Motorists across the UAE will have to pay just a little more to fill their petrol tanks next month, as the UAE Fuel Price Follow-up Committee announced the new prices that will start from May 1, 2021.
According to the UAE Fuel Price Monitoring Committee announcement, Super 98 petrol will increase to 2.30 dirhams per liter in May, compared to 2.29 dirhams per liter this month. Special gasoline 95 will now cost 2.18 dirhams per liter, compared to 2.17 dirhams per liter previously; E-Plus fuel costs 2.1 dirhams per liter compared to 2.10 dirhams per liter.
However, the price of diesel was reduced to 2.17 dirhams per liter in May, compared to 2.22 dirhams per liter this month.
Globally, oil prices remained flat, with global fuel demand expected to recover due to a rise in Covid-19 cases in India and higher US crude stocks.
Brent crude futures were down 0.11 percent to $ 66.35 a barrel at 0941 GMT, after rising 1.2 percent on Tuesday. US West Texas Intermediate crude futures rose less than 0.1 percent to $ 62.95 a barrel, after rising 1.7 percent in the previous session.
According to the latest reports, OPEC + 's decision to stick to plans to gradually ease oil production restrictions from May to July confirms the group's confidence in the recovery of global demand.
On Wednesday, Goldman Sachs said it expects "the largest jump in oil demand ever, a rise of 5.2 million barrels per day over the next six months" as vaccination campaigns accelerate in Europe and demand for travel rises. The US bank also said that easing international travel restrictions in May would increase jet fuel demand by 1.5 million barrels per day.