Buttt
For how long? More expensive to quench thirst than get litre
of petrol for your car,
UAE residents ought to have a strange love-hate relationship
with the global oil price.
We all know and are made to understand by economists and
experts that despite the ongoing diversification drive and healthy financial
buffers, low oil prices aren’t good for the UAE’s finances in the long term
However, we still can’t help but feel good about the savings
we’ve been making every time we fuel up our cars thanks to the falling prices
at the petrol pump, which are in turn due to the low global crude prices.
For the record, last month, on January 20, 2016, oil hit a
13-year-low of $26.15 per barrel, a level last seen in 2003.
During the subsequent 12 years, global oil price fluctuated,
sometimes violently, between $26 and $147, but UAE residents remained shielded
from the worst inflationary effects as the price at the pump remained
subsidised even as it saw periodic price increases.
Fizzy drink for Dh1.5 for a 355ml can
A troika of petrol price hikes in 2010 saw the price of a
litre of petrol in the UAE rise to Dh1.72 per litre for Special (95 octane) and
Dh1.83 per litre for the Super grade (98 octane), and it remained at that level
until July 2015.
Thank you Naina,
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