Kathmandu— Since February 28th, when the United States and Israel launched military action against Iran, petrol prices have risen across a majority of the world's nations, impacting consumers globally. Data from GlobalPetrolPrices, which monitors fuel costs in 170 countries, reveals that at least 145 have experienced increases, placing additional financial strain on households worldwide. The conflict has disrupted global energy markets and driven up the cost of crude oil, a key component in petrol production.

Significant Price Increases Reported Worldwide

Myanmar saw the most substantial increase in petrol prices, jumping 56 percent from $0.77 per litre on February 23rd to $1.20 on August 17th. Bhutan followed closely with a 55 percent rise, while Cuba experienced a 51 percent increase. The United Arab Emirates and Nigeria recorded increases of 50 and 48 percent respectively. While most countries have seen prices climb, approximately 25 – largely oil-producing nations with subsidized fuel – have maintained stable or slightly decreased prices.

Impact on US Drivers

In the United States, the national average price for a gallon of regular petrol has risen from $2.94 before the conflict to $4.09 currently, representing a 39 percent increase according to AAA Fuel Prices. This translates directly into reduced driving range for consumers; where $50 worth of fuel previously allowed a family sedan to travel roughly 718 kilometers (446 miles), it now only covers approximately 536 kilometers (333 miles) – a decrease of 25 percent.

Ripple Effects on Food and Essential Goods

The increase in oil prices is not limited to fuel; it’s also driving up the cost of food production and transportation. Economist David McWilliams explained to Al Jazeera that “the lifeblood of the global economy is transport,” emphasizing its crucial role in supply chains and logistics. Rising energy costs affect everything from fertilizer production to shipping, potentially leading to food shortages, particularly in lower-income countries heavily reliant on imported grain and fertilizers.

Oil's Pervasive Role in Everyday Products

Beyond fuel, oil and gas serve as fundamental raw materials for a vast array of everyday products. Plastics used in packaging, medical supplies, and consumer goods are all derived from crude oil. Synthetic fabrics like polyester and nylon, common in clothing and household items, also depend on petroleum-based ingredients. Even cosmetics and cleaning products rely heavily on oil byproducts. Furthermore, the global food supply is significantly dependent on natural gas for fertilizer production.

The ongoing conflict continues to exert pressure on global energy markets, with potential for further price volatility and economic consequences depending on its duration and escalation.

(With inputs from Al Jazeera)

Originally published on abcnews.com.np.