Daily Brief: Canada Gasoline Surges 41%, Ethiopia, Nepal Soar

Canada posted the steepest gasoline price increase among 76 tracked countries, rising 41.3% to $1.108 per liter over the past week, according to Nexignis data. The surge reflects the broader global energy crisis, with reports from CBC noting oil prices hitting new wartime highs before easing, and the New York Times reporting that Canada suspended its gas tax to mitigate rising fuel costs.

Ethiopia and Nepal also saw dramatic price hikes, with diesel in Ethiopia climbing 34.0% to $0.991 per liter and gasoline in Nepal rising 33.5% to $1.195 per liter. Per Business Insider Africa, Ethiopia deployed fuel subsidies as the Middle East conflict rippled through African economies, while Reuters reported Nepal sharply raised [news reports indicate] disruption from the Iran war.

Looking ahead, the Iran conflict and Hormuz shock continue to fuel cost-of-living crises across South Asia, as reported by Middle East Eye, with Nepal announcing two-day weekends due to deepening fuel shortages per Al Jazeera. Market attention remains on how sustained these price spikes will be amid ongoing geopolitical tensions.