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May Petrol Prices rise in UAE: Impact of Iran-Israel Conflict?

After a $3 per barrel global price hike in March, petrol prices surged by 12 fils per litre in the UAE for April. The nation is poised to unveil May's petrol prices on Tuesday, reflecting shifts in global rates.

With tensions escalating between Iran and Israel in April, global oil prices soared, with Brent surpassing $90 a barrel. Although prices briefly dipped to $86 midway through April, they rebounded to $89.5 by the month's end.

In April 2024, petrol prices witnessed an average increase of $4.53 per barrel compared to the previous month. Brent averaged $88.79 per barrel in April, up from $84.26 in March.

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In the UAE, petrol prices rose for the third consecutive month in April, with Super 98, Special 95, and E-Plus 91 priced at Dh3.15, Dh3.03, and Dh2.96 per litre, respectively. This followed March's $3 per barrel average global price hike, translating to a 12 fils per litre increase for April.

The impending announcement of May's petrol prices has garnered attention, particularly among transport companies and frequent motorists, who eagerly anticipate adjustments.

Despite the increases, the UAE's average petrol price of Dh3.03 per litre remains below the global average of Dh4.93 per litre.

April 29, 2024 10:43 a.m. 7086

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