cars
Oil pinch hurt growing in the UAE as Uber, Sharjah Taxi take cues
Published
2 years agoon
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 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).
Journalist for 25 years with leading publications in India and UAE such as The National, Mumbai Mirror, DNA, Indian Express and former Sports Editor of eIndia.com. Now managing editor of Headline.ae, part of MEMc (https://www.memc.co)
Announcements
Dubai to announce first air taxi station soon, says RTA
Published
2 months agoon
October 3, 2024By
SudhashreeDubai’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.
Announcements
Guess what? Abu Dhabi is launching Robot taxis this year
Published
2 months agoon
October 3, 2024Big things are happening in Abu Dhabi. This year, robot taxis will be hitting the roads, giving you the freedom to travel without a driver and experience the future of mobility. This strategic move is a broader movement toward innovative transportation, with Abu Dhabi making it one of the first cities in the Middle East where such technologies will be available to the public.
The partnership between Uber’s global ride-hailing service and WeRide’s advanced autonomous vehicles promises to offer an effortless and futuristic journey for everyone.
Want to be among the first to step into the future? Just have your Uber app handy—your robotaxi awaits with just a few taps.
Announcements
Fuel prices in UAE to fall in October 2024
Published
2 months agoon
September 30, 2024Here’s how much you’ll pay at the pump next month…
The UAE fuel price committee on Monday announced petrol and diesel prices for the month of October 2024. The new rates will apply from October 1 and are as follows:
-Super 98 petrol will cost Dh2.66 a litre, compared to Dh2.90 in September.
-Special 95 petrol will cost Dh2.54 per litre, compared to the current rate of Dh2.78.
-E-Plus 91 petrol will cost Dh2.47 a litre, compared to Dh2.71 a litre in September.
-Diesel will be charged at Dh2.6 a litre compared to the current rate of Dh2.78
Petrol prices were expected to drop for October as global oil prices remained subdued in September. Brent oil prices averaged nearly $73 a barrel in September compared to $78.63 a barrel in August due to multiple factors such as firmer supply and news about Saudi Arabia planning to increase production.
The UAE’s Ministry of Energy first began setting UAE fuel prices based on average global prices in August 2015. Prior to that, the price of petrol in the UAE was subsidised by the government, which shielded consumers from global fluctuations in the cost of petrol.