Nigeria has experienced the highest increase in petrol prices globally following the escalation of the Middle East conflict, according to a market analysis based on Global Petrol Prices data.
The analysis shows that petrol prices in Nigeria rose by 39.5 percent between February 23 and March 16, outpacing countries such as Laos (32.9%), Australia and Vietnam (31.8%), and the United States (23.6%). European and other nations also recorded increases, including Spain (18.7%), Canada (17.2%), Germany (14.9%), Egypt (14.3%), France (12.3%), China (10%), Ethiopia (7.9%), the UK (6.5%), and the UAE (6.4%). Smaller rises were reported in Liberia (4.9%), Hong Kong (4.7%), Croatia and Qatar (2.7%), South Africa (1%), and Mexico (0.5%).
The surge has been linked to disruptions in global oil supply caused by the ongoing Middle East war, which has pushed crude oil prices to a four-year high. In Nigeria, petrol now costs as much as N1,200 per litre in some areas, with transport fares reportedly doubling on major routes.
Dangote Refinery noted in March that its operations remain influenced by international crude prices, raising its ex-gantry petrol price to N1,175 per litre on March 13.
Meanwhile, domestic crude production has declined, with OPEC reporting Nigeria’s output at 1.31 million barrels per day in February. The combined effect of rising global oil prices and reduced local output continues to strain fuel costs and the broader economy.