Nigeria Tops Global Fuel Price Increase Amid Middle East Tensions

A recent analysis of global fuel pricing trends indicates that Nigeria recorded the largest increase in petrol pump prices worldwide over a three-week period, as disruptions linked to ongoing tensions in the Middle East continue to affect energy markets.

Data compiled by Global Petrol Prices, as reported by TheCable, shows that Nigeria’s pump prices rose by 39.5 percent between February 23 and March 16. The increase places the country at the top of the global rankings for fuel price growth during the period.

Other countries recorded comparatively lower increases. Laos followed with a 32.9 percent rise, while Australia and Vietnam each posted gains of 31.8 percent. In the United States, petrol prices increased by 23.6 percent over the same timeframe.

European economies also experienced notable upward movements. Spain saw an 18.7 percent increase, Canada 17.2 percent, Germany 14.9 percent, Egypt 14.3 percent, and France 12.3 percent. China recorded a 10 percent rise, while Ethiopia followed at 7.9 percent. The United Kingdom and the United Arab Emirates posted increases of 6.5 percent and 6.4 percent respectively.

At the lower end, Croatia and Qatar each recorded a 2.7 percent increase. South Africa and Mexico reported minimal changes at 1.0 percent and 0.5 percent respectively.

Analysts link the global price movements to supply disruptions associated with the ongoing conflict in the Middle East, which has contributed to crude oil reaching a four-year high. The ripple effect has translated into higher retail fuel prices across multiple markets, including Nigeria.

Despite expectations that local refining capacity would help moderate domestic prices, retail costs have continued to climb. Petrol is currently selling for between N1,130 and N1,350 per litre across different parts of the country, depending on location and supplier.

The Dangote Refinery has previously stated that it remains exposed to international pricing dynamics due to its reliance on crude oil benchmarks tied to global markets. The refinery adjusted its ex-gantry petrol price to N1,175 per litre earlier in March.

Meanwhile, the NNPCL retail outlets have maintained pump prices around N1,130 per litre in Lagos, with some Abuja locations selling as high as N1,261. Independent marketers are reporting even higher prices in several regions, reaching up to N1,350 per litre.