- Since Middle East conflict
BY BONNY AMADI With Agency Report
Africa’s top crude oil producer, Nigeria has recorded the sharpest increase in the pump price of petrol worldwide following the recent escalation of the war in the Middle East.
According to a market analysis by the Cable index of Global Petrol Prices data, the country saw a 39.5 percent increase in pump prices between February 23 and March 16.
Trailing the West African country, Laos experienced a 32.9 percent rise during the period, while Australia and Vietnam each saw a 31.8 percent rise, and the USA recorded a 23.6 percent increase.
Petrol prices increased by 18.7 percent in Spain, 17.2 percent in Canada, 14.9 percent in Germany, 14.3 percent in Egypt, and 12.3 percent in France.
China recorded a 10 percent increase, while Ethiopia followed with 7.9 percent, the United Kingdom and the United Arab Emirates (UAE) showed similar momentum at 6.5 percent and 6.4 per cent, respectively.
Liberia recorded a 4.9 percent increase, closely followed by Hong Kong at 4.7 percent. China recorded a 10 percent increase, while Ethiopia followed with 7.9 percent, the United Kingdom and the United Arab Emirates (UAE) showed similar momentum at 6.5 percent and 6.4 percent, respectively.
Liberia recorded a 4.9 percent increase, closely followed by Hong Kong at 4.7 percent.
At the lower end of the spectrum, Croatia and Qatar both saw a 2.7 percent rise, while South Africa recorded a marginal 1 percent increase and Mexico experienced petrol price change at 0.5 percent.
The development comes amid the ongoing war in the Middle East, which has caused the largest supply disruption in the history of the global oil market. Oil prices consequently climbed to a four-year high, driving up petrol prices in Nigeria.
Although local refining and domestic petrol production were expected to help stabilise prices, the increase has suggested otherwise, with the product selling for as much as N1,200.
This has led to a doubling of transport costs on some major routes across the country.
On March 9, Dangote refinery said it was not insulated from global market trends, as it sources its crude based on international benchmarks.
The refinery, on March 13, increased its ex-gantry petrol price to N1,175 per litre.
Amid the surge in prices, the country’s crude oil production declined significantly.
According to data from the Organisation of Petroleum Exporting Countries (OPEC), Nigeria’s crude oil output dropped to 1.31 million barrels per day in February.
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