Oil Shock: Developing Countries Bear the Brunt at the Pump

The surge in oil prices triggered by the war in the Middle East and the closure of the Strait of Hormuz in February does not hit all economies equally. At the pump, consumers in developing countries are particularly affected, with price increases far exceeding those observed in advanced economies, according to a new report from UN Trade and Development (UNCTAD).

In Nigeria, the price of diesel has jumped by about 83% between the end of February and the end of August, compared to just 9% in Ireland. In Mya