UAE fuel among world’s cheapest

Average resident takes home more money each month than in most other countries

The UAE is one of the best places in the world to own a vehicle, with the fuel price costing less than a dollar per litre and the average resident taking home more money every month than most people in other countries, according to a new research.

Carmudi, an online car platform, has examined the fuel price and average income of residents in 18 emerging markets, including those in the oilrich Middle East region.

When looking at the percentage of income spent by households on petrol, Carmudi found that car owners in the UAE are among the most only 0.10 per cent of the average daily income on a litre of oil.

“Fuel prices in the oilwealthy Middle East are incredibly low, and that, coupled with the high average daily income, makes it the best place to own a gas guzzler,” Carmudi said.

In comparison, consumers in Sri Lanka must pay nearly half of their daily earnings (almost 45 per cent) to fill their cars with one litre of fuel, which costs $0.96, the ninth most expensive in the world.

Although the price of petrol in Indonesia is the fifth cheapest globally, the situation there is nearly as bad because, with low household incomes, consumers spend more than 30 per cent of their daily earnings to be able to afford a litre of petrol.

Alp Eke, senior economist at the NBAD said that while the price of gas in the UAE is low compared to other countries, it is actually the highest in the GCC region.