Should your next car be electric after the war? 6 reasons why you may need to

DUBAI 23°CGOLD/FOREXPRAYER TIMESNEWSLETTERSLOGIN GOLD/FOREXDUBAI 23°CPRAYER TIMES YOUR MONEYYOUR MONEYDUBAI COST CALCULATORSAVING AND INVESTMENTBUDGET LIVINGTAXATIONCOMMUNITY TIPSCRYPTOCURRENCY Your Money / Saving and InvestmentShould your next car be electric after the war? 6 reasons why you may need toFuel shocks and supply risks are pushing drivers to rethink petrol dependence Dubai: A surge in oil prices following the conflict involving Iran is reshaping how people approach major purchases — including their next car. Disruptions to energy flows, especially through the Strait of Hormuz, have triggered one of the most significant shocks to global oil markets in recent years. Fuel costs are rising, and supply chains remain exposed. “We are in the middle of the second energy shock in the 2020s,” said Kingsmill Bond. “It will flow into people’s decisions on what energy-hungry devices they buy.” For car buyers, that shift is already underway. The impact shows up immediately: Petrol and diesel prices are rising, with volatility complicating long-term budgeting Supply risks are adding uncertainty to everyday transport costs In parts of Asia, fuel rationing and reduced mobility are already visible. In Pakistan, gasoline prices have risen more than 20%, accelerating demand for electric two-wheelers and rickshaws. For buyers, the implication is direct: running a petrol car is becoming harder to plan, while EVs offer more stable operating costs. The response extends beyond cars. In India, LPG delivery delays of up to 25 days have pushed households toward electric cooking, with induction stove sales rising as much as 30 times on some platforms. In Europe, solar panel sales have more than doubled in Germany, and EV buyer interest in the UK has risen nearly 30% since the conflict began. Households in several economies are reducing reliance on fossil fuels. Electrification is becoming a practical decision tied to cost and reliability. The latest shock is reinforcing a deeper shift. “The main driver will not be climate change, the main driver will be energy security,” said Fatih Birol of the International Energy Agency. The 1970s oil shocks pushed fuel-efficient cars into the mainstream High oil prices in the 2000s accelerated solar and battery innovation For today’s buyers, the takeaway is clear: EVs reduce exposure to global oil disruptions and offer a path toward greater cost control. The pressure is strongest in economies reliant on imported fuel. Countries across Asia and Africa — dependent on shipments through the Strait of Hormuz — are facing supply disruptions and rising costs. In Nigeria, demand for rooftop solar is increasing despite high upfront costs. In Ethiopia, fuel shortages have led to long queues at petrol stations and renewed calls to accelerate EV adoption. Electrification is increasingly seen as a response to supply vulnerability, not just pricing. Consumer behaviour is feeding into financial markets. Global energy transition investment reached $2.3 trillion last year More than $1 trillion went into EVs, batteries, and heat pumps, according to BloombergNEF Several solar and battery companies have posted strong gains, reflecting expectations of rising demand. For buyers, this matters: More investment typically lowers costs over time Infrastructure and technology improve as capital scales Energy markets remain volatile, with prices reacting sharply to geopolitical developments. Short-term swings continue. Uncertainty remains. Yet behaviour is already changing: Households are cutting fuel dependence Businesses are electrifying fleets For many consumers, this is no longer a long-term calculation. It is immediate. Rising fuel costs, supply risks, and the need for predictability are already shaping what powers the next car. Is the war ending soon? Investors are convinced it is Oil profiteers warned of 'consequences’: Philippines US-Israel-Iran conflict: UAE fuel to get costlier? UAE rates out today: Fuel to get costlier next month?