Nigeria and Vietnam have experienced the sharpest surges in fuel pump prices globally over the past three weeks, a trend directly linked to the escalating conflict between Iran and the United States-Israel in the Middle East, according to recent analysis.
Data from UK-based firm Investinsight indicates that gasoline prices in Vietnam have risen by 50 percent since the war began on February 28, 2026, while Nigeria has seen a 40 percent increase. These hikes significantly outpace those in other major economies. Countries including Australia, the United States, Singapore, Germany, Spain, Canada, and China reported increases ranging from 10 percent to 17.2 percent during the same period. Conversely, a handful of nations, such as Colombia, Brazil, India, and Russia, saw minimal changes, with price adjustments ranging from a 3.1 percent decrease to a 0.4 percent increase.
The conflict has destabilized the Gulf region, disrupting trade through the critical Strait of Hormuz and threatening Middle Eastern energy infrastructure. This turmoil has driven crude oil prices above $100 per barrel, directly impacting domestic fuel costs worldwide.
In Nigeria, the effect has been particularly acute. Fuel prices in Abuja and surrounding areas have climbed to between N1,261 and N1,330 per liter, up from a previous range of N875 to N900 per liter—representing an increase of approximately 44 to 48 percent. This sharp rise followed an earlier adjustment by the Dangote Refinery, which increased its gantry petrol price to N1,175 per liter from N799 per liter, citing soaring crude oil costs.
For consumers in Nigeria and Vietnam, the price hikes translate into substantially higher transportation and living costs. The situation underscores the immediate vulnerability of global fuel markets to geopolitical instability in key producing regions. Continued monitoring of the conflict’s duration and its impact on oil supply chains will be critical in assessing the longevity and broader economic consequences of these price surges across affected nations.
