March 12, 2026 | 02:19 pm
TEMPO.CO, Jakarta - Since the U.S.-Israel air strike on Iran in late February, fuel prices have surged across the globe. At least 85 countries have reported significant increases at the pump, with some recording the highest petrol price hikes within weeks of the escalating conflict.
Based on data from AAA Fuel Prices, a gallon of regular gasoline in the United States now averages about $3.58, rising from $2.94 last month. Despite the increase, the U.S. only ranks fifth among countries with the fastest-rising fuel prices.
Vietnam has recorded the sharpest surge, with petrol prices rising by nearly 50 percent. According to Al Jazeera, the Southeast Asian nation saw prices rise from $0.75 per liter on February 23 to around $1.13 by March 9. Neighboring Laos and Cambodia also experienced steep increases of 32.94 percent and 19.03 percent, respectively.
This data is hardly surprising. Asia relies heavily on the Strait of Hormuz for shipments of oil and gas from the Middle East, and the strategic waterway has effectively been closed since the conflict began. According to ABC News, several countries across the continent are also seeing secondary effects such as panic-buying and fuel rationing.
Al Jazeera added that the situation in East Asia is no less tense, especially since Japan and South Korea import about 95 percent and 75 percent of their oil from the Gulf. In response to the supply disruptions, both governments have already introduced emergency measures to stabilize energy markets.
Earlier this week, Japan directed its oil reserve facilities to prepare for a potential release of strategic reserves. South Korea, meanwhile, implemented a maximum price cap on petrol and diesel for the first time in 30 years.
Still, the two countries remain better positioned than parts of South Asia. Nations such as Bangladesh and Pakistan have thinner financial buffers and smaller strategic reserves, leaving them more exposed to energy shocks.
In an effort to conserve fuel, Bangladesh has instructed all public and private universities to close temporarily. In Pakistan, government offices have been cut back to a four-day workweek, while schools have closed, and a 50 percent work-from-home policy has been put in place.
Rising petrol costs often push up food prices as well, since energy is involved in nearly every step of food production, from fertilizers used in farming to the trucks that transport goods to supermarkets. Economists point to the oil crises of 1973, 1978, and 2008 as examples of how major spikes in oil prices have historically been followed by global recessions.
Below are the countries experiencing the highest petrol price increases so far. Many governments announce fuel price adjustments only at the end of each month, meaning additional increases could be reported in April.
1. Vietnam
Price (Feb 23): $0.75
Price (March 9): $1.13
Price Increase: 49.73%
2. Laos
Price (Feb 23): $1.34
Price (March 9): $1.78
Price Increase: 32.94%
3. Cambodia
Price (Feb 23): $1.11
Price (March 9): $1.32
Price Increase: 19.03%
4. Australia
Price (Feb 23): $1.11
Price (March 9): $1.31
Price Increase: 18.23%
5. United States
Price (Feb 23): $0.87
Price (March 9): $1.01
Price Increase: 16.55%
6. Germany
Price (Feb 23): $2.08
Price (March 9): $2.36
Price Increase: 13.3%
7. Seychelles
Price (Feb 23): $1.34
Price (March 9): $1.52
Price Increase: 13.04%
8. Guatemala
Price (Feb 23): $1.04
Price (March 9): $1.17
Price Increase: 12.9%
9. Lebanon
Price (Feb 23): $0.91
Price (March 9): $1.02
Price Increase: 12.25%
10. Nigeria
Price (Feb 23): $0.59
Price (March 9): $0.66
Price Increase: 11.78%
Read: Middle East War Triggers US to Release 172 Million Barrels of Oil Reserves
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