Fuel prices for the month of October have been announced by the Fuel Price Committee in the UAE. To the delight of motorists on a tight budget, the prices for petrol variants have been decreased, however, the price of diesel has been slightly increased. This is the second consecutive month of decrease in petrol prices, which will provide motorists on a tight budget with a much-needed relief.
Fuel prices have been fluctuating in the UAE since August 2015 when the liberalization strategy for fuel prices was implemented. After August 2015, fuel prices in the UAE move with the market and the price of Brent (Global Benchmark for Crude Oil) directly affects the fuel prices in the country.
Fuel prices have been reduced significantly this year as it is the fifth occasion in 2019 when fuel prices have been decreased. It is important to note that the fuel prices for October are inclusive of the 5% Value Added Tax (VAT).
Fuel Prices for October 2019 in the UAE
Petrol prices have been decreased for the second consecutive month, however, the price of diesel has been slightly increased from the last month. The change in fuel prices is insignificant since neither the decrease in petrol prices nor the increase in diesel price is substantial. The petrol prices have been decreased by 2% for the month of October, which will help motorists manage their fuel expense effectively.
October's fuel ⛽ prices as per the #UAE fuel committee are out. Check them below. #InspiringEnergy
إليكم أسعار الوقود ⛽ لشهر أكتوبر وفقاً لما ذكرته لجنة متابعة أسعار الوقود في الإمارات. #طاقة_مُلهمة pic.twitter.com/VGT6xsor16
— ENOC (@enoc_official) September 29, 2019
Fuel prices for the month of October are given below:
- The price of Super 98 has been decreased from AED 2.28/litre to AED 2.24/litre.
- The price of Special 95 has come down from AED 2.16/litre to AED 2.12/litre.
- The price of diesel has been increased from AED 2.38/litre to AED 2.41/litre.
What Causes Fluctuations in Fuel Prices?
Fuel prices in the UAE have been fluctuating from one extreme to another for more than four years. These fluctuations have made it extremely difficult for motorists to set a monthly fuel budget, which has increased their financial worries. It is important to understand why fuel prices fluctuate in the UAE as this information can help motorists forecast the future fuel price trends.
The first and foremost factor that affects fuel prices in the UAE is the global price of Brent. The price of Brent has been fluctuating frequently during last few years, which has had its direct affect on fuel prices in the UAE. Keeping an eye on the latest Brent prices can help motorists in the UAE estimate the new fuel prices in the UAE, however, there are other factors too that impact fuel prices including the transportation cost of fuel.
How to Manage Fuel Expense in the UAE?
With fuel prices expected to fluctuate in the coming months as well, motorists need to find means of reducing their fuel expense. The best way of reducing fuel expense is by shifting from conventional combustion engine vehicles to hybrid vehicles (have a hybrid powertrain consisting of a combustion engine and a solar, electric or hydrogen source) and Electric Vehicles (EVs). While hybrid vehicles reduce the fuel expense to a bare minimum, EVs eliminate the need for conventional fuel.
EVs are equipped with electric batteries to generate power hence they don’t need conventional fuel. By purchasing an EV, motorists can get rid of their financial worries caused by fluctuations observed in the fuel prices. It is arguably the best way to ease financial constraints for motorists on a tight budget in the UAE.
Buying an electric vehicle in the UAE has some other benefits too as the UAE government has announced an incentive programme for EV buyers and owners.
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.
