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Motorists across the UAE and the globe have been exposed to skyrocketing fuel prices among other commodities.
At the beginning of July, consumers expected an increase and were soon met with confirmation when Emarat announced an upsurge of 10% to 15% in petrol prices for the month of July 2022.
These swelling price points are affecting everything from diesel and groceries, to rent and flight tickets: causing the common man from holding back on spending in the face of soaring inflation. According to CNBC, a variety of factors are influencing today’s record-high inflation, such as the “post-pandemic consumer demand, ongoing supply chain shortages, geopolitical events and the war in Ukraine.”
As of July, the UAE has recorded a hike in petrol prices for the 5th time this year, and according to the latest Morningstar research consumers can expect that 2022 will be the worst for inflation (including costs of energy, autos, and other durables), with prices estimated to drop by 2023.
With Diesel already costing AED4.76 a litre, it’s inevitable that price points can touch AED5+ by the end of 2022.
Ngl i wont be surprised if in 2 months fuel will cost 5 aed/L 🙂🙂🙂
— tin (@talkdorty) July 1, 2022
A quote in CNBC’s report claims that inflation could “fall as quickly and dramatically as it rose. We’ve seen it happen before.”
Investment research firm Morningstar added that inflation is expected to undershoot 2% in 2023 and 2024.
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The Minister of Energy Suhail Al Mazrouei disclosed stats on the shortage of gas, saying that “we’re lagging by almost 2.6 million barrels a day, and that’s a lot.”
Read more here.
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Minimum custom amount to enter is AED 2
By donating, you agree to the Privacy Policy and Terms of Service