Fuel prices increase in May

Motorists will have to pay a little more to fill the tanks of their vehicles in May as the fuel prices were revised upwards in line with the international market trend.

Unleaded 98 gasoline will now cost Dh2.01 per litre, while unleaded 95 gasoline will be charged at Dh1.90 per litre.

The cost of unleaded 91 gasoline has been revised upwards to Dh1.83 per litre.

Diesel will cost Dh1.97 a litre, the ministry announced on its website.

The ministry had reduced the fuel prices in April while they remained on the higher side during the first quarter of this year, contributing to consumer price inflation.

International oil prices remained stable around $50 a barrel after an agreement between Organisation of the Petroleum Exporting Countries (Opec) and non-Opec oil producers to cut the production by 1.8 million barrels per day from January 1 for six months. Media reports indicate that oil producers are willing to extend the 6-month deal and a decision is expected to be taken in next Opec meeting on May 25.

Brent crude prices are hovering around $52 per barrel while US crude West Texas Intermediate is trading above $49 per barrel.

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