Global Fuel Prices Surge to Record Highs—What Drivers Need to Know Now

Motorists around the world are paying more at the pump today as fresh price lists published on 18 September 2026 show another round of increases for both petrol and diesel. In the UAE, the government’s Fuel Price Committee has raised retail tariffs for the second consecutive month. From 1 September, Super 98 petrol costs AED 3.80 per litre (up 20 fils), Special 95 moves to AED 3.69, and diesel jumps to AED 4.30 after a hefty 50-fils surge. The update tracks August’s 7 % rally in Brent crude, which has been hovering near USD 89 per barrel as OPEC+ supply curbs and hurricane-season outages squeeze global stocks. Eastern Europe is feeling the same squeeze. Leading forecourts in Ukraine lifted A-95 gasoline to an average UAH 89.84 per litre, while diesel touched UAH 98.98. Networks such as Ukrnafta and Socar increased pump rates by as much as UAH 2 on the day, leaving premium stations Okko and WOG at the top end of the price table. Analysts blame higher import costs and a weaker hryvnia for the rapid uptick. Why the synchronized spike? Traders point to four pressure points: 1. Crude supply: Saudi Arabia and Russia have extended their combined 1.3 million-barrel-per-day voluntary cuts through December, capping global flows. 2. Refinery maintenance: Seasonal turnarounds in Asia and Europe are reducing finished-fuel exports just as autumn demand rises. 3. Shipping bottlenecks: Persistent Red Sea security risks are pushing insurers to levy war-risk premiums on tankers, inflating freight costs that filter into retail prices. 4. Currency headwinds: Emerging-market fuel buyers face a strong US dollar, making dollar-denominated oil more expensive even before taxes and transport. For UAE residents, a full 50-litre tank of Special 95 now costs AED 184.50—AED 10 more than in August. In Kyiv, the same fill-up with A-95 gasoline sets drivers back roughly UAH 4,492, an increase of about UAH 100 overnight. Logistics firms warn that the jump will translate into higher delivery surcharges within weeks, adding fresh inflationary pressure to groceries and consumer goods. Looking ahead, analysts say Brent could breach USD 95 if refinery demand stays firm and winter heating orders arrive early. Any such move would almost guarantee another upward revision in October’s pump prices. Motorists are therefore urged to adopt fuel-saving habits—checking tyre pressure, avoiding prolonged idling and using cruise control—to cushion their wallets against what is shaping up to be a costly final quarter of 2026. With geopolitical risks high and inventories tight, the message is clear: barring a sudden drop in crude, fuel prices are more likely to climb than to retreat in the weeks to come.