We hate to be the bearer of bad news but new and used car owners across the UAE will have to pay more for fuel as prices are set to spike in August.
Fuel prices went down for July, bringing much-needed relief for car owners after months of fuel price hikes. However, for the month of August, the UAE fuel price committee declared that fuel prices would be increased for the month of August.
- Super 98 petrol is now going to cost 2.37 AED per litre, whereas it was to 2.30 AED per litre in July.
- Special 95 is expected to increase to 2.26 AED per litre which is a jump from the previous 2.18 AED per litre last month.
- The cost of a litre of diesel has gone up from 2.35 AED to 2.42 AED per litre.
Many used car owners expressed their concerns over the increase particularly those who drive daily from home to work. Many reasoned that it would be better to shift to more fuel-efficient cars since now it is going to be costlier to fill up a tank.
Oil prices have increased in the international market and rose by 56 cents to $64.27 a barrel. However, it is expected to fall by 3% in a month. US crude oil also jumped up by 44 cents and now sits at $57.3 a barrel but it is also set for a decline of 1.8%. Moreover, experts believe that sluggish growth across main markets is also a key factor in increased prices.
With that being said, there is a silver lining to the fuel price hike. This move might coax more people to opt for greener and safe energy options such as electric cars. With the increase in urbanisation and population, more and more crude oil reserves are being exhausted.
Not only are greener options safer, but they also counter pollution and promote a cleaner environment.