Fuel prices rise in at least 145 countries since Iran war began

Since the US and Israel launched military action against Iran six months ago, gasoline and diesel prices have risen in at least 145 countries and territories, adding to the financial burden on consumers worldwide.

The figures are based on data from GlobalPetrolPrices, an organization that tracks fuel prices in 170 countries and territories. The largest increase was recorded in Myanmar, where the price of 95-octane gasoline rose 56%, from $0.77 per liter on February 23 to $1.20 on August 17. It was followed by Bhutan with a 55% increase, Cuba 51%, the UAE 50%, and Nigeria 48%.

In 25 other countries, mostly oil-producing nations with substantial fuel subsidies, gasoline and diesel prices remained unchanged or fell only slightly in single digits.

Higher fuel costs and driving range

Before the war, the average gasoline price in the US was $2.94 per gallon (3.78 liters). It has now risen to $4.09 per gallon, a 39% increase, according to data from AAA Fuel Prices, part of the American Automobile Association (AAA).

The additional cost directly affects how far people can drive. Before the war, $50 worth of gasoline could take a family sedan about 718 kilometers (446 miles). Today, the same amount only covers about 536 kilometers (333 miles) — a drop of 183 kilometers, or 25% less distance.

The difference varies depending on where one lives.

Oil price surge pushes food costs higher

Oil and food prices are closely linked. Energy costs affect every stage of the food supply chain, from fertilizers to the trucks transporting agricultural products.

Rising oil prices also directly impact transportation and logistics costs. According to economist David McWilliams, transport is the lifeblood of the global economy, and oil is the energy source for the entire system.

In low-income countries, where people spend a large share of their income on food and import much of their grain and fertilizer, higher oil prices can quickly lead to food shortages.

Products made from crude oil and natural gas

Crude oil and natural gas are not only used as fuel but also serve as raw materials for thousands of everyday consumer products. Plastics, including water bottles, food packaging, phone cases, and medical syringes, all derive from crude oil.

Crude oil is also a hidden ingredient in synthetic fabrics such as polyester, nylon, and acrylic, used to make everything from sportswear to carpets. The cosmetics industry also depends on petroleum, with products like petroleum jelly (Vaseline), lipstick, and concealer.

Household items such as laundry detergent, dish soap, and paint are also produced from petroleum products. The global food supply is essentially built on natural gas, which is used to produce fertilizers that boost crop yields.