UAE motorists, have you heard the latest? The car fuel prices are up again, third month in a row. This means an 11-14% hike in fuel prices since December 2016! Be prepared to spend extra on topping up your vehicle’s fuel tank, folks!
This Monday, the UAE’s Ministry of Energy announced the fuel prices for March. Turns out all three variants of petrol will cost more per litre. That means the price for Super 98 jumped from 1.80 per litre in December to 2.03 per litre in March. Similar increases apply to Special 95 and Diesel. Perhaps these fuel-saving tips can be helpful, now.
Now if you are planning a long journey this weekend, remember to keep some extra cash in your pocket. It’s also time you start considering a more fuel-efficient used car or even an electric one, like the recently launched Tesla. Your choice!
Want to know the reason behind this substantial hike? Well, international oil prices hold the key there. Beginning of this year, a historical agreement was reached between OPEC (Organisation of the Petroleum Exporting Countries) and non-OPEC countries to cut oil production by 1.8 million barrels per day in an effort to stabilize oil prices. Most OPEC members are adhering to the rules including Saudi Arabia, Iraq, the UAE and other Gulf countries. The agreement took effect from January 1 and is valid for six months. That explains the continually increasing prices for the last three months. Let’s see how things work out!
OPEC members are due to gather in Vienna in May to decide whether to extend the deal further. Keep your fingers crossed and hope that they don’t cut down on output any further because we all know what that would mean for us, right?
Now may be the right time to invest in fuel-efficient used cars for sale in Dubai, UAE.