Petrol prices in Nigeria have surged sharply to about N1,200 per litre in parts of the country, as the fallout from the US–Israel–Iran war continues to disrupt global oil supply and drive up costs, ENigeria Newspaper has learnt.
The ongoing conflict in the Middle East has rattled energy markets, sending crude oil prices to multi-year highs and triggering a ripple effect across fuel-dependent economies worldwide. The spike has pushed transport fares higher and intensified pressure on households, despite expectations that domestic refining would cushion the impact of global price shocks.
Fresh data obtained by ENigeria Newspaer from Global Petrol Prices show that Nigeria has been the hardest hit, recording the highest increase in pump prices globally during the latest review period.
Between February 23 and March 16, petrol prices in Nigeria rose by 39.5 per cent, placing the country at the top of the global rankings. Laos followed with a 32.9 per cent increase, while Australia and Vietnam recorded identical rises of 31.8 per cent.
Further down the list, the United States posted a 23.6 per cent increase, Spain recorded 18.7 per cent, Canada 17.2 per cent, Germany 14.9 per cent, Egypt 14.3 per cent, and France 12.3 per cent.
China saw a 10 per cent increase, followed by Ethiopia at 7.9 per cent, while the United Kingdom and the United Arab Emirates recorded 6.5 per cent and 6.4 per cent respectively.
Liberia posted a 4.9 per cent rise, closely followed by Hong Kong at 4.7 per cent. At the lower end, Croatia and Qatar each recorded a 2.7 per cent increase, while South Africa and Mexico posted marginal rises of 1 per cent and 0.5 per cent respectively.
Expectations that local refining would stabilize prices in Nigeria have not yet materialized, notwithstanding the global trend.
Meanwhile, the Organization of the Petroleum Exporting Countries reports that Nigeria’s crude oil production fell to 1.31 million barrels per day in February, further restricting supplies and making it more difficult to control growing fuel prices.
