Fuel prices directly depend on global crude oil prices, as crude oil is the primary raw material for gasoline production, constituting the largest portion of fuel prices.

CURRENT STATE

Geopolitical tensions in the Middle East and disruptions at the Strait of Hormuz have caused crude oil prices to surge, with Brent crude reaching around $79 per barrel and WTI crude above $72 per barrel as of March 1-2, 2026. This has led to forecasted petrol price rises of $0.25 per litre in some countries.

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