UAE: Petrol and fuel prices for May 2022 have been revealed

On Friday, April 29, 2022, petrol and diesel prices for May 2022 have been announced. It was announced by the UAE fuel price committee.

Petrol prices are slightly going to fall next month in UAE. Petrol, Diesel Fresh Prices Announce:

Starting May 1, Super 98 petrol will cost Dh3.66 a liter, compared to Dh3.74 the previous month. Special 95 petrol will cost Dh3.55 per liter, compared to Dh3.62 in April. E-Plus 91 petrol will cost Dh3.48 a liter, compared to Dh3.55 a liter last month, while diesel will be charged at Dh4.08 a liter compared to Dh4.02 in April.

UAE liberalized the fuel prices in August 2015 to allow them to move in line with the market. The price revision was frozen in 2019 due to the Covid-19 pandemic. It was resumed in March last year.

On the other hand, in Dubai, the Commercial Bank of Dubai’s net profit increases 32.6% in Q1’22. The net profits of the Commercial Bank of Dubai (CBD), one of the leading banks in the UAE, amounted to AED 431.33 million in the first quarter (Q1) of 2022, up 32.6% year-on-year (YoY) from AED 325.02 million, according to the company’s consolidated interim financials the three-month period ended 31 March 2022

Commercial Bank of Dubai (CBD) is a UAE banking and financial services corporation headquartered in Deira, Dubai. It has been named the number one bank in the UAE on the Forbes list of the World’s Best Banks 2022.

CBD’s statement to Dubai Financial Market said that Higher revenue across net interest and other operating income, underpinned by solid loan growth, generated a robust increase in net profit.

Net impairment allowances were AED 192 million, down 8.6% compared to the first quarter of 2021.

The lender’s assets reached AED 119.03 billion as of 31 March 2022, compared to AED 114.21 billion as of 31 December 2021.