The Ministry of Energy and Industry has announced fuel prices for the month of November in the UAE. According to the announcement, the prices for all types of fuel have been decreased. Fuel prices have decreased for the third consecutive month, which is a positive development for motorists on a tight budget.
While the price drop for the month of November is only marginal, it will still offer some relief to motorists. The fuel prices for the month of November are inclusive of the 5% Value Added Tax (VAT). In January 2018, Value Added Tax was implemented in the UAE on all commercial and business activities.
Fuel Prices for November 2019 in the UAE
To the delight of motorists on a tight budget, fuel prices have been decreased for the sixth time in 2019. Fuel prices have decreased significantly this year, which has made life easier for motorists. According to the announcement, the prices for all types of fuel have been decreased in the UAE.
The fuel prices for November 2019 are given below:
- The price of Super 98 has come down from AED 2.24/litre to AED 2.20/litre.
- The price of Special 95 has decreased from AED 2.12/litre to AED 2.09/litre.
- The price of diesel has been decreased from AED 2.41/litre to AED 2.38/litre.
The decrease in the UAE’s fuel prices is a result of stability observed in the price of Brent (the global benchmark for crude oil). However, the price of Brent can fluctuate in the coming months, which will directly affect the fuel prices in the UAE.
November’s fuel ⛽ prices as per the #UAE fuel committee are out. Check them below. #InspiringEnergy
إليكم أسعار الوقود ⛽ لشهر نوفمبر وفقاً لما ذكرته لجنة متابعة أسعار الوقود في الإمارات. #طاقة_مُلهمة pic.twitter.com/MtJhCf70L8
— ENOC (@enoc_official) October 29, 2019
What Causes Fluctuations in Fuel Prices?
Several factors affect fuel prices in the UAE, the most highlighting of which is the price of Brent in the international market. In August 2015, the fuel prices in the UAE were set to move with the market under a new liberalization strategy. After the implementation of this strategy, fuel prices have been fluctuating from one extreme to another in the UAE.
Other factors that affect fuel prices in the UAE are transportation cost of fuel and Platts Benchmarks. Platts is a global organization that provides information and assessment about the prices of crude oil and gasoline products. The Ministry of Energy and Industry in the UAE considers the latest Platts Benchmarks while setting new fuel prices in the UAE.
Way Forward for Motorists on a Tight Budget
The prices for crude oil fell for a second day on October 29, 2019, which brought a decrease to the UAE’s fuel prices. However, motorists must know that fuel prices in the UAE can continue to fluctuate in the coming months for which they should be prepared. There are several fuel-saving practices that motorists can adopt to put a cap on their fuel expense. However, this cannot be considered a long-term solution to reduce financial worries caused by fluctuating fuel prices in the UAE.
The best way to reduce fuel expense in the UAE is by switching from combustion engine vehicles to Electric Vehicles (EVs). The electric vehicles don’t need conventional fuel, which makes them an excellent alternative to combustion engine vehicles. EVs generate power from electric batteries and ensure zero emissions, which is why they are also considered as environment-friendly vehicles.
The UAE government has launched an incentive programme for EV buyers and owners. This initiative has been taken to reduce the levels of air pollution and improve the air quality of the country. People in the UAE can avail several benefits under this incentive programme and can also get rid of their financial worries caused by fluctuating fuel prices.
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