The ongoing conflict in the Middle East has sent shockwaves through the global energy market, with Nigeria and Vietnam emerging as the hardest-hit nations as pump prices skyrocket by up to 50% in less than three weeks.
New data from the UK-based firm Investinsight confirms that Nigeria and Vietnam have recorded the most dramatic fuel price increases globally since the escalation of the US-Israel-Iran conflict on February 28, 2026. While Vietnam led with a 50% increase, Nigeria followed closely with a 40% to 48% hike, depending on the region. In the Federal Capital Territory (Abuja) and surrounding areas, prices have jumped from a pre-war average of ₦875–₦900 to as high as ₦1,330 per liter. This volatility dwarfs the 10% to 17% increases seen in major economies like the United States, Germany, and China, largely because these nations maintain larger strategic reserves or government price caps that buffer the immediate shock of the conflict.
The primary driver of this domestic surge is the collapse of energy supply routes in the Strait of Hormuz, where nearly 20% of the world’s oil typically passes. As of March 19, 2026, global crude benchmarks like Brent have breached the $100 per barrel mark, creating a “war premium” that has forced local refiners to adjust. The Dangote Petroleum Refinery recently raised its gantry price to ₦1,175 per liter, up from ₦799, citing the rising cost of crude as Middle Eastern production dropped by an estimated 10 million barrels per day. The refinery’s management noted that while they aim to stabilize the market, they are “price takers” in a global environment where insurance premiums for tankers have quintupled.
In contrast, countries like India, Brazil, and Russia have seen negligible changes or even slight decreases in pump prices, ranging from -3.1% to 0.4%. Analysts attribute this to their relative independence from Middle Eastern imports or, in Russia’s case, its status as a major producer benefiting from the price surge. For Nigerians, the impact is being felt far beyond the filling station; transportation costs have doubled in many cities, and the House of Representatives Committee on Petroleum Resources warned on Thursday that unless crude supply to domestic refineries is prioritized, the country could face a return to the “dark days” of chronic fuel scarcity and multi-day queues.
Global Fuel Hike Comparison (Feb 28 – March 19, 2026)
| Country | % Price Hike | Notes |
| Vietnam | 50% | Highest global increase; heavy dependence on spot markets. |
| Nigeria | 44% – 48% | Driven by Dangote gantry hikes and $100+ crude. |
| USA | 16.5% | Partially offset by domestic production. |
| China | 11% | Strictly controlled by government price caps. |
| India | 0.5% | Strategic reserves and diversified sourcing keeping prices flat. |
READ THE FULL STORY IN DAILY POST
NEWS NOW:
- Borno: 104 soldiers missing after Boko Haram attack — Army calls them deserters, freezes their accounts
- First major NYSC shake-up since 1973: Passing out parade gone, six weeks orientation approved
- 16-year-old becomes Nigeria’s youngest chartered accountant
- Ford rehires over 300 engineers after AI falls flat on quality checks
