Nigeria has recorded the highest surge in petrol prices worldwide in recent weeks, according to data from Global Petrol Prices, as the ongoing Middle East crisis continues to disrupt global oil supply.

The report shows that between late February and mid-March, petrol prices in Nigeria rose by 39.5 percent, the largest increase among countries reviewed. This places Nigeria well ahead of others, with Laos following at 32.9 percent, while Australia and Vietnam recorded increases of 31.8 percent each. The United States also saw a significant rise of 23.6 percent.

In contrast, countries such as South Africa and Mexico recorded only marginal increases of 1.0 percent and 0.5 percent respectively, making Nigeria’s spike particularly pronounced.

The sharp rise in global fuel prices has been linked to supply disruptions caused by the conflict in the Middle East, which has pushed crude oil prices to their highest levels in about four years.

Despite expectations that domestic refining would help stabilise fuel costs in Nigeria, prices have continued to climb. Petrol is now selling between N1,130 and N1,350 per litre across different parts of the country, depending on location and marketer.

Retail outlets operated by the Nigerian National Petroleum Company Limited (NNPCL) are selling at relatively lower rates in Lagos, while prices are higher in Abuja and other regions. Independent marketers are offering petrol at the upper end of the price range.

Meanwhile, Dangote Refinery recently stated that its pricing remains tied to international crude benchmarks, indicating limited insulation from global market pressures. The refinery also adjusted its ex-depot petrol price earlier in March.

The continued increase in petrol prices is expected to place additional strain on households and businesses, with concerns rising over inflation and the broader cost of living in the country.