Fuel prices have been announced by the Ministry of Energy in the UAE for the month of May. According to the announcement made on April 30, 2018, the fuel prices have been increased for the third time in 2018. It doesn’t come as a surprise if we observe the fluctuations recorded in the fuel prices over the last few years. However, the drop in March fuel prices and unchanged petrol prices in April had built-up hopes of motorists for another positive change in prices for the month of May. The fuel prices have continued to fluctuate from one extreme to another for more than two years now and it has mounted serious pressure on motorists to adjust their monthly fuel expense every time with a new price change.
New Fuel Prices in the UAE
The fuel prices have been increased in the UAE for the month of May. A significant increase of 16 fills has been made to the price of Super 98 and diesel while the price of Super 95 has been increased by 15 fills. This means that May fuel prices will be the highest in 2018 so far, which will add to the financial worries of motorists on a tight budget.
Here are the new fuel prices announced in the UAE for the month of May:
- Price of Special 98 will be AED 2.49/Litre in May, which has increased from AED 2.33/Litre in April.
- Super 95 will be priced at AED 2.37/Litre in the month of May. The price of Super 95 in April was AED 2.22/Litre.
- In April, only the price of diesel was decreased and while the decrease was a minor one, the increase in diesel price for the month of May is not minor by any means. The new diesel price will be AED 2.56/Litre jumping from its April price of AED 2.40/Litre.
May fuel prices are not only this year’s highest, but also the highest since August 2015. Motorists on a tight budget will now find it most difficult to manage their monthly fuel expense as the fuel prices have skyrocketed for the month of May.
The fuel prices for May in the #UAE as announced by the UAE Fuel Price Committee ⛽ pic.twitter.com/HfoRrFH04m
— ENOC (@ENOC) April 30, 2018
Also read: 7 Fuel-Saving Driving Tips for Motorists in the UAE
Liberalization of Fuel Prices
The increase in the fuel prices across all types of fuel is subject to the liberalization strategy that was brought into effect about two years ago. According to this new strategy, the fuel prices now move with the market, which has had its effect on the fluctuations observed in fuel prices over the last few years.
What has caused a Massive Increase in Fuel Prices for the Month of May?
The most important reason why fuel prices have increased massively for the month of May is the increase observed in the price of Brent, which is the global crude oil standard. Any increase or decrease in the price of Brent directly affects the fuel prices in the UAE and as the price of Brent recorded a massive hike last Tuesday, fuel prices in the UAE have also been increased accordingly. The price of Brent reached a new high in more than three and a half years as it surged to $75.20, which was the highest price recorded for Brent since November 2014.
How to Maintain Your Fuel Budget in the UAE?
Motorists must adopt fuel-saving practices in order to manage their monthly fuel expense because the fluctuations in fuel prices are expected to continue for the remaining months of 2018 as well. With three months of 2018 having witnessed a record-breaking increase in the fuel prices, it looks ominous for motorists on a tight budget to manage their fuel expense unless they adopt fuel-saving driving habits.
Here is a list of fuel-saving practices that motorists must adopt to manage their fuel expense better in the coming months of 2018 regardless of the fluctuations in fuel prices:
- Maintain your vehicle regularly, particularly if you have a vehicle that is more than three to five years old. Motorists should schedule maintenance checkup of their vehicles regularly as it keeps a vehicle in the best condition for a longer period and also improves its fuel efficiency.
- Make fewer trips and try to manage most of your daily errands in one long trip, as it can help in reducing monthly fuel expense of a vehicle.
- Use public transport whenever it is possible as it helps in keeping the monthly fuel budget in check.
- Don’t drive aggressively as it can have a bad effect on the fuel efficiency of your vehicle.
- Limit the use of air conditioner whenever possible to improve the fuel efficiency of your vehicle.
- Choose the right type of fuel for your vehicle according to the instructions in the car owner’s manual. It can be helpful in improving the fuel efficiency of a vehicle and also improves the overall performance of the vehicle.
- Upgrade to an Electric Vehicle (EV) to find a long-term solution for all your worries associated with managing the fuel expense. Electric vehicles completely eliminate the dependence on conventional fuel as these vehicles use electric batteries to generate power. Besides being a fuel-efficient alternative to combustion engine vehicles, EVs are also environment-friendly vehicles as these vehicles don’t emit harmful gases and therefore help in improving the air quality. To learn about the incentives and benefits being offered by the UAE government to EV owners and buyers, click here.
Bottom-line
Fuel prices for the month of May have made commuting in a private vehicle the costliest in 2018, which makes it essential for motorists on a tight budget to find means of reducing their monthly fuel expense. Motorists should adopt the above-mentioned fuel-saving practices in order to minimize their fuel expense and to reduce the stress and anxiety of managing monthly fuel budget.
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