2.96 dirhams in April to 3.15 dirhams. In contrast, the cost of a liter of diesel dropped from AED 3.09 in April to AED 3.07 in May, a decrease of 2 fils per liter.

Reducing the price of petrol and diesel

For the third consecutive month, the committee had approved a reduction in the price of gasoline and diesel in January 2024. The amount of the price reduction ranged from 13 to 14 fils for gasoline and 19 fils for diesel per liter in comparison to the prices of December 2023. It authorized a decrease in fuel prices of 7 to 8 fils for gasoline and 23 fils for diesel per liter in December 2023 compared to November 2023 prices, as well as a decrease in fuel prices of 41 fils for gasoline and 15 fils for diesel per liter in November 2023 compared to October 2023 prices.

Monthly gasoline price regulations

After deducting the operational costs of distribution businesses, the Ministry of Energy sets monthly gasoline price regulations based on the average change in world oil prices.

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