Nigeria, Vietnam record highest fuel price surge amid Iran war crisis

Nigeria and Vietnam have recorded the highest increases in global fuel prices following the ongoing Middle East conflict involving Iran and the US-Israel alliance, with pump prices rising sharply across both countries.

According to data from UK-based firm Investinsight, Vietnam recorded a 50 per cent increase in petrol prices, while Nigeria followed with a 40 per cent surge since the escalation of the crisis on February 28.

The disruption of oil supply routes, particularly around the Strait of Hormuz, has pushed crude oil prices above $100 per barrel, triggering a ripple effect on domestic fuel markets worldwide.

Countries such as Australia, the United States, Germany, and China also recorded increases, though at lower rates ranging between 10 and 17 per cent.

In Nigeria, petrol prices have climbed significantly, now selling between ₦1,261 and ₦1,330 per litre in Abuja, compared to ₦875–₦900 before the crisis.

The spike followed an upward price adjustment by Dangote Refinery, which raised its gantry price to ₦1,175 per litre from ₦799.

Analysts say the surge highlights Nigeria’s vulnerability to global oil shocks despite being an oil-producing nation, as rising crude prices continue to translate directly into higher domestic fuel costs.