UAE petrol prices announced for May 2020
Global oil prices plummeted during April amid the coronavirus pandemic
Motorists in the UAE will pay the same in May as they did in April after the Fuel Price Committee announced new prices.
Roads across the country have been largely quiet in recent weeks as residents worked from home and restrictions were in place to stop the spread of the coronavirus.
The steadying of prices follows a 10 per cent drop in April, and has come at a time when many residents have been financially squeezed by pay cuts caused by the global economic downturn.
Here is the breakdown of prices per litre:
• Super 98: Dh1.91
• Special 95: Dh1.80
• Diesel: Dh2.06
Petrol prices in the UAE were liberalised in August 2015 to allow them to move in line with the market.
April was another volatile month for global oil prices, with US crude falling into negative territory for the first time amid a supply glut. Oil consumption dropped dramatically as airlines stayed grounded and companies stayed shut.
The lowest level that oil prices had previously fallen was in 1931, when the value plunged to $0.1 per barrel.
Prices recovered somewhat on Wednesday as countries around the world began to ease lockdowns.
Brent crude futures were up 5.4 per cent at $21.57 a barrel at 4.17pm UAE time on Wednesday, while US West Texas Intermediate (WTI) jumped 16.8 per cent to $14.41 after a 27 per cent plunge over the first two days of this week.
Cuts of almost 10 million bpd, or about 10 per cent of global production, have been agreed by Opec and other large producers including Russia. These are due to take effect from May 1.
Updated: April 29, 2020 04:50 PM