Business & Finance
Global petrol prices rise following onset of conflict involving Iran
Retail fuel costs have climbed in at least 145 countries and territories over six months, impacting transport costs and household budgets.
The short version
- Petrol prices have increased in at least 145 of 170 tracked nations since military action involving the US, Israel, and Iran began in late February.
- The sharpest pump price increases occurred in Myanmar, Bhutan, Cuba, the UAE, and Nigeria, while prices stayed flat or fell in 25 nations with heavy fuel subsidies.
- In the United States, average regular petrol prices climbed 39 percent, reducing the driving distance for a $50 purchase by approximately 25 percent.
- Economists warn that higher energy costs across transportation and production lines threaten global supply chains and food prices, particularly in lower-income nations.
Key facts
- Data tracking 170 countries and territories indicates petrol prices rose in at least 145 locations following the start of US and Israeli military action against Iran on February 28.[Al Jazeera]
- Myanmar recorded the highest petrol price hike at 56 percent, followed by Bhutan at 55 percent, Cuba at 51 percent, the UAE at 50 percent, and Nigeria at 48 percent.[Al Jazeera]
- In 25 countries, primarily oil producers maintaining heavy fuel subsidies, petrol prices remained unchanged or decreased by single digits.[Al Jazeera]
- According to AAA Fuel Prices, the national average for regular petrol in the United States rose 39 percent, from $2.94 to $4.09 per gallon.[Al Jazeera]
- In Iran, currency depreciation, supply chain disruptions, and US banking restrictions have caused severe pharmaceutical shortages and inflated out-of-pocket medical costs.[Deutsche Welle]
What remains uncertain
- The long-term trajectory of global food prices and potential shortages in low-income nations remains uncertain as energy price pressure continues through supply chains.[Al Jazeera]