cars
Oil prices are ‘nowhere near’ peak yet, says UAE energy minister
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.
The Fuel Prices Monitoring Committee has given the green light for an increase in gasoline and diesel prices for March 2024. The approved hike ranges between 15 and 16 fils per liter for gasoline and 17 fils for diesel, compared to February 2024 prices.
Fuel distribution companies have promptly announced the new prices, effective from Friday, March 1, 2024. The updated pricing includes a 5% value-added tax.
Specifically, the price per liter of super gasoline “98” is set to rise by 15 fils, reaching 3.03 dirhams in March, up from 2.88 dirhams in February. Special gasoline “95” will see an increase of 16 fils, from 2.76 dirhams to 2.92 dirhams, while E-Plus 91 gasoline will climb by 16 fils, reaching 2.85 dirhams from 2.69 dirhams. Additionally, the price of diesel will experience a 17 fils per liter hike, escalating from 2.99 dirhams in February to 3.16 dirhams in March.
This decision follows three consecutive monthly reductions in gasoline and diesel prices approved by the committee for January 2024. The reduction ranged between 13 and 14 fils for gasoline and 19 fils for diesel per liter compared to December 2023 prices.
Notably, the Ministry of Energy’s approved fuel price standards are subject to monthly adjustments based on the global average oil price, incorporating distribution companies’ operating costs.
New fuel prices are:
-Super 98 petrol will cost Dh3.03 a litre, compared to Dh2.88 in February.
-Special 95 petrol will cost Dh2.92 per litre, compared to Dh2.76 last month.
-E-Plus 91 petrol will cost Dh2.85 a litre, compared to Dh2.69 a litre in February.
-Diesel will be charged at Dh3.16 a litre compared to Dh2.99 last month.
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A new car showroom dedicated to luxury supercars has opened near the Equiti metro station on the busy Sheikh Zayed Road, Dubai.
Set up by the accomplished automobile stalwart Sarabdeep Singh Bassi with his Man Friday Walid Al Balushi, the showroom opening witnessed a range of Lamborghinis, Ferraris, McLarens, Mercedes and Bentleys along with some top options in the Land Rover range as well for a rich sampling of the showroom’s USP. The inauguration ceremony was graced by UAE businessman and SJM Group chairman Sheikh Juma bin Maktoum bin Juma Al Maktoum as the chief guest.
Bassi is a veteran of Dubai’s automobile circuit with showrooms for used and mid-range cars in three emirates – Dubai, Sharjah and Abu Dhabi – since 2004 when he landed from the United States, where too he operated in the similar industry but around trucks and transport for a brief while.
According to Balushi, now is as good time as any to have a cars showroom for the upper echelons of the society. “Our Emirati folks are always a keen, regular market, but we also see a lot of Russians and people from the adjoining regions looking up high-end cars.”
An attendee poses in front of a grey McLaren and red Ferrari at the Oscar Cars showroom in Dubai. Photos Joy Dasgupta / Headline.ae
This showroom is the latest addition to their Advantage Motors brand which deals in mid-range levels of cars in the three emirates.
“Already the response is very good,” Bassi said on the sidelines of the inauguration ceremony amid much fanfare. “We have more expansion plans like opening other automotive businesses after this. Our customers are from all over UAE and from other countries as well like Russia, Middle East countries, China, All Over Africa, and others. We are also promoting electric vehicles sale which are environment friendly.”
The vast showroom on the Sheikh Zayed Road, diagnonally across the Mall of Emirates, is laid out over 7,000 square feet and separate parking, with the best of knowledgeable staff at hand to help buy and sell the cars, along with other services like buying premium number plates, etc.
The UAE has announced its fuel prices for September, following its usual practice of monthly revisions. The new rates will apply from September 1 and are as follows:
-Super 98 petrol will cost Dh3.42 a litre, compared to Dh3.14 in August.
-Special 95 petrol will cost Dh3.31 per litre, compared to Dh3.02 last month.
-E-Plus 91 petrol will cost Dh3.23 a litre, compared to Dh2.95 a litre in August.
-Diesel will be charged at Dh3.40 a litre compared to Dh2.95 last month.
After a similar rise in July, petrol prices in the country increased during August. Over the past year, prices have displayed fluctuations, yet they remain notably lower than those of the same period last year.
أسعار الوقود الشهرية: أسعار الوقود لشهر سبتمبر 2023 وفقاً للجنة متابعة أسعار الجازولين والديزل في #الإمارات
⛽ Monthly Fuel Price Announcement: September 2023 fuel prices released by the #UAE Fuel Price Follow-up Committee. pic.twitter.com/D5lQ373AO2
— Emarat (امارات) (@EmaratOfficial) August 31, 2023
Take a Quick Look: Fuel Prices Throughout the Year
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