Fuel prices have been announced in the UAE for the month of June. The Ministry of Energy announced the fuel prices on Monday, May 28, 2018 and according to the announcement, fuel prices have been increased yet again in the UAE. In fact, motorists on a tight budget should know that fuel prices for June will be the highest since August 2015.
Fuel prices have been fluctuating in the UAE for more than two years now, which has added to the financial worries of motorists on a tight budget. The change in fuel prices has been attributed to increasing oil prices in the international markets and it’s the fourth time that fuel prices have increased during 2018.
June Fuel Prices in the UAE
Fuel prices have been increased massively for June 2018 and this increase will make commuting costlier for motorists on a tight budget in the UAE. A significant difference in prices of fuel can be observed when we compare this year’s June fuel prices with the fuel prices recorded in June 2017. This price comparison highlights how prices for all types of fuel have jumped in just one year.
The table below helps in comparing the difference between two prices:
Fuel prices have generally increased over the last one and a half year. In 2017, 8 out of 12 months recorded an increase in fuel prices and fuel prices have already recorded their fourth hike in the first half of 2018.
Here are the updated fuel prices for the month of June in the UAE:
- Price of Special 98 will be AED 2.63/Litre in June, which has increased from AED 2.49/Litre in May.
- Super 95 will be priced at AED 2.51/Litre in the month of June. The price of Super 95 in May was AED 2.37/Litre.
- The price of Super 91 was AED 2.30/Litre in May, which has been increased by 14 fills to AED 2.44/Litre in June.
- The price of diesel was AED 2.56/Litre in May and it will be priced at AED 2.71/Litre in June.
June fuel prices have been released by the UAE Fuel Price Committee – visit our app and be the first to know any pricing updates. https://t.co/UPuW8Acc4W pic.twitter.com/T01dEE6CAK
— ADNOC Distribution (@ADNOCdist) May 28, 2018
June fuel prices are the highest since August 2015 and the new fuel prices will make it extremely difficult for motorists on a tight budget to manage their fuel expense. Motorists have to adjust their fuel budget almost every month as fuel prices have continued to fluctuate from one extreme to another, especially during the last 12 months. Motorists must now make an effort to look out for ways to minimize their fuel expense in order to manage their monthly fuel budget better.
Also read: 7 Budget Cars of 2018 under AED 60,000 in the UAE
Tips to Manage Fuel Expense in the UAE
Motorists must adopt fuel-saving practices to better manage their fuel expense because fuel prices are expected to rise in the remaining months of 2018 as well. Switching from a combustion engine vehicle to an Electric Vehicle (EV) can be an ideal solution for all worries related to fluctuating fuel prices in the UAE as EVs don’t use conventional fuel at all, but use electric batteries to generate power. Buying an EV is also a good decision in the UAE because there are a number of incentives and benefits that are being offered to electric car owners and buyers by the government.
Apart from switching to an EV, there are some other practices that can also be adopted to keep the monthly fuel expense in check. These fuel-saving tips include:
- Maintaining a vehicle regularly
- Making fewer trips to reduce fuel consumption of a vehicle
- Using public transport whenever possible
- Avoiding aggressive driving
- Selecting specific type of fuel for your vehicle according to the instructions mentioned in the car owner’s manual
Future Prediction about Fuel Prices in the UAE
Monica Malik, Chief Economist at Abu Dhabi Commercial Bank said that increasing fuel prices in the UAE add to the worries of motorists on a tight budget as the monthly fuel prices are now also inclusive of 5% VAT, which has been implemented in the UAE from January 1, 2018.
According to the analysts at Bank of America Merrill Lynch, fuel prices will be at their highest in the UAE in the mid-2019 as per barrel price of Brent (Global Crude Oil Benchmark) is expected to rise considerably during that period. The fuel prices in the UAE are directly linked with the price of Brent and it is expected that the price of Brent will be maintained at an average of $80 per barrel during the mid-2019, which will mean that fuel prices will be increased considerably during this period.
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