As a result of the increasing Iran Israel conflict, which pushed Brent oil prices beyond $90 per barrel, local petrol prices may rise next month.
To bring them in line with worldwide rates, the United Arab Emirates will publish petrol prices for May 2024 on Tuesday.
Midway through April, prices maintained around $90 before crashing to $86 during the third week of the month. The price, however, climbed back up to $89.5 at last week’s close.
Brent crude oil, the world’s most important energy commodity, fell 0.9% from Friday’s closing price to Monday’s $89.64 a barrel. The benchmark price for North America, West Texas Intermediate, dropped 0.9% to $84.90.
The United Arab Emirates (UAE) had its third straight month of rising petrol prices in April, with Super 98, Special 95, and E-Plus 91 each fetching Dh3.15, Dh3.03, and Dh2.96 per litre, respectively.
Compared to the worldwide average of Dh4.93 per litre, the average price in the UAE is Dh3.03.
Special 95, the price of gasoline, fell from AED1.47 per litre in February to AED1.36 per litre in March. This includes a decrease in the pricing of Super 98 from AED1.40 per litre to AED1.47 per litre and E Plus 91 from AED1.58 per litre to AED1.29 per litre.
While petrol prices did fall slightly last year, they have recently begun to rise again.
“Even as prices rose for oil and supposed investment “safe havens”, particularly gold, there was “hope that this attack is just a one-off,” Bob Savage, the head of markets strategy and insights at BNY Mellon, an investment bank, said.
Drivers who travel a lot for work and transport companies are both prepared for price adjustments in the UAE. The global average price per litre is Dh4.93, whereas the average price in the UAE is Dh3.03.
