The Fuel Price Committee has announced the fuel prices for the month of August in the UAE. According to the announcement, the prices for all types of fuel have been increased for the month of August. This is collectively the fifth increase in the fuel prices during 2019, which has increased financial worries for motorists on a tight budget and made it extremely difficult for them to manage their fuel expense. It is important to note that the new fuel prices are inclusive of the 5% Value Added Tax (VAT).
Fuel prices were significantly decreased for the month of July, which was a positive development for motorists on a tight budget. However, it was expected that the prices will jump again as fuel prices in the UAE have been fluctuating for more than three and a half years. In such circumstances, it has become important for motorists to put a cap on their fuel expense as fuel prices are expected to increase in the coming months as well.
Adopting fuel-saving practices and switching from conventional combustion engine vehicles to Hybrids and Electric Vehicles (EVs) can make life a lot easier for motorists. EV buyers can also avail several benefits that have been offered by the UAE government to promote the use of sustainable commuting options. Recently, the Abu Dhabi Department of Transport announced that a new Electronic Toll System will be implemented in the UAE on October 15, 2019 and EVs will be exempted from the toll fee for the first two years.
New Fuel Prices in the UAE
The new fuel prices were announced by the Fuel Price Committee on July 30, 2019. According to the announcement, the prices for all types of fuel have been increased for the fifth time in 2019. While the increase in prices is only marginal, it will still add to the financial worries of motorists on a tight budget.
August’s fuel ⛽ prices as per the #UAE fuel committee are out. Check them below. #InspiringEnergy
إليكم أسعار الوقود ⛽ لشهر أغسطس وفقاً لما ذكرته لجنة متابعة أسعار الوقود في الإمارات. #طاقة_مُلهمة pic.twitter.com/HtaBOHRINM
— ENOC (@enoc_official) July 30, 2019
The fuel prices for the month of August are given below:
- The new price of Super 98 petrol is AED 2.37/litre.
- The new price of Special 95 is AED 2.26/litre.
- The price of Diesel has also been increased and its new price is AED 2.42/litre.
Fuel prices have increased significantly during the first eight months of 2019, which clearly reflects how difficult it has become for motorists on a budget to manage their fuel expense.
How Fuel Prices are Set in the UAE?
In order to know the reasons behind increasing fuel prices in the UAE, motorists must be aware of the factors that are taken into consideration while setting the new fuel prices every month. The Ministry of Energy and Industry in the UAE assesses several important factors to set new fuel prices at the end of every month. These factors mainly include the latest price of Brent in the international market and the transportation cost of fuel. Brent is the global benchmark for Crude Oil and any rise and fall in the price of Brent directly affect the fuel prices in the UAE.
Additionally, another major reason behind the increasing fuel prices in the UAE is the liberalization strategy for fuel prices that was implemented in August 2015. With the implementation of this strategy, the prices of fuel in the UAE were set to move with the market.
How Buying an EV can Make Life Easier for Motorists on a Tight Budget?
Electric Vehicles can be an excellent choice for motorists on a tight budget in the UAE. Switching from combustion engine vehicles to the EVs can provide motorists with long-term relief from the worries related to fluctuating fuel prices in the UAE. EVs don’t need conventional fuel at all and use electric batteries to generate power, which means motorists will not have to worry about adjusting their fuel budget every month if they switch to the EVs.
Buying an EV will not only help motorists get rid of their financial worries but will also entitle them to avail several incentives and benefits. The UAE government is offering several incentives to motorists for switching to EVs in a bid to improve the air quality of the country. EVs are environment-friendly vehicles and with more EVs replacing combustion engine vehicles on the UAE roads, the carbon footprint of the country can reduce significantly over a period.
There are many top electric vehicles that are available in the UAE car market in various segments, which offers EV car buyers a wide variety of options.
Some of the most impressive EVs available in the UAE car market are given below:
- Tesla Model 3
- Nissan Leaf
- Audi e-Tron
- BMW i3
- Kia Niro EV
- Hyundai Kona EV
- Jaguar I-Pace
- Hyundai Ioniq
Bottom-line
Motorists in the UAE should figure out ways to limit their fuel expense as fuel prices are expected to fluctuate in the coming months. Buying an EV can be a long-term solution for motorists on a tight budget as EVs don’t use conventional fuel to generate power. This is how motorists can get rid of their financial worries and can also contribute towards improving the air quality of the UAE.
If you are planning to sell your combustion engine car to buy a fuel-efficient hybrid or EV, then don’t forget that with us, you can sell any used car in just 30 minutes while all the post-sale paperwork is handled by SellAnyCar.com’s team.
