Nigeria leads global fuel price hikes amid Middle East conflict

Nigeria recorded the sharpest increase in the pump price of petrol worldwide at the backdrop of the war in the Middle East, an analysis of Global Petrol Prices has revealed.

The breakdown according to TheCable shows that Nigeria recorded a 39.5 percent increase in pump prices between February 23 and March 16, while South Africa and Mexico recorded the least increase of 1.0 percent and 0.5 percent increases, respectively.

According to the analysis, trailing Nigeria is Laos, which experienced a 32.9 percent rise during the period, while Australia and Vietnam recorded 31.8 percent rise each, and the USA recorded a 23.6 percent increase.

Petrol prices increased by 18.7 percent in Spain, 17.2 percent in Canada, 14.9 percent in Germany, 14.3 percent in Egypt, and 12.3 percent in France.

China recorded a 10 percent increase, while Ethiopia followed with 7.9 percent, the United Kingdom and the United Arab Emirates (UAE) showed similar momentum at 6.5 percent and 6.4 percent, respectively. Liberia recorded a 4.9 percent increase, closely followed by Hong Kong at 4.7 percent.

At the lower end of the spectrum, Croatia and Qatar both saw a 2.7 percent rise, while South Africa recorded a marginal 1.0 percent increase and Mexico experienced petrol price change at 0.5 percent.

The ongoing war in the Middle East, has caused the largest supply disruption in the history of the global oil market.

Consequently, oil prices climbed to a four-year high, driving up petrol prices in Nigeria.

Although local refining and domestic petrol production were expected to help stabilise prices, the increase has suggested otherwise, with the product selling for as much as N1,330 per litre.

Recall that on March 9, Dangote Refinery said it was not insulated from global market trends, as it sources its crude based on international benchmarks, and on March 13, the refinery increased its ex-gantry petrol price to N1,175 per litre.

For some major marketers, prices in Abuja and environs range from N1,267 to N1,330 per litre, while prices from independent marketers are up to N1,350 in some regions in the country.