The UAE will raise domestic prices for gasoline and diesel in May after global oil prices increased, the ministry of energy said on Thursday.

The price of a litre of octane 95 gasoline will rise to Dh1.67 ($0.46) at the start of next month from Dh1.51 ($0.41). The domestic diesel price will increase to Dh1.60 ($0.43) from Dh1.56 ($0.42).

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". - Reuters