Daily Brief: Russia Gasoline Surges 35.4%, Mexico Caps Prices

Russia posted the steepest gasoline price increase among tracked markets, rising 35.4% over the past week to $1.240 per liter, according to Nexignis data. The surge comes amid broader oil market volatility following Iran-related conflict, as reported by The New York Times, and as major oil companies face scrutiny over war-related windfalls per The Guardian analysis.

In contrast, Mexico saw gasoline prices drop 9.7% to $1.228 per liter, with the government renewing [news reports indicate], per Mexico Business News. Canada also recorded a decline of 8.5% to $1.270 per liter, as the Carney administration suspended the gas tax to combat rising costs, according to The New York Times. Nigeria's gasoline rose 9.8% to $1.017 per liter, with Reuters reporting that the Dangote refinery has not prevented record prices.

Looking ahead, Pakistan's diesel fell 8.2% to $1.998 per liter, but Al Jazeera reports soaring fuel prices threaten economic and political crises, with import costs up 167% since the Iran war began. The impact of ongoing Middle East tensions on global supply chains and consumer prices remains a key focus for the coming week.