Petrol and diesel prices in the UAE have jumped over 30% and 72% respectively, driven by Iranian attacks that have closed a key global oil shipping route.
DUBAI: Motorists in the United Arab Emirates are facing a sharp increase in fuel costs as regional conflict severely disrupts oil flows from the Gulf.
The UAE’s fuel price committee set new monthly rates for April, raising petrol prices by 31% to 33% compared to the previous month.
The price for the highest grade of petrol now stands at 3.39 Emirati dirhams (USD 0.92) per litre.
Diesel, a fuel critical for the transport and logistics sector, saw an even steeper increase of 72%, reaching 4.69 dirhams (USD 1.28) per litre.
The dramatic price hikes are a direct consequence of the ongoing Middle East war and Iran’s sustained military campaign against its neighbour.
Since February 28, Iran has launched daily drone and missile attacks targeting the UAE, a major oil producer.
A critical factor driving up global oil prices is the effective closure of the Strait of Hormuz due to the threat of Iranian attacks.
This narrow waterway normally facilitates the shipment of approximately 20% of the world’s oil production from the Gulf region.
The surge in fuel costs is not confined to the UAE, with petrol prices rising sharply worldwide and in other Gulf nations.
In Kuwait, another OPEC member state, the price of high-grade petrol increased by 12.5% for April.
Standard gasoline in Qatar also became more expensive, rising by 7.9% this month.
