Global Fuel Prices Surge Amid Hormuz Strait Crisis

Since the initiation of a joint military strike by the United States and Israel in Iran, petrol prices have risen in 95 countries, sending shockwaves through motorists worldwide. Drivers are increasingly feeling the financial impact of the conflict, which has disrupted one of the world’s most crucial oil transit routes, the Hormuz Strait.

According to the American Automobile Association (AAA), the average price of a gallon of regular petrol in the United States has risen from $2.94 earlier this month to $3.58, marking an increase of nearly 20%. Petrol pricing in the U.S. varies by state, and several states have already recorded prices exceeding $4 per gallon. California, in particular, has witnessed the highest petrol costs in two years, with prices reaching $5 per gallon.

Global monitoring of retail fuel prices by the platform Global Petrol Price, which tracks roughly 150 countries, indicates that at least 85 nations have experienced price hikes since the attack on 28 February. Many countries adjust fuel prices at the end of the month, suggesting that further increases may be reported in April.

The countries most affected by petrol price surges are concentrated in Asia and Africa. Cambodia leads with a nearly 68% increase in the price of 95-octane petrol, rising from $1.11 per litre on 23 February to $1.32 per litre today. Other significant increases include Vietnam (50%), Nigeria (35%), and Laos (33%).

Al Jazeera’s analysis of 95 countries most affected by the crisis highlights the ten nations at greatest risk. Besides Cambodia, Vietnam, Nigeria, and Laos, these include Canada, Pakistan, the Maldives, Australia, the United States, and Singapore. Bangladesh is not listed among the top 95 countries experiencing immediate price surges.

However, the report notes that South Asian countries such as Bangladesh and Pakistan are particularly vulnerable due to limited financial reserves and strategic fuel stocks, making the economic impact of global fuel shocks more severe than in East Asia.

In response, Bangladesh has ordered the closure of all public and private universities to conserve fuel. Pakistan, meanwhile, has implemented measures in Islamabad that include operating government offices four days a week and allowing 50% of employees to work from home.

Top 10 Countries Facing Highest Petrol Price Increases

The global rise in fuel prices underscores the vulnerability of nations heavily dependent on imported energy and highlights the far-reaching consequences of geopolitical tensions in strategic maritime regions.