US-Iran War Impact On Petrol: Prices Rise In 85 Countries, India Keeps Fuel Prices Steady

The ongoing tensions involving the United States, Israel and Iran have disrupted global oil supplies and pushed energy costs higher around the world. According to data analyzed from Global Petrol Prices, a platform that tracks retail fuel prices in around 150 countries, at least 85 nations have reported increases in petrol prices following the initial attacks on Iran by the United States and Israel on February 28, as per Al Jazeera.

Despite the global surge in fuel prices, India has so far managed to keep retail petrol and diesel prices unchanged. However, neighboring countries such as Pakistan have already implemented sharp price hikes, while Bangladesh is dealing with supply disruptions.

A report by The Times of India noted that Brent crude briefly climbed to nearly $120 per barrel earlier this week amid heightened geopolitical tensions before retreating to below $90. Even with global fluctuations, petrol prices in India remain relatively stable. On March 10, petrol costs about Rs 94.77 per litre in Delhi, while prices exceed Rs 105 per litre in some major metropolitan areas. In Mumbai, petrol sells for Rs 103.50 per litre, compared with Rs 105.45 in Kolkata and Rs 101.23 in Chennai. Diesel remains cheaper, priced at Rs 87.67 per litre in Delhi and around Rs 92.39 in Chennai.

Elsewhere, several countries have experienced sharp increases in petrol prices. Vietnam recorded the highest jump of nearly 50 per cent, with the price of 95-octane petrol rising from about $0.75 per litre on February 23 to $1.13 per litre by March 9. Laos followed with a 33 per cent increase, while Cambodia saw prices rise by 19 per cent. Petrol costs also climbed by around 18 per cent in Australia and 17 per cent in the United States.

According to a report by Al Jazeera, other notable increases were recorded in Seychelles, where petrol prices rose 13.04 per cent to $1.52 per litre, and Lebanon, where prices increased by 12.25 per cent to $1.02 per litre. In Canada, petrol climbed 11.64 per cent to $1.30 per litre, while Austria saw an 11.59 per cent rise to $1.98 per litre. China recorded a 10.45 per cent increase to $1.19 per litre, and Nigeria reported an 11.78 per cent rise to $0.66 per litre.

By contrast, several countries have seen only marginal increases in petrol prices. These include Ghana and Barbados (0.48 per cent each), Georgia (0.44 per cent), Kyrgyzstan (0.33 per cent), Morocco (0.30 per cent), Nicaragua (0.23 per cent), Rwanda and Romania (0.22 per cent each), South Korea (0.16 per cent), Tunisia (0.12 per cent), and Peru (0.08 per cent).