Well oil be damned! UAE drivers are going to see petrol prices surge past AED 3 a liter starting from today! In completely unsurprising news, oil prices have continued to motor, as we saw Brent Crude push past $100 a barrel in the past week. This is the highest fuel prices have been in the UAE since figures were liberalized in 2015 to move it in line with the market.
Geopolitical tensions have also put a strain on resources, with experts posturing that prices of Crude could reach $150 a barrel. Time to be that best friend on the passenger side, if you’re a driver.
In further fuel and energy updates, BP (BP) has decided to exit its 19.75% stake in Rosneft, with shares dipping upon the news. The energy crisis is also affecting stock futures, with the market still on tilt after a week of volatility.
Why it matters
Whilst the world battles energy supply and demand issues amidst the backdrop of geopolitical issues, the race for renewable and cleaner sources can't come soon enough. However, it may be a few lean years before that happens at the scale we'd need it to.
