Nigeria records the world’s sharpest petrol price increase at 39.5% amid Middle East tensions, surpassing Laos, Australia, Vietnam, and the US
Nigeria has recorded the highest petrol price surge globally, with prices rising 39.5% between February 23 and March 16, according to Global Petrol Prices data.
The increase was driven by global oil market disruptions linked to tensions in the Middle East involving the United States, Israel, and Iran.
Nigeria’s spike surpasses Laos (32.9%), Australia and Vietnam (31.8% each), and the United States (23.6%). Other notable rises include Spain (18.7%), Canada (17.2%), Germany (14.9%), Egypt (14.3%), and France (12.3%).
In Nigeria, petrol now sells between N1,130 and N1,350 per litre depending on location and supplier, up from an average of N900 before the geopolitical crisis.
NNPC-linked stations charge around N1,130 nationwide, N1,230 in Lagos, and above N1,260 in parts of Abuja. Independent marketers have pushed prices to as high as N1,350 per litre.
The Dangote Petroleum Refinery recently set its ex-gantry price at N1,175 per litre, citing exposure to international crude oil benchmarks.
Nigeria’s crude output fell to 1.31 million barrels per day in February, according to OPEC, limiting the ability to cushion domestic fuel price shocks.
Finance Minister Wale Edun confirmed that the government will not intervene in petrol pricing, allowing market forces to determine rates. Intervention will be considered only as a last resort.
The global fuel surge highlights the vulnerability of energy-dependent economies like Nigeria to geopolitical tensions and volatile oil markets.
