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Oil pinch hurt growing in the UAE as Uber, Sharjah Taxi take cues
Kumar Shyam
The pinch on the pockets of the UAE residents is starting to hurt badly by the day with rising oil prices and its knockon effects.
As soon as the petrol and diesel prices went up by at least 50 fils for the month of July, ride-hailing company Uber has followed suit.
The company sent out an email on Friday to inform about the fare hike. Uber would charge as much as 11 per cent extra for some trips, the American company added.
The hike is Uber’s second this year in the UAE, after a hike in March but the UAE’s market-linked price for the black gold has continued unabated. The country opted for a dynamic pricing with global trends in 2015. But Russia’s attack on Ukraine has messed all economies around the world.
Yet, petrol in UAE is three times more expensive than in Kuwait and almost double the average cost per litre in the six-member Gulf Cooperation Council, according to a Bloomberg report.
Dynamic pricing
Uber is not alone with Sharjah Taxi also deciding to base their fares with the rise or fall of fuel prices with this month.
The Sharjah Roads and Transport Authority (SRTA) said the meter flag down rate will be increased or decreased every month in direct co-relation with the prices. Petrol prices in the UAE have jumped over 56 per cent since January 2022.
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Also read: UAE ranks first regionally and twelfth globally in growth potential
UAE petrol price to get costlier by 50 fils in July 2022
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Early last month, Suhail Al Mazrouei, Minister of Energy and Infrastructure, had admitted that prices could go higher as Chinese demand is likely to recover significantly while efforts by Opec+ to raise production were not yielding results fast enough.
The latest data showed Opec+ was running 2.6 million barrels a day short of its production target, Mr Al Mazrouei said at the Middle East and North Africa-Europe Future Energy Dialogue in Jordan.
He expects China, the world’s biggest importer and second largest economy, which has been easing its coronavirus lockdowns, to “come with more consumption”.
“With the pace of consumption we have, we are nowhere near the peak because China is not back yet,” Mr Al Mazrouei said. “The situation is not very encouraging when it comes to the quantities that we can bring. We’re lagging by almost 2.6 million barrels a day and that’s a lot.”
Dubai most expensive city in the Gulf
Meanwhile, Dubai has been ranked among the world’s most expensive cities to live and work in for expatriates this year, according to the Cost of Living survey by Mercer.
The study, which looks at how the rising cost of living has impacted workers’ financial wellbeing in 227 cities worldwide, placed Dubai in the 31st position.
The emirate, which has been seeing a growing influx of millionaires and demand for property recently, emerged as the costliest city in the Gulf Cooperation Council (GCC) region, beating out the neighbouring cities of Riyadh, which landed in the 103rd position, Jeddah (111th place), Manama (117), Muscat (119), Kuwait City (131) and Doha (133).
Tributes have poured in after the son of former Chelsea star Eddie Newton was found dead alongside his friend following a hike in the UAE, where temperatures soared to 50C.
Cassius Newton, 34, and his friend Aran Martinson, 33, were found by rescuers on July 18 after setting out on a hike in the mountainous Wadi Naqab region.
The pair, from Dorset and Essex respectively, both lived and worked in the UAE. Their bodies were discovered between 3km and 4km from their vehicle.
According to a report, Chelmsford area coroner Michelle Brown said their provisional causes of death included cardiac and respiratory arrest.
Cassius, a non-league footballer, was the son of former Chelsea midfielder and coach Eddie Newton, who spent more than a decade with the club.
His wife was in the UK when she became concerned after Cassius failed to contact her following the hike and reported him missing.
The two men had been living at a luxury resort in Ras Al Khaimah.
Tributes after desert tragedy
Tributes poured in after the deaths.
Aran’s wife described him as “incredibly driven, hardworking and ambitious”, saying he had recently begun a new chapter in his career and was excited about the future.
Blackfield & Langley Football Club paid tribute to their former player, saying: “It is with heavy hearts that we share the sad news of the passing of former player Cassius Newton; our thoughts and deepest sympathies are with his family and friends during this difficult time.”
National League club Eastleigh, where Cassius had previously played, said it was “deeply saddened” by his death.
Chelsea connection
Cassius’ father Eddie Newton played for Chelsea from 1990 to 2001 and famously scored in the club’s 1997 FA Cup final victory.
The former midfielder also represented Cardiff City, Birmingham City, Oxford United and Barnet.
After retiring as a player, Newton moved into coaching, working as assistant manager at MK Dons and West Brom before returning to Chelsea.
He later served as assistant manager under Roberto Di Matteo and Rafael Benítez.
(With inputs from BBC, The Sun)
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