UAE fuel prices will remain unchanged for May, as in April 2020. Image Credit: Ahmed Ramzan/Gulf News

Abu Dhabi / Dubai: Fuel prices for the month of May 2020 have been announced on Wednesday, with pump prices set to remain the same as April rates.

The per-litre prices are Super 98 at Dh1.91, the same rate as April 2020 but down from Dh2.16 in March. Special 95 stays the same at Dh1.80 as in April, but down from Dh2.04 in March.

Diesel prices also remained the same Dh2.06 for May, down from Dh2.25 per litre in March.

Oil prices rebounded on Wednesday, with Brent crude oil futures extending gains, up more than 6% to $21.70 per barrel.

The oil market has been rocked by sharp price swings in recent days, with traders concerned a drop in demand caused by the coronavirus pandemic would lead to storage problems for the oversupply of oil.

Many countries, however, are now moving towards reopening their economies, which should lead to a rise in the demand for oil.