Here is the List of Countries with the Highest Increase in Fuel Prices that Make People Scream

YOGYAKARTA - The surge in oil prices due to the Iran war is a real threat to world economic stability. So, which countries have the highest increase in fuel prices?

Unpredictable geopolitical situations are often the main trigger behind these shocking numbers. For this reason, you need to understand how these trends affect people's purchasing power broadly and significantly.

The Causes of the Increase in Fuel Prices

The current increase in fuel prices is inseparable from the heating of the armed conflict between the United States, Israel, and Iran. This war provides a very strong negative sentiment towards the crude oil market worldwide.

The blockade in the Strait of Hormuz is the most crucial factor that has triggered global investors' concerns suddenly. You need to know, that the route is a vital energy distribution point for many countries.

Read also: Know the Strait of Hormuz: The World Energy Backbone in the Shadow of the Iran War

This uncertainty has disrupted the world's oil supply and triggered a surge in costs at the retail level. As a result, many countries are now forced to adjust their domestic prices to follow the very wild fluctuations in the international market.

The Reality of the Global Energy Crisis

The current condition of the world crude oil market is at a very worrying point. The war involving the United States, Israel, and Iran has triggered a major shock to energy distribution.

As reported by Aljazeera, gasoline prices in the United States have jumped by 20 percent since the conflict began. In some areas such as California, prices have even broken through the 5 dollar per gallon mark for the first time.

List of Countries with the Highest Fuel Price Increase

Based on data from Global Petrol Prices shows that at least 85 countries have experienced a very drastic price increase. The top position is occupied by Cambodia with a spike of almost 68 percent in just a few weeks.

Vietnam followed in second place with a 50 percent increase, followed by Nigeria with 35 percent. Laos and Canada also recorded significant increases of 33 percent and 28 percent, respectively.

Asia Bears the Heaviest Burden

Meanwhile, countries in Asia are the most affected parties due to their high dependence on the Strait of Hormuz. This route is the main artery for the shipment of oil and gas from the Gulf region.

Japan and South Korea are now starting to impose an energy emergency status to stabilize their domestic markets. This step is taken to prevent stock shortages that could paralyze people's economic activities completely.

Impact on the Logistics and Food Sector

You must realize that the world oil price and food prices always move in tandem in the global market. The swelling transportation costs will immediately trigger an increase in the price of basic commodities in traditional markets.

Fertilizer and logistics distribution costs are the most sensitive components to changes in fuel prices. If this condition continues, the risk of stagflation and global recession will become a bitter reality.

Tips to Deal with Energy Inflation

In facing this difficult situation, you are advised to start doing efficiency in the use of private vehicles. One of them by reducing non-urgent trips can help keep financial conditions stable in the midst of a crisis.

The use of public transportation or switching to more fuel-efficient vehicles can be a short-term solution. Watch every expense so that your family's financial plan is not disrupted by a spike in energy costs.

Monitoring global economic movements is very important so that you remain alert to price changes.

Information regarding the list of countries with the highest increase in BBM prices will help you anticipate potential inflation in the country. Make sure you always update the latest insights on economic and automotive news through the VOI main page.

Tag: bbm harga minyak dunia minyak dunia