Fuel Price Committee in the UAE has announced fuel prices for the month of March. To the delight of motorists on a tight budget, the prices for all types of fuel have been decreased. This new development will bring the much-needed relief to motorists who have been under serious financial pressure due to fluctuating fuel prices in the UAE. Fuel prices have been fluctuating in the UAE for more than four years, which has made life extremely difficult for motorists on a tight budget.
The fuel prices have remained stable since December 2019, which is a positive development for motorists on a tight budget. Fuel prices for the month of March are inclusive of the 5% Value Added Tax (VAT).
New Fuel Prices in the UAE
As mentioned previously, the fuel prices have been stable since December 2019, which has provided some relief to motorists on a tight budget. Fuel prices for January were kept unchanged while in February, the petrol prices remained unchanged, but the price of diesel was slightly increased. For March 2020, the prices for all types of fuel have been decreased.
Given below are the new fuel prices in the UAE.
- The price of Super 98 has been decreased from AED 2.24/litre to AED 2.16/litre.
- The price of Special 95 has been decreased from AED 2.12/litre to AED 2.04/litre.
- The price of Diesel has been decreased from AED 2.40/litre to AED 2.25/litre.
These prices are inclusive of 5% VAT that is applied on the transactions of goods and services in the UAE. The fuel prices have been fluctuating in the UAE since August 2015 when the liberalization strategy for fuel prices was implemented for the first time. After the implementation of this strategy, fuel prices in the UAE move with market and market factors directly affect fuel prices.
March fuel ⛽ prices as per the #UAE fuel committee are out. Check them below. #InspiringEnergy
إليكم أسعار الوقود ⛽ لشهر مارس وفقاً لما ذكرته لجنة متابعة أسعار الوقود في الإمارات. #طاقة_مُلهمة pic.twitter.com/kHuzojrSDA
— ENOC (@enoc_official) February 27, 2020
Reason Behind Decrease in Fuel Prices for March 2020
Fuel prices in the UAE are linked with the price of Brent (Global Benchmark for Crude Oil) in the international market. The Fuel Price Committee takes into consideration the latest Brent price while setting new fuel prices in the UAE. The price of Brent decreased by 1.1% on February 27, 2020 and a drop of 10.6% had been observed during the last five trading sessions. This is a major reason why a significant decrease in the UAE’s fuel prices has been observed for the month of March.
How to Manage Fuel Expense Effectively in the UAE?
Fuel prices in the UAE can fluctuate in the coming months and motorists must be prepared for that. In order to manage fuel expense effectively, motorists must adopt fuel-saving driving practices. The practices can help reduce the daily commuting expense and can also improve the fuel economy of a vehicle.
Here are the five most common fuel-saving practices that motorists in the UAE can adopt:
- Avoid aggressive driving as it can increase fuel consumption.
- Use public transport frequently to reduce your monthly fuel expense.
- Plan your route so that you can take the fastest route to your destination which can save time and money.
- Try to manage your daily errands in one long trip to avoid frequent engine restarts that can increase fuel consumption.
- Keep a vehicle well-maintained and keep a check on tyre pressure. The fuel consumption of a vehicle can increase due to poorly inflated tyres.
On the other hand, there is also a long-term option for motorists who want to get rid of their financial worries caused by fluctuating fuel prices in the UAE. Switching from a combustion engine vehicle to an Electric Vehicle (EV) can be long-term solution for motorists as EVs don’t need conventional fuel at all. These vehicles use electric batteries to generate power and are also considered zero emission vehicles. Electric car buyers and owners can also benefit from an Incentive Programme that has been launched to increase the sales of EVs in 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.
