Abu Dhabi: Fuel prices have gone up for the month of May, Ministry of Energy announced on Thursday.
The new prices for May are Super 98-Dh1.78, up from Dh1.62 in April, Special 95-Dh1.67, up from Dh1.51, E Plus-91-Dh1.60, up from Dh1.44. Diesel price increased from Dh1.56 per litre in April to Dh1.60 for the month of May.
See our interactive graph to analyse price changes in the UAE for the past 10 months
The new prices will come into effect from May 1.
Oil prices have been recovering globally. From $30 per barrel in January, oil prices have increased to more than $46 per barrel due to rising demand and drop in US output.
Talk of freezing oil production at January levels among major oil producers at last week’s failed Doha meet also contributed to increase in the oil prices.
Brent, the global benchmark was trading at about $47 per barrel on Thursday, first time since November.
A senior Adnoc (Abu Dhabi National Oil Company) official this week said that oil markets will rebalance in the second half of this year due to rising demand.
“An average price of $50 per barrel is achievable in 2016,” said Abdullah Salem Al Dhaheri, Director, Marketing and Refining, Adnoc.
The Ministry of Energy liberalised fuel prices in July and new pricing policy linked to global prices was adopted.
Following the decision, diesel prices reduced by 24 per cent and petrol price has gone up by 29 per cent.
Prices dropped in the subsequent months before rising for the month of April and May.
