The conflict in the Middle East involving the United States, Israel, and Iran has entered its 20th day. The ongoing tensions in the region have raised concerns about global energy flow, economic stability, and security. The conflict which began on February 28, has led to a sharp rise in fuel prices across the world as key oil supply routes remain disrupted.
Global oil prices have surged as direct consequences of these escalating tensions, affecting petrol prices across the world. Countries that are heavily dependent on oil imports are experiencing increased fuel prices. A noticeable change in petrol rates in India has also been registered.
According to American Automobile Association (AAA) data, there has been a 20 per cent increase in the petrol prices in the United States. A gallon of regular petrol now costs USD 3.58 (Rs 334) as compared to February when it was USD 2.94 (Rs 274). This means consumers are now paying about Rs 60 more per gallon, due to rising fuel costs driven by supply chaos.
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Which Countries Have Seen Highest Prices?
At least 85 countries have reported increases in petrol prices since the start of war. According to Global Petrol Prices, a platform that tracks retail energy prices across 150 countries, Cambodia has recorded the highest increase of nearly 68 percent in petrol prices. The price increased from USD 1.11 per litre of 95-octane on February 23 to USD 1.32 on March 11. Other countries that have registered significant increases in petrol prices are Vietnam (50 per cent), Nigeria (35 per cent), Laos (33 per cent) and Canada (28 per cent).
In Asia, Pakistan, Japan and South Korea have been severely affected due to supply crunch and seeing notable increases in the petrol prices.
Rank | Country | Feb 23 Price ($/L) | Mar 11 Price ($/L) | Price Increase |
1 | Cambodia | 1.11 | 1.32 | 67.81% |
2 | Vietnam | 0.75 | 1.13 | 49.73% |
3 | Nigeria | 0.59 | 0.80 | 35.02% |
4 | Laos | 1.34 | 1.78 | 32.94% |
5 | Canada | 1.16 | 1.30 | 28.36% |
6 | Pakistan | 0.92 | 1.15 | 24.49% |
7 | Maldives | 0.87 | 1.04 | 18.54% |
8 | Australia | 1.11 | 1.31 | 18.23% |
9 | United States | 0.87 | 1.01 | 16.55% |
10 | Singapore | 2.16 | 2.50 | 15.69% |
11 | Germany | 2.08 | 2.36 | 13.30% |
12 | Spain | 1.73 | 1.94 | 11.96% |
13 | Sweden | 1.73 | 1.92 | 11.06% |
14 | China | 1.08 | 1.19 | 10.45% |
15 | Ukraine | 1.47 | 1.60 | 9.42% |
Source: GlobalPetrolPrices.
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