Nigeria has recorded the highest increase in petrol
pump prices globally following the escalation of tensions in the Middle East,
according to data analysis from Global Petrol Prices.
The report shows that petrol prices in Nigeria rose
sharply by 39.5 percent between February 23 and March 16, the largest spike
recorded worldwide during the period. This surpasses countries like Laos
(32.9%), Australia and Vietnam (31.8% each), as well as the United States
(23.6%).
Other nations also experienced notable increases,
including Spain (18.7%), Canada (17.2%), Germany (14.9%), Egypt (14.3%), and
France (12.3%). Meanwhile, China saw a 10% rise, Ethiopia 7.9%, and both the
United Kingdom and United Arab Emirates recorded moderate increases of 6.5% and
6.4% respectively. Smaller price hikes were observed in Liberia (4.9%), Hong
Kong (4.7%), Croatia and Qatar (2.7%), South Africa (1%), and Mexico (0.5%).
The surge has been attributed to the ongoing conflict
in the Middle East, which has disrupted global oil supply chains and pushed
crude oil prices to a four-year high, thereby increasing fuel costs worldwide.
In Nigeria, petrol prices have climbed to as much as
?1,200 per litre, despite expectations that local refining capacity would help
stabilize the market. The sharp rise has already impacted daily life, with
transportation fares reportedly doubling on several major routes.
Dangote Refinery stated earlier in March that it
remains influenced by international crude oil pricing, as its feedstock is
sourced at global benchmark rates. On March 13, the refinery adjusted its
ex-gantry petrol price to ?1,175 per litre.
Meanwhile, data from the Organization of the Petroleum
Exporting Countries revealed that Nigeria’s crude oil production dropped to
1.31 million barrels per day in February.
The combined effect of rising global oil prices and
declining domestic output continues to put pressure on fuel prices and the
broader Nigerian economy.
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