Latest petrol price in UAE 1st May 2023
The United Arab Emirates on Sunday increased petrol prices by more than five percent for the month of May 2023. The reason for the increase in prices is the increase in global oil prices due to production cuts by oil producing countries. In April, the UAE, Russia, Algeria, Kazakhstan and other GCC countries raised oil prices. announced a sudden cut in oil production to increase by 1.64 million barrels per day.
For May 2023, the price of Super 98 petrol will be 3.16 dirhams per liter from 3.01 dirhams in April. Similarly, the price of Special 95 petrol has been increased from 2.90 dirhams to 3.05 dirhams per liter and the price of E Plus has been increased from 2.82 to 2.97 dirhams per litre.
The revised rates for the month of May are the highest in 2023. Due to increase in prices, the cost of transport will increase and people will use public transport more. On the other hand, diesel prices have been reduced by 12 per liter for the month of May, after which it will be priced at 2.91 dirhams per litre.
The UAE has not controlled fuel prices since 2015, linking them to global oil prices. Hence, the rates are revised at the end of every month in line with global prices to reduce the burden on local fuel retailers. Petrol prices peaked in the middle of last year when global oil prices exceeded 4.5 dirhams per liter following the Ukraine-Russia war. Local petrol prices, despite reaching their highest levels this year, are still much cheaper than the global average of Dh4.87 as of April 24.