Petrol prices surge in 145 nations as Iran conflict reshapes global energy markets
Six months after the US and Israel launched a war on Iran, fuel costs have climbed in the majority of tracked countries, with Myanmar recording the steepest rise and the US seeing a significant reduction in consumer purchasing power.
Petrol prices have increased in at least 145 countries six months after the United States and Israel launched a war on Iran. The data, provided by GlobalPetrolPrices, which tracks fuel prices across 170 countries and territories, indicates a broad-based rise in energy costs that is now weighing on consumers worldwide.
Myanmar recorded the largest price increase, with the cost of 95-octane fuel rising by 56 per cent from $0.77 per litre on 23 February to $1.20 on 17 August. Bhutan followed with a 55 per cent increase, while Cuba, the United Arab Emirates, and Nigeria recorded rises of 51, 50, and 48 per cent respectively. In contrast, prices in 25 other countries, predominantly oil producers with heavily subsidised fuel, remained unchanged or fell by single digits.
In the United States, the national average price for a gallon of regular petrol has risen by 39 per cent, according to AAA Fuel Prices. The cost increased from $2.94 before the conflict to $4.09. This shift has directly reduced consumer purchasing power, with $50 worth of fuel now covering approximately 536 kilometres, a 25 per cent reduction in driving distance compared to the pre-war average of 718 kilometres.
Economist David McWilliams noted that the rise in energy costs is impacting global logistics and supply chains. He described transport as the lifeblood of the global economy, stating that the current situation represents a significant logistics and supply chain problem.
The impact extends beyond transport to the broader industrial sector, as oil and gas serve as raw materials for plastics, synthetic fabrics, cosmetics, and household items. Products ranging from medical syringes and polyester sportswear to laundry detergents and paints are derived from petroleum products, meaning rising energy costs are embedded in the price of everyday goods.
For the global food supply, the implications are particularly acute. Natural gas is essential for fertiliser production, which underpins crop yields. In lower-income countries that rely heavily on imported grain and fertiliser, rising oil prices could rapidly translate into food shortages, adding to the economic burden on populations that already spend a significant share of their earnings on food.
