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UAE petrol prices jump 30% in response to Iran war
In a significant shift, fuel prices in the UAE have surged by more than 30% today, with diesel experiencing a dramatic 72% rise. This comes as the Middle East conflict enters its second month.
The latest pricing adjustments announced by the UAE’s fuel price committee reveal that petrol prices have climbed between 31% and 33% for April. The premium fuel is now priced at 3.39 AED ($0.92) per litre. Meanwhile, diesel, which is essential for transportation vehicles like trucks and buses, has increased to 4.69 AED ($1.28) per litre.
Across the Strait of Hormuz, Iran has been launching daily drone and missile attacks against the UAE, a prominent oil producer, since February 28.
The Strait of Hormuz, a critical passageway for around 20% of the world’s oil supply originating from the Gulf, has been largely restricted due to the Iranian threat, resulting in a sharp spike in oil prices globally.
The trend of rising fuel prices isn’t limited to the UAE. Throughout the Gulf region, similar increases are being observed. In Kuwait, another key OPEC member, high-grade petrol prices have risen by 12.5% for April. Qatar has also seen a 7.9% increase in the cost of standard gasoline.