An analysis by Global Petrol Prices, cited by BrandIconImage, shows that petrol prices in Nigeria jumped by 39.5 percent between February 23 and March 16—far outpacing other countries tracked during the period.
The surge places Nigeria at the top of the global list, followed by Laos with a 32.9 percent increase, while Australia and Vietnam both recorded 31.8 percent rises. In the United States, petrol prices climbed by 23.6 percent over the same timeframe.
European and North American markets also saw notable increases, including Spain (18.7 percent), Canada (17.2 percent), Germany (14.9 percent), and France (12.3 percent). In Africa and the Middle East, Egypt recorded a 14.3 percent rise.
More moderate increases were observed in China (10 percent), Ethiopia (7.9 percent), the United Kingdom (6.5 percent), and the United Arab Emirates (6.4 percent). Meanwhile, Liberia and Hong Kong posted smaller increases of 4.9 percent and 4.7 percent, respectively.
At the lower end, Croatia and Qatar saw modest 2.7 percent rises, while South Africa and Mexico recorded minimal increases of 1.0 percent and 0.5 percent.
The spike in prices has been linked to supply disruptions triggered by the ongoing conflict in the Middle East, which has tightened global oil supply and pushed crude prices to a four-year high. These developments have had a pronounced impact on Nigeria, where petrol costs are highly sensitive to international market dynamics.
Despite expectations that increased domestic refining capacity would cushion the effect, local prices have continued to climb. Dangote Refinery recently acknowledged its exposure to global crude benchmarks, noting that it cannot fully shield the domestic market from international price swings. On March 13, the refinery raised its ex-gantry petrol price to ₦1,175 per litre.
Across Nigeria, pump prices now range between ₦1,130 and ₦1,350 per litre, depending on location and supplier. Retail outlets operated by Nigerian National Petroleum Company Limited in Lagos are selling at about ₦1,130 per litre, while prices in Abuja have climbed as high as ₦1,261 in some locations.
Major marketers in Abuja and surrounding areas are offering petrol between ₦1,267 and ₦1,330 per litre, while independent marketers in certain regions are charging up to ₦1,350 per litre, highlighting the uneven pricing landscape across the country.