Petrol prices in the UAE increased sharply in April, following a nearly 60 percent rise in global oil prices driven by the US-Israel-Iran military conflict and the closure of the Strait of Hormuz. Super 98 petrol rose by almost 31 percent, jumping 80 fils per litre to Dh3.39, up from Dh2.59 in March. Special 95 petrol increased by more than 32 percent to Dh3.28 per litre, while E-Plus 91, the most affordable petrol variant, also rose by 80 fils to Dh3.20 per litre. Diesel prices climbed by over 72 percent, from Dh2.72 to Dh4.69 per litre.
Despite the sharp monthly increases, UAE fuel prices remain below the highs seen in 2022, when the Russia-Ukraine war pushed prices above Dh4 per litre. In July 2022, Super 98 peaked at Dh4.63, and Special 95 reached Dh4.52 per litre.
Global oil markets have reacted strongly to geopolitical tensions in the Middle East. Brent crude traded at $116.5 per barrel, while WTI stood at $103.9 per barrel, reflecting gains of 3.3 percent and 1 percent, respectively, on Tuesday. Since the outbreak of the US-Israel-Iran conflict on February 28, global oil prices have surged nearly 73 percent.
Fuel price increases are being felt worldwide. Countries including the Philippines, the US, Pakistan, Australia, Cambodia, Chile, Denmark, Nigeria, Nepal, Canada, France, Germany, China, the UK, South Korea, Brazil, Japan, Vietnam, Laos, Sri Lanka, South Africa, Finland, Austria, Egypt, Poland, Spain, North Macedonia, and Albania have all reported rising petrol and diesel costs.
Joseph Dahrieh, managing director at Tickmill, said the upward trajectory in oil prices is largely driven by concerns over supply disruptions linked to escalating geopolitical tensions. He noted that the closure of the Strait of Hormuz continues to stoke fears of global supply shortages. “The possibility of a secondary disruption in the Red Sea is adding to these concerns. Supply-side risks are being amplified by potential military escalation. Additional US troop deployments and ongoing attacks on key energy infrastructure are reinforcing worries over sustained tensions, underpinning the current bullish momentum in crude markets,” Dahrieh said.
Market analysts are monitoring the situation closely, as rising fuel prices could have broader economic implications, including higher transport and commodity costs. UAE authorities have yet to indicate whether further adjustments will be made in the coming months, leaving consumers and businesses to navigate the latest surge amid continued global uncertainty.
