How much more are you spending on petrol since the war on Iran began?
Summary
Since the conflict between the United States, Israel, and Iran started six months ago, petrol prices have risen in at least 145 countries, causing higher costs for consumers worldwide. Higher oil prices are also pushing up food costs, as fuel is important for growing, shipping, and storing food.Key Facts
- Petrol prices rose most in Myanmar by 56%, from $0.77 to $1.20 per litre since February 23.
- Other countries with large petrol price increases include Bhutan (55%), Cuba (51%), UAE (50%), and Nigeria (48%).
- In the US, petrol price increased 39%, from $2.94 to $4.09 per gallon.
- Due to higher petrol costs, $50 worth of fuel now lets a US family sedan drive 25% less distance than before (536 km instead of 718 km).
- Oil prices strongly affect food costs because fertilizers and transportation rely on fuel.
- Low-income countries are more vulnerable to food shortages as they spend more on food and import key farming supplies.
- Oil is used to make many daily products including plastics, clothes, cosmetics, and household items.
- Natural gas, a petroleum product, is essential for fertilizers that help produce enough food globally.
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