UAE petrol jumps 30% as Mideast war bites

DUBAI: United Arab Emirates petrol prices rose more than 30 percent on Wednesday, with diesel soaring 72%, one month into the Middle East war.

Monthly rates set by the UAE’s fuel price committee put petrol up 31-33%for April, with the highest grade at 3.39 AED ($0.92). Diesel, commonly used by trucks and buses, rose to 4.69 AED ($1.28) per litre.

Iran, the UAE’s near neighbour across the Strait of Hormuz, has targeted the major oil producer with daily drone and missile attacks since February 28.

The strait, which normally carries about 20% of global oil production from the Gulf, is largely closed under the threat of Iranian attacks, sending prices per barrel soaring.

Petrol, up sharply around the world, also rose in other Gulf countries. In Kuwait, another OPEC oil producer, high-grade petrol is up 12.5% for April, while Qatar’s standard gasoline lifted 7.9%.