Petrol prices in the United Arab Emirates jumped more than 30 percent on Wednesday, with diesel soaring 72 percent, as the ongoing conflict in the Middle East continues to drive up fuel costs across the region.
The UAE’s fuel price committee announced monthly rates for April that placed the highest grade petrol at 3.39 dirhams ($0.92) per litre—a rise of between 31 and 33 percent from previous levels. Diesel, widely used by trucks and buses, climbed to 4.69 dirhams ($1.28) per litre.
The sharp increase comes one month into a conflict that has seen Iran, the UAE’s neighbour across the Strait of Hormuz, launch daily drone and missile attacks against the major oil producer since February 28. The strait, a critical waterway through which approximately 20 percent of global oil production normally passes, has been largely closed under the threat of ongoing attacks, sending crude prices soaring worldwide.
Other Gulf nations have also raised fuel prices. In Kuwait, another OPEC oil producer, high-grade petrol increased by 12.5 percent for April, while Qatar’s standard gasoline rose by 7.9 percent.
The price hikes reflect broader global trends, with petrol costs climbing sharply in markets around the world as the conflict disrupts supply routes and keeps oil markets volatile.
