Nigeria recorded the sharpest increase in petrol pump prices worldwide between February 23 and March 16, driven by the ongoing war in the Middle East, an analysis by Global Petrol Prices has revealed .
According to the report, Nigeria experienced a 39.5 percent surge in fuel prices during this period, the highest among all countries surveyed .
Trailing Nigeria is Laos, which recorded a 32.9 percent rise, while Australia and Vietnam both saw increases of 31.8 percent. The United States recorded a 23.6 percent increase .
European countries also experienced significant hikes: Spain saw an 18.7 percent rise, Canada 17.2 percent, Germany 14.9 percent, and France 12.3 percent .
Egypt recorded a 14.3 percent increase, while China saw a 10 percent rise. The United Kingdom and United Arab Emirates showed similar momentum at 6.5 percent and 6.4 percent respectively .
At the lower end, South Africa recorded a marginal 1.0 percent increase, while Mexico experienced the smallest rise at just 0.5 percent .
The ongoing war in the Middle East has caused the largest supply disruption in the history of the global oil market, with oil prices climbing to a four-year high .
Although local refining and domestic petrol production were expected to help stabilise prices, the increase has suggested otherwise. On March 9, Dangote Refinery stated it was not insulated from global market trends, as it sources its crude based on international benchmarks. By March 13, the refinery increased its ex-gantry petrol price to N1,175 per litre .
As of Thursday, petroleum prices in Nigeria range between N1,130 and N1,350 per litre, varying by location and marketer. NNPCL-affiliated retail outlets are currently selling at approximately N1,130 in Lagos and as high as N1,261 in some Abuja locations .
For major marketers, prices in Abuja and environs range from N1,267 to N1,330 per litre, while independent marketers charge up to N1,350 in some regions of the country .
