UAE motorists, brace yourselves! It might be time to buy a car in Dubai, UAE with amazing fuel economy because things aren’t looking good on the fuel prices front. In fact, it looks like they have just smashed a double record. Wondering what we mean? Learn more as CarSwitch brings you the latest scoop.
Folks, be prepared to spend a fair amount on topping up your car’s fuel tanks next month. That’s because there will be a steep rise in October fuel prices in the UAE according to the Ministry of Energy’s latest announcement.
The new prices are as follows; Super 98 will cost Dh 2.12 per liter, up from Dh 2.02 per liter last month. Special 95 will cost Dh 0.11 more liter compared to last month (rising from Dh 1.90 per liter to Dh 2.01 per liter), while E-Plus 91 will climb from Dh 1.83 to Dh 1.94 per liter. At the same time, diesel prices will rise from Dh 2.00 to Dh 2.10 per liter.
The rates now stand at a two-year high! The last time prices crossed this level was in August 2015, the first month after the deregulation efforts were started. Not to mention, these fuel prices are the highest noted for this year so far. Previously, in the month of March, fuel prices climbed their highest this year to fall again in the following month. Let’s hope they follow a similar trend from here on because the UAE motorists could probably do with some relief after three straight months of rising fuel prices.
Actually, there’s more to the story than meets the eye. Fuel prices in the UAE are linked to international crude oil prices which also soared last month. Another factor contributing to the increase in fuel prices is the OPEC deal to reduce output by 1.8 million barrels per day. In accordance with the agreement, the UAE cut ten percent of their oil exports in the last two months. The deal is supposed to last until March 2018 but reports suggest it might be extended again. For more details, learn about the major price fluctuations in fuel prices over the past year.
For most UAE residents, this surge in fuel prices will be heavy on the purse indeed. It wouldn’t be a surprise if people start thinking about investing in electric cars instead to save money. Or if you are hoping to buy a car in Dubai, UAE soon, make sure you pay attention to the car’s fuel economy. CarSwitch’s inventory of inspected, certified, and warrantied used cars in Dubai, UAE might make your choice easier. Happy switchin’!