Nigeria has recorded the biggest jump in petrol prices in the world amid the ongoing war in the Middle East, data from Global Petrol Prices shows.
TheCable’s breakdown shows that between February 23 and March 16, petrol in Nigeria rose by 39.5 percent. In contrast, South Africa and Mexico saw the smallest increases, at just 1.0 percent and 0.5 percent, respectively.
Behind Nigeria, Laos experienced a 32.9 percent rise, while Australia and Vietnam each recorded a 31.8 percent increase. The United States saw petrol go up by 23.6 percent during the same period.
Other countries also recorded significant rises: Spain 18.7 percent, Canada 17.2 percent, Germany 14.9 percent, Egypt 14.3 percent, and France 12.3 percent. China’s petrol rose 10 percent, Ethiopia 7.9 percent, the UK 6.5 percent, and the UAE 6.4 percent. Liberia had a 4.9 percent increase, with Hong Kong close behind at 4.7 percent.
At the lower end, Croatia and Qatar recorded 2.7 percent increases. South Africa’s petrol went up just 1.0 percent, while Mexico’s rose only 0.5 percent.
Experts say the war in the Middle East has caused the biggest supply disruption in the history of the global oil market.
This has pushed oil prices to a four-year high, which in turn is driving petrol prices up in Nigeria.
Even though local refineries and domestic petrol production were expected to help keep prices steady, the cost at the pumps has still shot up to as high as N1,330 per litre.
On March 9, Dangote Refinery said it “was not insulated from global market trends” because it buys crude based on international prices. A few days later, on March 13, the refinery raised its ex-gantry petrol price to N1,175 per litre.
As of today, petrol prices across Nigeria range from N1,130 to N1,350 per litre. Pump prices differ depending on location and marketer. NNPC retail outlets sell around N1,130 in Lagos and up to N1,261 in parts of Abuja.
Some major marketers in Abuja sell between N1,267 and N1,330 per litre, while independent marketers charge up to N1,350 in certain areas of the country.
