UAE reduces petrol prices for next month
ABU DHABI: The fuel price follow-up commitee in the UAE decided, on Friday, the prices of fuel and its derivatives, which will be applied as of the first of next month (May).
Following the new decisions, the price of “Super 98” decreased from Dhs3.74 to Dhs3.66, while “Special 95” will cost Dhs3.55 a litre, compared to Dhs3.62 a litre the previous month (April).
The price of “E-plus 91 petrol” decreased from Dhs3.55 to Dhs3.48, while the price of diesel increased from Dhs4.02 to Dhs4.08.
Outside the UAE, the oil prices rose for a fourth day on Friday as fears over Russian supply disruption outweighed the impact of COVID-19 lockdowns in China, the world’s biggest crude importer.
Brent crude futures rose $1.99, or 1.9%, to $109.58 a barrel by 1:04pm, ater gaining 2.1% in the previous session. The front-month June contract expires on Friday. The more active July contract rose by $1.67 to $108.93.
US West Texas Intermediate crude rose rose $1.40, or 1.3%, to $106.76 a barrel, ater advancing by 3.3% on Thursday.
In a separate development, Abu Dhabi National oil Company (Adnoc), and Mubadala Investment Company (Mubadala), on Friday announced a strategic transaction involving borealis ag( borealis ), one of Europe’s leading petrochemical companies. Under this agreement, Adnoc will acquire a 25 per cent shareholding in Borealis from Mubadala.
Upon completion of the transaction, which is subject to customary closing conditions and regulatory approvals, Borealis will be owned 25 per cent by Adnoc and 75 per cent by OMV, an Austrian multi-national integrated oil, gas and petrochemical company listed on the Vienna Stock Exchange.
Borealis is a leading global provider of advanced and circular polyolefin solutions and a European market leader in base chemicals, fertilisers and mechanical recycling of plastics.
Commenting on the transaction, Dr Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of Adnoc, said, “Globally, the chemicals and petrochemical sector is poised for significant consumer-led growth in the decades ahead. Adnoc is therefore delighted to be making this strategic investment for a 25 percent stake in Borealis, a world-leading petrochemicals company, with whom we have already collaborated in a close and trusted partnership over two decades through our jointly held Abu Dhabibased polyolefins company Borouge. Alongside OMV, Adnoc will be a co-shareholder in Borealis, with this investment giving further impetus to our local and international petrochemical and industrial growth programme and accelerating our transformation into an integrated and global energy player.”