The surge in fuel prices since the start of the conflict, resulting from the economic impacts of the war between the United States and Israel against Iran, is driving motorists worldwide to already feel the economic consequences in their wallets, as fuel prices have increased significantly since the conflict began. Specifically, in the United States, the average price of regular gasoline, which stood at $2.94 per gallon in February, has risen to $3.58, marking an increase of approximately 20%, according to data from AAA Fuel Prices, the retail fuel price monitoring system of the American Automobile Association. Although each US state sets gasoline prices separately, several states have already exceeded $4 per gallon, while in California the price has surpassed $5, the highest level in the past two years.
Which countries saw the biggest fuel price increases
According to data from the Global Petrol Prices platform, which monitors retail energy prices in approximately 150 countries and processed by Al Jazeera, at least 85 countries have recorded increases in gasoline prices (95 octane) following the initial attacks by the US and Israel against Iran on February 28. Some countries announce price changes only at the end of each month, meaning new increases are expected for many markets during April.
Vietnam recorded the largest increase, almost 50%, with 95-octane gasoline prices rising 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%.
How Greece is affected
In Greece, the difference (February 23 – March 11) in gasoline prices is around 5.08%, from $2.05 to $2.15 per liter. It should be noted that the Greek government announced measures on Wednesday afternoon, setting a cap on profit margins for fuel and imposing hefty fines for price gouging incidents.
Risk in Asia
Asian countries heavily depend on energy shipments passing through the Strait of Hormuz, which serves as a crucial maritime passage for oil and natural gas from the region. Since the war began, transit through the strait has been significantly restricted. The Strait connects the Persian Gulf – also known as the Arabian Gulf – with the Gulf of Oman and represents the only outlet for regional oil producers to the open ocean.
To address the crisis, several East Asian countries have taken 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 30 years. In South Asia, the war’s impact is even more severe, as countries like Pakistan and Bangladesh have limited financial reserves and smaller strategic energy stockpiles.
In Bangladesh, the government ordered the immediate closure of all public and private universities for energy conservation reasons. In Pakistan, government offices will now operate four days a week, while schools have closed and a 50% remote work policy has been implemented to reduce fuel consumption. In Europe, G7 finance ministers held an emergency meeting to discuss rising energy prices. French President Emmanuel Macron even raised the possibility of releasing 20% to 30% of strategic oil reserves to limit pressure on consumers.
