Global Fuel Price Surge: Impact & Most Affected Nations
Exploring the sharp rise in global fuel prices and its impact amid ongoing Middle East military tensions.
Fuel prices have witnessed significant hikes across numerous nations, spurred by the ongoing US-Israel-Iran military conflict and the closure of the Strait of Hormuz. These developments have led to a sharp rise in global oil prices, impacting economies worldwide.
Worldwide Price Hikes: Countries Most Affected
Major countries reporting fuel price increases include Pakistan, the Philippines, the US, Australia, Cambodia, Chile, Denmark, Nigeria, Nepal, Canada, France, Germany, China, the UK, South Korea, Brazil, Japan, Vietnam, Laos, Sri Lanka, and South Africa. Additionally, Finland, Austria, Egypt, Poland, Spain, North Macedonia, and Albania have also reported higher petrol and diesel costs.
The hikes range from less than five per cent to over 80 per cent, with European nations experiencing an average increase of about 12 per cent between late February and mid-March 2026. As of March 25, the Philippines reported the steepest rise in global fuel prices, surging over 80 per cent due to tensions in the Middle East.
UAE Fuel Price Announcement Expected
The UAE, which deregulated petrol and diesel prices in August 2015 to reflect global market trends, is set to announce fuel rates for April on March 31. Global oil prices have climbed sharply, with Brent crude soaring from $72.87 per barrel on February 27 to $114.7 per barrel as of March 30, marking a 57 per cent surge in just over a month.
Given this dramatic global increase, UAE fuel prices are widely expected to rise. Official rates for April will be confirmed tomorrow, but analysts forecast an adjustment to align with international cost trends.
March 2026 Fuel Price Revisions in the UAE
In March 2026, fuel prices in the UAE saw noticeable hikes. Super 98 petrol increased to Dh2.59 per litre from Dh2.45 in February, while Special 95 rose to Dh2.48 from Dh2.33. E-Plus 91 was priced at Dh2.40 per litre, up from Dh2.26, and diesel prices climbed by Dh0.20 to Dh2.72 per litre.
As the UAE continues its practice of revising prices monthly in line with global markets, the upcoming announcement for April is expected to reflect the current uptick in oil prices internationally.
Stay tuned for the UAE fuel price update as the announcement is set for March 31.
AI contributed to the creation of this article.