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Thu 28 Apr 2016 02:59 PM

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UAE set to raise petrol prices by 10% in May

The increase in prices for April follows seven consecutive months of declines, tracks rise in global oil price

UAE set to raise petrol prices by 10% in May

Fuel prices in the UAE will rise by about 10 percent from May 1, the Ministry of Energy announced on Thursday.

The cost of Super 98 fuel will increase to AED1.78, up from AED1.62 in April, Special 95 will rise to AED1.67 from AED1.51 and E-Plus 91 will rise to AED1.60 from AED1.44.

Diesel will also increase from AED1.56 to AED1.60, according to the announcment made on Twitter.

The rise tracks the increase in the price of Brent crude in the past month which has risen from to more than $46.

The increase in prices for April follows seven consecutive months of declines.

Last July, the UAE said it was shifting from a system of fixed, subsidised fuel prices to adjusting prices monthly in response to global trends.

It did not reveal details of its new formula nor say whether subsidies would be removed entirely, but announced that fuel prices would be "based on the average global prices with the addition of operating costs".

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