Nigeria has recorded the sharpest rise in petrol pump 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 surged by 39.5 percent between February 23 and March 16, the highest increase recorded worldwide during the period. This places Nigeria ahead of countries such as Laos, which saw a 32.9 percent rise, while Australia and Vietnam recorded 31.8 percent increases, and the United States experienced a 23.6 percent jump.
Across Europe and other regions, Spain recorded an 18.7 percent increase, Canada 17.2 percent, Germany 14.9 percent, Egypt 14.3 percent, and France 12.3 percent. China saw a 10 percent rise, Ethiopia 7.9 percent, while the United Kingdom and the United Arab Emirates posted similar increases of 6.5 percent and 6.4 percent respectively. Smaller increases were recorded in Liberia at 4.9 percent and Hong Kong at 4.7 percent, with Croatia and Qatar at 2.7 percent, South Africa at 1 percent, and Mexico at 0.5 percent.
The surge is linked to the ongoing Middle East war, which has significantly disrupted global oil supply and pushed crude prices to a four-year high, driving up fuel costs worldwide.
In Nigeria, petrol prices have climbed to as high as N1,200 per litre, despite expectations that local refining capacity would help stabilise the market. The increase has had immediate economic consequences, with transport fares reportedly doubling on some major routes.
Dangote Refinery said earlier in March that it remains exposed to global market forces, as crude oil is sourced at international benchmark prices. On March 13, the refinery raised its ex-gantry petrol price to N1,175 per litre.
At the same time, Nigeria’s oil production has declined. Data from the Organization of the Petroleum Exporting Countries shows that the country’s crude output dropped to 1.31 million barrels per day in February.
The combined impact of rising global oil prices and reduced domestic output continues to place pressure on fuel costs and the broader economy.