Global Fuel Prices Are Surging as the Middle East War Hits Consumers

The jump in oil prices due to the war in the Middle East has translated into fuel price hikes across the world, from the United States to Europe and Asia. The retail prices of gasoline and diesel have so far jumped by between 5% and 80% in various countries, with the Philippines seeing a record 80% surge, according to estimates by the UAE-based Khaleej Times. Many governments are scrambling to contain the fallout with emergency measures, including lower levies on domestic sales and bans or higher duties on exports. India, the world’s third-largest…