The Ministry of Energy has announced fuel prices for the month of November in the UAE. According to the announcement, petrol prices have been decreased while the price of diesel has been increased for the month of November. This decrease in petrol prices comes as a good news for motorists on a tight budget who have been under serious financial pressure to manage their fuel expense. The fuel prices have increased massively during 2018, which has added to the financial worries of motorists on a tight budget.
The drop in petrol prices is a positive outcome of a significant decrease observed in the price of Brent (Global Crude Oil Benchmark) in the international markets. The rise and fall in the international price of Brent directly affect fuel prices in the UAE.
New Fuel Prices in the UAE
The announcement for new fuel prices was made by the Ministry of Energy on October 29, 2018. The prices for both petrol variants have been decreased for the first time in four months while diesel price has been increased for the fourth consecutive month.
For November 2018, the price of both petrol variants has been decreased by 4 fils per litre while the price of diesel has been increased by a massive 11 fils per litre.
Here are the new fuel prices for the month of November in the UAE:
- Super 98 will have a new price of AED 2.57/Litre.
- Special 95 will be available at AED 2.46/Litre.
- The new price of diesel will be AED 2.87/Litre.
The fuel prices for November in the #UAE as announced by the UAE Fuel Price Committee ⛽ pic.twitter.com/fAzzz7MFb3
— ENOC (@ENOC) October 29, 2018
The drop in petrol prices is attributed to a decrease observed in Brent price on October 29, 2018. The price of Brent came down from a high of $86 per barrel at the beginning of October to $77.02 per barrel on October 29. This significant drop in Brent price impacted fuel prices in the UAE and as a result, petrol prices were decreased. This is only the third occasion in 2018 when petrol prices have decreased in the UAE, which will provide a much-needed relief to motorists on a tight budget.
Also read: An Introspective Analysis of Fuel Price Trends in the UAE during the First Half of 2018
What Does the Future Hold for Fuel Prices in the UAE?
Fuel prices have been fluctuating in the UAE for more than three years now, which has made it considerably difficult for motorists to set a fixed monthly fuel budget. What has been more frustrating for motorists is the fact that fuel prices have mostly increased during last three years. During 2018, petrol prices have been increased 7 out of 11 times while the price of diesel has been increased 6 out of 11 times.
The price of Brent is expected to surge above $80 per barrel in the coming months, which will cause fuel prices in the UAE to jump as well. In this situation, it is important for motorists to find ways of reducing their fuel expense so that any further increase in fuel prices doesn’t affect them.
The Way Forward for Motorists on a Tight Budget
Motorists in the UAE should consider switching from their combustion engine vehicles to eco-friendly Electric Vehicles (EVs). Electric vehicles don’t need conventional fuel as they generate power from electric batteries. This is the reason why they can be an excellent option for motorists on a tight budget to get rid of their worries related to fluctuating fuel prices in the UAE.
Buying an electric vehicle can also be a good choice as the UAE government offers numerous benefits to EV owners and buyers. These incentives and benefits are offered to motorists as part of the UAE Green Development Strategy that aims at improving the air quality of the country by increasing the use of cleaner energy sources.
To know about the incentives and benefits offered to electric vehicle owners and buyers in the UAE, read our blog titled, New Incentive Program Encourages the Buying of Electric Vehicles in the UAE.
The Roads and Transport Authority (RTA) in Dubai has recently started a Mobile Charging Station to facilitate EV owners. According to authorities, motorists can call the vehicle-based charging station for help in an emergency situation anywhere in Dubai. The Mobile Charging Station will help motorists recharge their vehicle, which will enable them to reach the nearest charging station without any trouble.
Bottom-line
Motorists on a tight budget have been under serious financial pressure to manage their fuel expense because of regular fluctuations observed in fuel prices. With the fuel prices expected to increase in the coming months as well, it is important for motorists to consider switching to electric vehicles that eliminate the need for conventional fuel completely. This will also be a good decision in the long-term since EV owners enjoy a number of exclusive facilities and benefits 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.
