Nigeria has recorded the sharpest increase in petrol pump prices globally, driven by the ongoing Middle East conflict and its impact on crude oil supply, according to data from Global Petrol Prices.
Analysis shows that petrol prices in Nigeria rose by 39.5 percent between February 23 and March 16, marking the highest increase among surveyed countries.
The report indicates that Laos followed with a 32.9 percent rise, while Australia and Vietnam recorded increases of 31.8 percent each. The United States posted a 23.6 percent increase over the same period.
In Europe and other regions, petrol prices climbed 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 saw a 7.9 percent rise.
The United Kingdom and the United Arab Emirates reported moderate increases of 6.5 percent and 6.4 percent respectively, while Liberia and Hong Kong recorded 4.9 per cent and 4.7 percent increases.
At the lower end, Croatia and Qatar both posted a 2.7 percent rise, while South Africa and Mexico recorded the least increases at 1.0 percent and 0.5 per cent respectively.
The surge in global fuel prices has been linked to disruptions in crude oil supply caused by the escalating Middle East war, widely regarded as one of the most significant shocks in the history of the global oil market.
Oil prices have climbed to a four-year high, pushing petrol prices upward in Nigeria despite expectations that local refining would ease pressure on domestic supply.
Industry observers note that the Dangote Refinery remains exposed to international crude benchmarks, limiting its ability to shield the local market from global price volatility.
Read also:
- Fuel Hike: A National Security threat with a woman’s face
- Dangote Refinery hikes petrol price by N101 amid global crude volatility
- Global Oil Crisis: IEA to release record 400 Million Barrels doom strategic reserves amid Middle East tensions
On March 9, the refinery stated it was not insulated from global market forces, and by March 13, it raised its ex-gantry petrol price to N1,175 per litre.
As of now, petrol prices across Nigeria range between N1,130 and N1,350 per litre, depending on location and marketer. Retail outlets operated by the Nigerian National Petroleum Company Limited sell at about N1,130 per litre in Lagos, while prices in Abuja have reached as high as N1,261.
Major marketers in the Federal Capital Territory and surrounding areas sell between N1,267 and N1,330 per litre, while some independent marketers charge up to N1,350 per litre.
The sharp rise continues to raise concerns over inflation, transport costs, and the broader economic impact on households and businesses across the country.
