UAE raises fuel prices more than 30% due to Iran war

The UAE has increased fuel prices by more than 30 percent month-on-month in April following a surge in the cost of crude oil since the start of the Iran conflict.

Diesel prices jumped more than 70 percent, state-owned energy company Emirates General Petroleum (Emarat) said on social messaging platform X.

The price of Super 98 gasoline rose 31 percent to AED3.39 ($0.92) per litre starting April 1, from AED2.59 in March. Special 95 spiked by 32 percent to AED3.28 from AED2.48, while E-plus 91 jumped 33 percent to AED3.20 from AED2.40.

Diesel prices rose 72 percent to AED4.69 per litre, from AED2.72 last month.

Front-month Brent crude futures had climbed $1.40, or 1.4 percent, to $105.37 per barrel by 04:30 GMT on Wednesday. Brent logged a record monthly gain of 64 percent in March.

US President Donald Trump said on Tuesday he may end the war with Iran before reopening the Strait of Hormuz, a trade route through which 20 percent of global oil ​and LNG flows, the Wall ⁠Street Journal reported.

Fuel costs across the UAE were deregulated from August 2015 as the government adopted a new policy linked to global prices.

The energy and finance ministries serve as the government’s representatives on a committee that reviews fuel prices monthly.

In the US, gasoline prices have topped $4 a gallon for the first time in almost four years, according to the American Automobile Association.

In the UK, gasoline rose to 152.8 pence ($2.03) a litre, its highest in two years and around 20 pence more than at the start of the war, the BBC reported, quoting data from the RAC motoring organisation.

Further reading:

• Arab oil capacity dented as Iran war forces output cuts
• Dozens of energy assets ‘severely’ damaged during Iran conflict
• Aramco oil exports spike after shift to Red Sea ports