Daily Brief: Ecuador Gasoline Soars 78% After Subsidy Cut; Australia Up 47%

Ecuador's gasoline price surged 78.1% over the past week to $1.207 per liter, the largest increase tracked globally. This follows the government's removal of diesel subsidies, which has reportedly sparked violent unrest, as per news reports. The country is also contending with significant fuel theft and a deteriorating oil industry, having officially left OPEC in January.

Australia recorded the second-largest increase, with gasoline rising 47.1% to $2.396/L. Despite government plans to halve the fuel tax, prices continue to climb amid a global energy crisis. In Nigeria, both diesel and gasoline prices rose sharply, with diesel up 18.6% to $1.437/L and gasoline up 11.5% to $1.105/L, as its new giant refinery has failed to curb record costs.

Market attention remains on supply disruptions linked to the Iran conflict, which is impacting economies globally. Cambodia's diesel price fell 12.3% to $1.762/L as it seeks new suppliers in Singapore and Malaysia. The effectiveness of government interventions, like tax cuts and subsidy removals, against broader market pressures will be a key watchpoint.