UAE Petrol Prices Set to Shift in May 2024

asmaa - | Arab News

The UAE is gearing up to unveil the revised petrol prices for May, with expectations running high for potential shifts in the cost of fuel across the nation.

Over the past few months, motorists have witnessed a gradual uptick in petrol prices, marking a steady incline over three consecutive months.

In the span of the last year, petrol prices in the UAE have exhibited a volatile pattern, characterized by fluctuations that have seen both increases and decreases. For instance, in April 2023, E-Plus 91 was pegged at AED2.82 per litre, while diesel stood at AED3.03 per litre. Fast forward to the current period, and both E-Plus 91 and diesel have seen their prices escalate, now standing at AED3.03 and AED3.09 per litre, respectively.

Moreover, premium fuel options like Special 95 and Super 98 have also experienced a surge in prices compared to a year ago, with rates rising from AED2.90 to AED3.03 per litre for Special 95 and from AED3.01 to AED3.15 per litre for Super 98.

Effective from April 1, the cost of refueling vehicles in the UAE has been as follows: Special 95 at AED3.03 per litre, up from AED2.92 in March; Super 98 at AED3.15 per litre, up from AED3.03 in March; E-Plus at AED2.96 per litre, up from AED2.85 in March; and Diesel at AED3.09 per litre, down from AED3.16 in March.

The backdrop of these price fluctuations is also shaped by broader economic factors, including the aftermath of the COVID-19 pandemic and the resultant shifts in global oil prices. Notably, in response to the pandemic's onset in 2020, the Fuel Price Committee imposed a freeze on petrol prices, stabilizing them in the UAE. However, as global oil prices rebounded in March 2021, these controls were lifted, allowing market dynamics to once again dictate petrol prices.

The trajectory of petrol prices in the UAE, as evidenced by the data from recent months, underscores the complex interplay between local and global economic forces, with consumers closely monitoring these developments in anticipation of their potential impact on their daily expenses and overall cost of living.

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