Nigeria and Vietnam have experienced the sharpest surges in fuel pump prices globally since the escalation of conflict between Iran and the United States-Israel on February 28, 2026. Data indicates that domestic gasoline prices have risen by 40 percent in Nigeria and 50 percent in Vietnam over the ensuing 19 days, directly linked to disruptions in Middle Eastern oil supplies.
The conflict has destabilized the Gulf region, impeding maritime trade through the critical Strait of Hormuz and threatening energy infrastructure. These supply concerns have driven international crude oil prices above $100 per barrel, triggering a cascade of increases in refined fuel costs worldwide. A report from UK-based analysis firm Investinsight places Nigeria and Vietnam at the forefront of price hikes, with increases far exceeding those in major economies.
Following the two leading nations, countries including Australia, the United States, Singapore, Germany, Spain, Canada, and China reported fuel price increments ranging from 10 percent to 17.2 percent during the same period. Conversely, several nations saw minimal change or decreases, with Colombia, Brazil, India, and Russia recording adjustments between a 3.1 percent decline and a 0.4 percent rise.
In Nigeria, the impact is acutely felt by consumers. Fuel prices in Abuja and surrounding areas have jumped to between N1,261 and N1,330 per liter, up from a previous range of N875 to N900 per liter—a local increase of approximately 44 to 48 percent. This surge followed a significant hike by the Dangote Refinery, which raised its gantry petrol price from N799 to N1,175 per liter, citing the escalating cost of crude oil.
The situation underscores the immediate and severe transmission of geopolitical shocks from the Middle East into global energy markets. As the conflict persists, the volatility in crude supply continues to exert upward pressure on prices, with economies reliant on fuel imports, like Nigeria and Vietnam, bearing the brunt of the initial economic fallout.
