The global fuel market is in turmoil as gasoline prices soar dramatically across dozens of countries following escalating conflict between the United States, Israel and Iran. Drivers worldwide face severe economic consequences, with price increases reaching 50% in some cases, creating unprecedented pressure on household incomes and national economies.
Dramatic gasoline price increases in the United States
In the American market, fuel costs have rocketed to alarming levels. The average price of regular gasoline increased from $2.94 per gallon in February to $3.58, recording a rise of approximately 20% according to official AAA Fuel Prices data. Notably, many states have exceeded the $4 per gallon threshold, while California recorded prices above $5, the highest point in two years.
Which countries record the biggest fuel price increases
According to the Global Petrol Prices platform that monitors retail energy prices in approximately 150 countries, at least 85 nations have experienced significant increases in 95-octane gasoline prices following the initial US and Israeli strikes against Iran on February 28. Data analyzed by Al Jazeera reveals a concerning picture for global energy security.
Vietnam leads with an impressive increase of nearly 50%, as 95-octane gasoline prices shot up from $0.75 per liter on February 23 to $1.13 on March 9.
Following are Laos with a 33% increase, Cambodia with 19%, Australia with 18% and the United States with approximately 17%. Many countries announce price changes only at the end of each month, suggesting further increases in April.
The Greek fuel market situation
In Greece, gasoline prices showed a 5.08% increase from February 23 to March 11, with costs rising from $2.05 to $2.15 per liter. The Greek government responded immediately by announcing measures on Wednesday, setting a cap on fuel profit margins and imposing strict penalties for price gouging that exploits the crisis.
Why Asian countries are more severely affected
Asian countries bear the brunt of the fuel crisis due to their dependence on energy shipments passing through the Strait of Hormuz. This critical maritime passage serves as the only exit for regional oil producers to the open ocean, connecting the Persian Gulf with the Gulf of Oman. Since hostilities began, passage through the strait has been dramatically restricted, affecting oil and natural gas supplies.
To address the crisis, many East Asian countries have adopted emergency measures to stabilize energy markets. On March 8, Japan asked oil storage facilities to prepare for possible strategic reserve releases. The following day, South Korea imposed price caps on gasoline and diesel for the first time in three decades.
Drastic fuel conservation measures in South Asia
In South Asia, war consequences are even more severe, as countries like Pakistan and Bangladesh have limited economic and strategic energy reserves. Bangladesh ordered immediate closure of all public and private universities for energy conservation. In Pakistan, government offices now operate four days per week, while schools have closed and a 50% work-from-home policy is implemented to reduce fuel consumption.
European response to the energy price crisis
In Europe, G7 finance ministers held an emergency meeting to address rising energy prices. French President Emmanuel Macron raised the possibility of releasing 20% to 30% of the country’s strategic oil reserves to ease consumer pressure and stabilize gasoline prices in the European market.
