Nigeria Missing From Countries With Highest Fuel Prices as Israeli-Iranian Conflict Threathens Price

• As of June 2025, fuel prices are highest in countries such as Hong Kong, Iceland, and Denmark, driven by factors like environmental policies, high taxes, and reliance on imported fuel
• Nations like Singapore, Norway, and Switzerland maintain high prices due to a combination of lack of domestic oil reserves, strategic reserve management, and green energy initiatives
• Countries such as Albania and Israel also experience high fuel costs due to import dependency, political instability, and additional taxes and levies.

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

As of June 2025, fuel prices have seen significant variations across the globe due to geopolitical tensions, subsidy reforms, supply chain disruptions, and local tax policies.

The top ten nations where customers pay the highest prices per liter of fuel are listed below, per GlobalPetrolPrices:

Hong Kong – $3.45/N5,342.354

Hong Kong continues to hold the record for having the highest fuel costs in the world. These high rates are caused in part by strict environmental fees and a shortage of land for fuel infrastructure.

Iceland – $3.452/N3,768.978

Even though Iceland has a lot of renewable energy, its high tariffs and reliance on imported petroleum for automobiles keep fuel prices among the highest.

Denmark – $2.435/N3,450.580

As part of its green energy policy and push for the use of electric vehicles, Denmark maintains high fuel prices through high taxes.

Netherlands – $2.229/N3,336.762

The Netherlands, which is well-known for its progressive environmental policies, encourages its residents to switch to cleaner modes of transportation by imposing high taxes on the use of fossil fuels.

Israel – $2.156/3,275.755

Fuel prices in Israel have increased due to political unpredictability and the repercussions of regional instability, which have been exacerbated by taxes and logistics expenses.

Singapore – $2.117/3,257.575

Due to its lack of oil reserves, Singapore is totally dependent on fuel imports. Strategic reserve management and hefty tariffs also maintain high pricing.

Liechtenstein – $2.105/N3,235.548

The high cost of fuel imports and transportation in this small landlocked country drives up retail prices.

Switzerland – $2.091/N3,194.163

Switzerland strikes a compromise between energy security and environmental preservation, which leads to comparatively high gasoline prices because of carbon fees.

Norway – $2.064/N3,129.843

Even though it produces a lot of oil, Norway imposes high fuel taxes to fund its green projects and social system, which encourages the usage of EVs.

Albania – $2.022/N3,117.939

Albania is one of the most expensive countries in the Balkans for drivers because of its high fuel prices, which are caused by a mixture of import dependency, VAT, and excise levies.

Experts predict new fuel prices, inflation rate

Legit.ng reported that the ongoing Israeli-Iranian confrontation might cause a spike in the price of gas, diesel, jet fuel, petroleum, and other associated goods in Nigeria if it is not promptly resolved, according to a warning from the Centre for the Promotion of Private Enterprise (CPPE).

According to a statement released by the Centre's CEO, Dr. Muda Yusuf, the breakthrough will also have significant effects on the struggling world economy.

It contended that the war might affect the cost of production, logistics, transportation, and power generation because energy costs continue to be a significant component of Nigeria's inflation equation.

Source: Legit.ng