Nigeria has recorded the highest increase in petrol pump prices globally following the escalation of the Middle East conflict, according to a market analysis based on data from Global Petrol Prices.
The report shows that petrol prices in Nigeria surged by 39.5 percent between February 23 and March 16, marking the steepest rise worldwide within the period. This places Nigeria ahead of Laos, which recorded a 32.9 percent increase, while Australia and Vietnam saw rises of 31.8 percent each. The United States recorded a 23.6 percent increase.
In Nigeria, petrol prices have climbed to as high as N1,200 per litre, despite expectations that improved local refining capacity would help stabilise the market. The spike has had immediate economic effects, with transport fares reportedly doubling on some major routes.
The Dangote Refinery earlier in March stated that it remains subject to global market forces, as crude oil is procured at international benchmark prices. On March 13, the refinery increased its ex-gantry petrol price to N1,175 per litre.
Meanwhile, Nigeria’s oil production has declined. Data from the Organization of the Petroleum Exporting Countriesshows that the country’s crude output dropped to 1.31 million barrels per day in February.
The combined impact of rising global oil prices and reduced domestic production continues to exert pressure on fuel costs and the broader Nigerian economy.
