Report Shows Nigeria Paying Highest Price For Middle East Conflict

Nigeria may be paying highest prices as a result of the festering Middle East conflict, especially the faceoff between the United States and Israel versus Iran and its allies.

This is the submission of a latest report with focus on global pump price of petrol.

Nigeria is a major stakeholder in global oil trade, crude oil being its major source of revenue.

A report has now stated that the country has recorded the sharpest increase in the pump price of petrol worldwide – a whopping 39.5 percent increase in pump prices between February 23 and March 16.

On the other hand, its African neighbour, South Africa and south American country, Mexico recorded the least increase of 1.0 percent and 0.5 percent increases, respectively.

According to the analysis, trailing Nigeria is Laos, which experienced a 32.9 percent rise during the period, while Australia and Vietnam recorded 31.8 percent rise each, and the USA recorded a 23.6 percent increase.

Petrol prices increased by 18.7 percent in Spain, 17.2 percent in Canada, 14.9 percent in Germany, 14.3 percent in Egypt, and 12.3 percent in France.

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In the midst of the Middle East conflict, China has recorded a 10 percent increase, while Ethiopia followed with 7.9 percent, the United Kingdom and the United Arab Emirates (UAE) showed similar momentum at 6.5 percent and 6.4 percent, respectively. Liberia recorded a 4.9 percent increase, closely followed by Hong Kong at 4.7 percent.

At the lower end of the spectrum, Croatia and Qatar both saw a 2.7 percent rise, while South Africa recorded a marginal 1.0 percent increase and Mexico experienced petrol price change at 0.5 percent.