Fuel prices have been increased for the month of May in the UAE. Since the beginning of the year 2017, the UAE motorists have had to maintain pace with the fluctuating fuel prices and after a little respite in the month of April, fuel prices have increased once again in the UAE.
Now, the UAE motorists will have to pay a little more to keep their car’s fuel tanks filled. The fuel prices have been increased for both petrol and diesel and the new prices were announced by the Ministry of Energy on Sunday April, 30.
Also read: Fuel Prices Decreased for the Month of April in the UAE
New Fuel Prices for the Month of May
According to the announcement made by the Ministry of Energy, Diesel will cost two fils more from its cost of April, whereas Petrol will cost more by 6 fils. The new fuel prices are as follows:
- The new price for Super 98 will be AED 2.01/Litre in May. For the month of April, the price of Super 98 was AED 1.95/Litre.
- The new price for Special 95 will be AED 1.90/Litre in May. For the month of April, the price of Special 95 was AED 1.84/Litre.
- The new price for E-Plus will be AED 1.83/Litre in May. For the month of April, the price of E-Plus was AED 1.77/Litre.
- The new price for Diesel will be AED 1.97/Litre in May. For the month of April, the price of Diesel was AED 1.95/Litre.
Also read: Top 5 Reasons to Buy an Electric Vehicle in the UAE
The Effect of Global Fuel Prices on UAE Fuel Prices
In order to maintain oil prices globally, an agreement was signed between OPEC (Organization of the Petroleum Exporting Countries) and Non-OPEC members. According to this agreement, the production of oil will be reduced by 1.8 million barrels per day from January 1 in order to make sure that the oil prices are maintained.
As the global oil inventories continue to rise, the Oil Producing countries are planning to extend the 6 month deal to beyond June. However, the decision will be made concrete on the next meeting between OPEC and Non-OPEC members that is to be held on 25th May.
The current global benchmark for Brent crude is trading at $52.05 per barrel, whereas the US crude West Texas Intermediate is trading at $49.33 per barrel.
The new fuel prices came into effect from Monday, 2nd May, 2017.
Also read: 7 Fuel-Saving Driving Tips for Motorists in the UAE
The Impact of Increased Fuel Prices on Motorists
After the brief relief in the month of April, the UAE motorists will not be happy with this new increase in the fuel prices. This will definitely make an impact on the motorists which are more sensitive to fuel prices and make them think about managing their fuel expenses in an economical way. One way to do it is to purchase fuel-efficient vehicles that help to conserve fuel and help in saving money as well.
Since fuel prices have been fluctuating for almost 2 years now, the UAE motorists are now more concerned and proactive in finding budget-friendly commute options. The use of public transport can be of great importance in this regard as this will not only save money for motorists, but will also be handy in taking the pollution levels of the UAE environment down with lesser number of private vehicles on the road. Other than that, with fluctuating fuel prices, the importance of eco-friendly vehicles that cut down the cost of fuel to a bare minimum has also grown and their demand is increasing day by day in the UAE. While the motorists haven’t welcomed the increased fuel prices, the gradual switch from traditional combustion engine vehicles toward Electric Vehicles and Hybrid Vehicles in the UAE is certainly welcoming.
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