UAE petrol prices jump 30% in response to Iran war
In a striking turn of events, fuel prices in the United Arab Emirates surged today, marking an increase of over 30% for petrol and a staggering 72% for diesel. This price jump comes amid escalating tensions in the Middle East, now a month into a regional conflict.
The UAE’s fuel price committee has adjusted the rates for April, with petrol experiencing a 31% to 33% rise. The highest grade petrol is now priced at 3.39 AED, equivalent to $0.92. Meanwhile, diesel, predominantly used by commercial vehicles such as trucks and buses, has jumped to 4.69 AED per litre, which translates to $1.28.
This spike in prices can be attributed in part to the geopolitical strife involving Iran, a neighboring nation located just across the Strait of Hormuz. Since February 28, Iran has been launching daily drone and missile attacks targeting major oil-producing areas in the region.
The Strait of Hormuz, a critical chokepoint responsible for around 20% of the world’s oil transportation from the Gulf, faces significant disruptions due to the threat of these Iranian assaults. Consequently, global oil prices have been driven higher.
The surge in petrol prices is not limited to the UAE. Across the Gulf, similar trends are observed. In Kuwait, another member of the OPEC oil-producing bloc, the price of high-grade petrol rose by 12.5% this month. Similarly, Qatar has seen its standard gasoline prices increase by 7.9%.
