Nigeria has recorded the sharpest jump in petrol prices worldwide following the recent escalation of the Middle East conflict.
A market analysis by TheCableIndex of Global Petrol Prices data shows Nigeria’s pump prices surged by 39.5 percent between February 23 and March 16, the highest increase among all countries.
Trailing behind, Laos saw a 32.9 percent rise, while Australia and Vietnam each recorded 31.8 percent increases. The USA experienced a 23.6 percent jump, Spain 18.7 percent, Canada 17.2 percent, Germany 14.9 percent, Egypt 14.3 percent, and France 12.3 percent.
China’s petrol price rose 10 percent, Ethiopia 7.9 percent, the United Kingdom 6.5 percent, and the UAE 6.4 percent.
Liberia saw a 4.9 percent increase, closely followed by Hong Kong at 4.7 percent. On the lower end, Croatia and Qatar rose 2.7 percent, South Africa 1 percent, and Mexico only 0.5 percent.
The surge comes amid the ongoing war in the Middle East, which has caused the largest supply disruption in global oil market history. Oil prices have consequently climbed to a four-year high, pushing petrol in Nigeria to as much as N1,200 per litre, doubling transport costs on major routes across the country.
On March 9, Dangote refinery said it was not insulated from global market trends, as it sources its crude based on international benchmarks. The refinery, on March 13, increased its ex-gantry petrol price to N1,175 per litre.
Amid the surge, Nigeria’s crude oil production also dipped significantly. According to the Organisation of Petroleum Exporting Countries (OPEC), the country’s output fell to 1.31 million barrels per day in February.
