The announcement of a drop in the cost of fuel in September means Dubai drivers can breathe a sigh of relief, but for how long?
Fuel prices have risen dramatically since the beginning of the year, making a significant dent in wallets, especially if you drive a gas-guzzling vehicle. In June, petrol prices passed AED4 per litre for the first time since the price of fuel was deregulated seven years ago, and the stifling 80% rise in fuel since January 2022 has encouraged some motorists to downsize.
Drivers wait in trepidation for the fuel price announcement, which is adjusted at the beginning of every month, and is based on fluctuation of the global crude oil price. The dramatic rise in fuel prices across the globe this year is in large part due to a greater demand on oil felt since the beginning of the Ukraine-Russia war.
Not only felt by drivers, taxi fares are also fluctuating. Uber announced a hike in prices and bus fares in Sharjah are shifting monthly based on fuel costs. Although Dubai drivers celebrated a decrease in fuel prices this month, Petrol prices are unlikely to come down significantly until other oil producers are able to increase supplies across the board, according to an Arabian Business report.
Until drivers are met with a more stable cost of fuel, they’ve got options.
- Stay the course, and wait to see if the market improves
- Downsize your vehicle or change to an EV (Dubi Cars has over 350 in stock!)
- Plan a trip to Oman -Fuel prices in the UAE are not regulated, which means that in comparison with our Gulf neighbours petrol costs twice if not triple the price. Fill up in Oman and save your dirhams.