The Ministry of Energy has announced the latest fuel prices and it seems that the UAE motorists are in for a surprise this month. Regardless of whether you are driving a new or used car in Dubai, you will be affected by these changes, so learn the details below!
Starting August 1, consumers will pay Dh 1.89 per liter for Super 98, up from Dh 1.86 per liter in July. Super 95 will cost Dh 1.78 per liter, an increase from July’s Dh 1.75 per liter, while E Plus will cost Dh 1.71 per liter, up from Dh 1.68 per liter last month. On the other hand, diesel prices will climb from Dh 1.84 per liter to Dh 1.88 per liter.
So what’s driving up the fuel prices this time, you ask? Well, fuel prices in the UAE are dependant on international oil prices and it’s a volatile market indeed given the daily changes in demand and supply. For many countries in the Gulf and beyond, oil exports draw in a huge chunk of revenue so when the prices plunged in late 2014 it was a concern for many. This year too, the ministry had to slash fuel prices in the month of April, June, and July.
In an attempt to stabilize the market, several OPEC and non-OPEC members decided to cut down supply by 1.8 million barrels a day. There are times when the strategy seems to be working. In fact, the oil producers are hopeful that in the long-run their efforts will pay off. Recently, however, low levels of compliance with the agreement by some members and the increase in US oil supply continue to offset the balance.
It’s likely then that the fluctuations in car fuel prices will continue for some time. So let’s keep our fingers crossed and hope that the market stabilizes soon because that would be in the interest of all.
Now, it might also be a good time to invest in fuel-efficient cars if you are looking to buy used cars in Dubai, UAE. CarSwitch has an extensive inventory of second-hand cars in Dubai including many car brands with great fuel economy. Good luck switchin’!
