Petrol prices have risen in at least 145 countries since the United States and Israel launched their war on Iran six months ago, according to data from GlobalPetrolPrices. The increases are adding to consumers’ costs worldwide.
Myanmar recorded the largest increase, with the price of 95-octane petrol rising 56 percent from $0.77 per litre on February 23 to $1.20 on August 17. Bhutan, Cuba, the United Arab Emirates and Nigeria followed with increases of 55 percent, 51 percent, 50 percent and 48 percent, respectively.
How widely have prices increased?
GlobalPetrolPrices tracks petrol prices in 170 countries and territories. Its figures show that prices rose in 145 of them over the six-month period covered by the data.
In 25 other countries, many of them oil producers with heavily subsidised fuel, petrol prices either remained unchanged or fell by single digits.
Related coverage: Trump Criticises Oil Giants as US Drivers Face Higher Petrol Costs.
What does the increase mean for drivers?
In the United States, the national average price for a gallon of regular petrol increased from $2.94 before the war to $4.09, a 39 percent rise, according to AAA Fuel Prices.
The same $50 fuel budget that could take a family sedan about 718km before the war now covers roughly 536km. That is about 183km less, or a 25 percent reduction in driving distance. The effect varies by location, vehicle and fuel grade.
Why can higher oil prices affect food and household goods?
Energy costs feed through the food supply chain, affecting fertiliser production, farm operations, shipping and the trucks that move food from farms and factories to stores. In lower-income countries, where people spend a larger share of their income on food and often import grain and fertiliser, higher oil prices could quickly increase pressure on food supplies.
More context: US strikes on Iran trigger rise in oil prices and fall in global stocks amid Hormuz tensions.
Oil and gas are also used as raw materials for plastics, synthetic fabrics, cosmetics, detergents, dishwashing liquids and paints. Natural gas-based fertilisers are important to crop production and help meet food demand.
Also read: Iran signals possible fuel price hike amid economic pressure.
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