Nigeria Records Sharpest Global Fuel Price Hike Amid Middle East Conflict – Report

Nigeria has recorded the steepest increase in petrol prices worldwide, as tensions in the Middle East trigger major disruptions in global oil supply, an analysis by Global Petrol Prices reveals.

According to a detailed breakdown reported by TheCable, Nigeria experienced a 39.5 percent hike in pump prices between February 23 and March 16. In comparison, South Africa and Mexico recorded the lowest increases of 1.0 percent and 0.5 percent, respectively.

Trailing Nigeria, Laos saw a 32.9 percent increase, while Australia and Vietnam each recorded a 31.8 percent rise. The United States reported a 23.6 percent increase, followed by Spain (18.7 percent), Canada (17.2 percent), Germany (14.9 percent), Egypt (14.3 percent), and France (12.3 percent).

China experienced a 10 percent increase, Ethiopia 7.9 percent, the United Kingdom 6.5 percent, and the UAE 6.4 percent. Liberia and Hong Kong saw smaller rises of 4.9 percent and 4.7 percent, respectively, while Croatia and Qatar recorded 2.7 percent each.

The ongoing war in the Middle East has triggered the largest supply disruption in the history of the global oil market, sending crude oil prices to a four-year high and driving petrol prices sharply upward in Nigeria.

Despite expectations that local refining and domestic petrol production might stabilize prices, the increases have persisted, with petrol now selling for as much as N1,330 per litre in some areas.

Dangote Refinery acknowledged on March 9 that it was not insulated from global trends, sourcing crude based on international benchmarks. Consequently, on March 13, the refinery increased its ex-gantry petrol price to N1,175 per litre.

As of today, petroleum prices across Nigeria range between N1,130 and N1,350 per litre, varying by location and marketer. NNPCL-affiliated outlets in Lagos sell petrol for around N1,130, while some Abuja locations report prices as high as N1,261 per litre.

Prices from major marketers in Abuja and surrounding areas range from N1,267 to N1,330, with independent marketers charging up to N1,350 per litre in certain regions.