Developing economies bear the heaviest fuel price shock, the UN trade and development agency reports

4 November 2026

UNCTAD, the UN trade and development agency, reports that this year's fuel price shock has fallen hardest on developing economies. Brent crude rose from around 70 dollars a barrel in January to over 120 dollars in March after the Strait of Hormuz closed; the strait normally carries about a fifth of the world's oil. Diesel prices in Nigeria rose about 83 per cent between late February and the end of August, against 9 per cent in Ireland. Gasoline rose about 51 per cent in Myanmar and 3 per cent in Sweden. It shows how exposed small importers are: in 2023 net fuel imports came to nearly a fifth of the GDP of Lebanon, and a quarter in the case of Cabo Verde. Earlier research cited in the report found a 25 cent rise in fuel prices per litre could cut household purchasing power by more than five per cent on average. UNCTAD also found renewables cheaper than the lowest-cost new fossil fuel option in over 90 per cent of cases.