UAE petrol costs are set to increase in May in line with global oil prices, which remain elevated amid persisting concerns related to the conflict between the US and Iran. However, diesel prices will remain unchanged.
It will be the third consecutive month of petrol price increases this year, after costs fell in January and February, and rose in March and April.
Analysts have warned that oil prices will remain elevated if the war, now in its ninth week, drags on.
How much will fuel cost in May?
Super 98: Dh3.66, up 7.9 per cent from Dh3.39 in April
Special 95: Dh3.55, up 8.2 per cent from Dh3.28
E-Plus 91: Dh3.48, up 8.7 per cent from Dh3.20
Diesel: Dh4.69, unchanged
The cost of fuel in the UAE has been tied to the global oil market since 2015, when deregulation was introduced.
The US-Israeli war on Iran, which caused Brent to surge to almost $120 a barrel in March, continues to add volatility to prices. Brent, the benchmark for two thirds of the world's crude, passed $115 a barrel on Wednesday.
Brent was up 4.74 per cent to $123.62 a barrel at 10.03am UAE time on Thursday. West Texas Intermediate, the gauge that tracks US crude, climbed 2.15 per cent to $109.2 a barrel.
At the height of the conflict, analysts also warned that crude may hit $200.
The UAE on Tuesday announced its withdrawal from Opec and Opec+, effective from Friday. The decision was “purely a policy move” aimed at preparing the country for the future, Minister of Energy and Infrastructure Suhail Al Mazrouei told The National.
