The new fuel prices for the month of August 2015 have been announced in the UAE. And while the price hike hasn’t been as drastic as many had feared, it is still enough to make us think about our fuel consumption and the additional cost.
The 95 Octane (Special variant) will now be sold at AED 2.14/litre, up 24.4% from AED 1.72/litre, and the 98 Octane (Super variant) at AED 2.25/litre, up 22.9% from AED 1.83/litre. According to the newly formed Fuel Price Committee, the impact of this petrol price-hike on individuals will be minimal, with the average cost of a full refuel of your petrol tank going up by AED 18-45 depending on the engine type.
Click here if you want to know more about fuel price deregulation in UAE and how it affects you.
Global petrol prices – Where does UAE stand?
Here’s a look at the countries with the cheapest as well as the most expensive petrol prices globally, and how the revised petrol price in the UAE compares with the rest of the world:
|Countries||Petrol Prices (USD per Litre)|
Venezuela has the lowest petrol price in the world, a mere 2 cents per litre. Hong Kong, on the other hand, has the most expensive petrol, close to 2 dollars per litre. UAE’s revised petrol price of 58 cents per litre is still very low in comparison to most countries, and almost half the global average of USD 1.10 per litre.
You can find more information about petrol prices around the world at GlobalPetrolPrices.com.
Fuel economy comes into play
Everyone who owns a car and uses it is going to be spending more on fuel now. But your total fuel expenditure will depend on the fuel efficiency of your car. Take a look at this sample of car models across various segments and how fuel costs will change for each of them:
|Car Model||Fuel Usage (L/100 km)||Fuel Cost/1,500 kms (@ AED 1.72/L)||Fuel Cost/1,500 kms (@ AED 2.14/L)|
|Nissan Tiida 1.6||6.2||AED 160||AED 199|
|Toyota Yaris 1.5||7.3||AED 188||AED 234|
|Honda Accord 3.5 V6||8.8||AED 227||AED 282|
|BMW X5 4.4 V8||10.5||AED 271||AED 337|
|Chevrolet Camaro 6.2 V8||11.7||AED 302||AED 376|
|Lexus GX 4.6 V8||13.4||AED 346||AED 430|
|Toyota Land Cruiser 5.7 V8||15.7||AED 405||AED 504|
Let’s assume that you drive an average 50 kilometers a day, so that’s 1,500 kilometers a month. If you own a compact hatchback like a Nissan Tiida which consumes an average 6.2 litres of petrol per 100 kilometers, your fuel expenditure will only go up by AED 39 per month, with the increased petrol prices.
Want to know more about fuel consumption and how does your car stack up? Click here.
Now consider the Toyota Land Cruiser, which has remained enduringly popular in the UAE for years. This premium SUV is lauded for a lot of reasons, fuel economy not being one of them! If you own the Land Cruiser’s heavy-duty 5.7-litre version which consumes about 15.7 litres per 100 kilometers, you will have to shell out about AED 100 more per month on fuel now.
And these are only the advertised fuel economy specifications. The actual numbers when you’re on the road might be higher. If you’re looking to buy a car, you can compare car deals and car loans available from various providers. Maybe now, car buyers in the UAE will give fuel efficiency a second thought, before signing on the dotted line and claiming the keys!