Global wheels grinding to a halt? Diesel prices skyrocket 81% amid US-Iran conflict
Countries like India, Sri Lanka, and Bangladesh are severely impacted, with inflation looming large. The crisis is also affecting developed nations like the US, Germany and the UK
New Delhi (The Uttam Hindu): The fierce war between the US and Iran has terrified the entire world. Global tensions are reaching a peak with each passing day. This devastating war in the Middle East has now entered its fifth week, and its most horrific impact is emerging in the form of a global fuel crisis. A severe oil and gas crisis has arisen in many countries around the world, including Pakistan, Bangladesh, and Sri Lanka. The situation has become so uncontrollable that due to the disruption of the energy supply chain, diesel prices have seen a massive jump of up to 81 percent during the war alone.
Crude oil crosses $116, petrol and diesel prices break records
The US and Israel launched their first strike on Iran on February 28th, in response to which Iran also launched heavy missile attacks and this war has now taken a fierce turn. Due to this war, the closure of the Strait of Hormuz and the continuous attacks on oil tankers have set crude oil prices on fire. On Monday, there was a sudden jump in the price of crude oil and it crossed $116 per barrel. The direct impact of the rising cost of crude oil is being seen in the form of severe shortage of petrol and diesel in many countries and their skyrocketing prices, due to which the threat of inflation is looming large at the global level.
From the Philippines to Nigeria, there was chaos
Data shared on X (formerly Twitter) by Mario Noufal, CEO and Founder of IBC Group, paints a grim picture of this global crisis. Since the war began, among Asian countries, the Philippines has seen the highest increase in diesel prices, with prices rising by 81.6 percent. Other African countries like Nigeria (78.3 percent), Malaysia (57.9 percent) and Vietnam (45.9 percent). Diesel prices have risen by 44 percent in Singapore, 25.4 percent in China, and 37.2 percent in India's neighboring country, Sri Lanka, which has crippled economies already facing economic crisis.
Even America and Europe could not escape this fire
The heat of this global fuel crisis isn't limited to Asian or developing countries; even the world's most powerful and developed Western nations have come under its pressure. Due to this Middle East war, diesel prices in the United States have jumped by a massive 41.2 percent, while in neighboring Canada, the price has risen by 36.9 percent. Europe is also in dire straits, with diesel prices rising by 30.9 percent in Germany, 27.8 percent in France, 33.9 percent in war-torn Ukraine, and 18 percent in the UK. Experts believe that if this war doesn't end soon, the world could face a severe economic recession.