May 2024 prices for petrol and diesel revealed

The UAE fuel price committee has announced the petrol and diesel prices for the month of May 2024, and residents can expect to see an increase at the pump starting from May 1.

According to the latest announcement, Super 98 petrol will cost AED3.34 per litre, up from AED3.15 in April. Special 95 petrol will be priced at AED3.22 per litre, compared to AED3.03 the previous month. E-Plus 91 petrol will cost AED3.15 a litre, up from AED2.96, while diesel will be charged at AED3.07 per litre, slightly lower than the AED3.09 price in April.

This marks the fourth consecutive month of rising petrol prices in the UAE, with the trend starting in February. The increase in fuel prices is in line with the fluctuations in global crude oil prices, which have been experiencing a rollercoaster ride in recent months.

April 2024 was a tumultuous month for crude oil prices, starting at around $83.70 per barrel and surging to a peak of $87.67 in the first two weeks. However, the latter half of the month saw a correction, with prices dipping due to factors such as increased production from major oil-producing countries and a potential slowdown in global economic activity.

Despite the recent pullback in oil prices, analysts remain cautious as the underlying factors that drove the initial rise, such as geopolitical tensions, have not disappeared. Additionally, the upcoming summer driving season in the northern hemisphere could lead to increased demand for gasoline and other refined products, putting upward pressure on prices.

Fuel prices in the UAE are determined by the fuel price committee, chaired by the undersecretary of the Ministry of Energy. The committee includes members from the energy and finance ministries, as well as CEOs of Adnoc Distribution and Emirates National Oil Company. Prices are set based on an average of global prices and operating costs of distribution companies, ensuring that they reflect the international market trends.

As petrol prices continue to rise in the UAE, residents are advised to plan their budgets accordingly and consider alternative modes of transportation to mitigate the impact of higher fuel costs. Stay tuned for more updates on market trends and fuel prices in the coming months.