Iran War Sends Petrol Prices Soaring Across 145 Countries

Since the United States and Israel began their war against Iran on February 28, petrol prices have increased in at least 145 countries, putting additional pressure on consumers around the world.

Data from GlobalPetrolPrices, which tracks fuel prices in 170 countries and territories, shows that Myanmar recorded the largest increase, with petrol prices rising by 56 percent between February 23 and August 17. Bhutan followed with a 55 percent increase, Cuba with 51 percent, the UAE with 50 percent, and Nigeria with 48 percent.

In the United States, the average price of regular petrol increased from $2.94 to $4.09 per gallon, representing a 39 percent rise.

The increase means consumers are getting less mileage for the same amount of money. Before the war, $50 of petrol in the US could take a typical family sedan about 718 km (446 miles). Today, the same amount covers only around 536 km (333 miles).

Higher oil prices are also affecting food prices because fuel is essential throughout the food supply chain—from producing fertiliser and farming to transporting food to markets.

Economist David McWilliams described transportation as the “lifeblood of the global economy,” noting that rising energy costs create pressure throughout supply chains.

Oil and gas are also used to manufacture many everyday products, including plastics, synthetic clothing, cosmetics, detergents, paints and other household goods.

For lower-income countries that rely heavily on imported food, grain and fertiliser, prolonged increases in oil prices could lead to higher food costs and increased risks of shortages.

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