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Oil prices are ‘nowhere near’ peak yet, says UAE energy minister

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Oil prices are “nowhere near” their peak as an impending rise in Chinese demand threatens to strain a global market already pinched by tight supplies, UAE Energy Minister Suhail Al Mazrouei said on Wednesday.

The comments serve as an acknowledgment that last week’s decision by the Opec+ coalition to bolster output will give consumers little respite from the soaring cost of energy this summer, said Bloomberg in a report.Efforts by Opec+ oil producers to boost output are “not encouraging”, the UAE minister told an energy conference in Jordan, noting the group was currently 2.6 million barrels per day short of its target.“The risk is when China is back,” Al Mazrouei said in an apparent reference to Chinese demand. Prospects for demand growth in China, which is relaxing lockdowns, have been buoying crude prices recently.

Al Mazrouei warned that without more investment across the globe, Opec+ can’t guarantee sufficient oil supplies as demand fully recovers from the coronavirus pandemic.

Prices can reach “unseen” levels if Russian oil and gas is completely taken off the market, he said.
Opec+ is currently 2.6 million barrels per day short of its target.

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Fuel prices in UAE announced for December 2024

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The UAE fuel price committee has announced petrol and diesel prices for the month of December 2024. The new rates will apply from December 1, and are as follows:

Super 98 petrol will cost Dh2.61 a litre, compared to Dh2.74 in November.
Special 95 petrol will cost Dh2.50 per litre, compared to the current rate of Dh2.63.
E-Plus 91 petrol will cost Dh2.43 a litre, compared to Dh2.55 a litre in November.
Diesel will be charged at Dh2.68 a litre compared to the current rate of Dh2.67.

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Dubai’s variable Salik and parking rates: What this will mean for your wallet

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Dubai’s Roads and Transport Authority (RTA) has announced that it will implement Variable Road Toll Pricing (Salik) and Variable Parking Tariff Policies, including event-specific parking tariffs, as part of a comprehensive strategy to enhance traffic flow in the city.

The Variable Road Toll Pricing (Salik) system, set to launch at the end of January 2025, will offer motorists toll-free passage between 1am and 6am. During weekdays, the toll will be Dh6 during morning peak hours (6am to 10am) and evening peak hours (4pm to 8pm). For off-peak hours, between 10am and 4pm, and from 8pm to 1am, the toll will be Dh4. On Sundays, excluding public holidays, special occasions, or major events, the toll will be Dh4 throughout the day and free from 1am to 6am.

The Variable Parking Tariff Policy, scheduled for implementation by the end of March 2025, sets parking fees at Dh6 per hour for premium parking spaces and Dh4 per hour for other public paid parking spaces during morning peak hours (8am to 10am) and evening peak hours (4pm to 8pm). The tariffs will remain unchanged during off-peak hours, from 10am to 4pm, and from 8 pm to 10pm. Parking will be free at night, from 10pm to 8am, and all day on Sundays.

Congestion pricing policy :
The Congestion Pricing Policy for event areas introduces a fee of Dh25 per hour for public paid parking spaces near event zones. This policy will be rolled out initially around the Dubai World Trade Centre during major events, starting in February 2025.

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Dubai to announce first air taxi station soon, says RTA

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Dubai’s Roads and Transport Authority (RTA) on Tuesday said that that the first station of the air taxi project will be announced soon.

The official operation of the first air taxi station is expected to begin in the first quarter of 2026, and that the project will include the initial launch of four stations.

“The project is considered an ambitious step in the field of autonomous air transport, and aims to provide a modern and effective means of transportation, as the air taxi is expected to serve different areas of the city, with a focus on linking the service to hotels and the airport,” Khalid Al Awadhi, Director of Transportation Systems Department at the Public Transport Agency at RTA, said on the sidelines of the Intelligent Transport Systems Conference and Exhibition, which is being held at the Dubai World Trade Centre from September 16 to 20.

The first phase of the service will include four strategic landing sites in Dubai — Dubai International Airport, Downtown, Dubai Marina and Palm Jumeirah. They will be designed and developed in collaboration with Skyports and will include dedicated take-off and landing areas, electric charging facilities, a dedicated passenger area and security procedures.

Tyler Trerotola, general manager of the Middle East at Joby Aviation, said on the sidelines of the event that the air taxi service is expected to start in the first quarter of 2026, with early operations likely to begin late next year.

He added that the air taxi is an innovative electric aircraft that can carry four passengers and a pilot. The aircraft has a speed of up to 320kmph and a range of up to 160km. It operates smoothly and quietly compared to helicopters, as it emits a sound of no more than 45 decibels, which is less than the sound of rain.

Tyler pointed out that the new service will contribute to easing traffic congestion in Dubai, as it is expected to reduce the travel time from Dubai International Airport to Palm Jumeirah to only 10-12 minutes, compared to the current time of more than 45 minutes during peak times. He stressed the importance of this initiative in supporting smart mobility initiatives in Dubai, expressing his enthusiasm to cooperate with the Roads and Transport Authority and SkyPorts to achieve the company’s vision of developing sustainable air mobility in the city.

It is powered by electricity, making it environmentally friendly as it does not produce operational emissions. The latest modern technologies in this field worldwide were used in its manufacture.

The agreement was signed during the World Government Summit in Dubai, granting Joby the exclusive right to operate air taxis in the city for six years. The agreement covers all the essential components needed for the service to succeed, including determining routes, providing the necessary infrastructure, and providing aircraft with the required capacity.

The project enhances Dubai’s position as a leading city in the applications of modern technology in transportation, and reflects its commitment to sustainable innovation.

Air taxis help reduce reliance on traditional means of transportation, helping to reduce carbon emissions and boost environmental efforts in the city.

Air taxis also provide a convenient and fast alternative for getting between major points in the city, improving the transportation experience and reducing time.

The air taxi is expected to help ease traffic congestion on major roads while attracting visitors and tourists by providing an innovative and unique transportation experience, thus contributing to boosting the city’s tourism sector.

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