Petrol prices in the United Arab Emirates surged by 31 to 33 per cent in April, marking a sharp increase one month into the Middle East conflict. Diesel, widely used in commercial transport, jumped 72 per cent to 4.69 AED ($1.28) per litre. The UAE's fuel price committee set the new rates amid regional instability triggered by Iran's drone and missile attacks on the country since February 28. These attacks, launched from across the Strait of Hormuz, have disrupted a critical global oil route through which about 20 per cent of the world's oil supply normally passes. The closure of the strait under threat of further attacks has driven global oil prices upward. Neighbouring Gulf states also recorded increases, with Kuwait raising high-grade petrol by 12.5 per cent and Qatar increasing standard gasoline by 7.9 per cent.
The UAE's 33 per cent petrol hike is not just a regional issue—it signals how quickly instability in one oil-producing region can ripple through global markets. With Nigeria still heavily reliant on imported refined petrol, any spike in international prices directly strains local consumers and the national purse. The fact that Qatar and Kuwait also raised prices shows this is a coordinated regional response, not an isolated event. Nigeria's continued dependence on foreign fuel leaves it vulnerable to shocks far beyond its control.
