Fuel and Energy Prices Surge in India and Nigeria

Energy costs surged across India and Nigeria in late May 2026, driven by geopolitical instability in West Asia and the closure of the Strait of Hormuz. In India, petrol and diesel prices saw multiple daily increases, culminating in a cumulative rise of nearly ₹7.50 per litre since May 15. The Government of India responded to these vulnerabilities by directing state-run retailers to expand liquefied petroleum gas storage to cover at least 30 days of domestic demand.

In the Mumbai Metropolitan Region, Mahanagar Gas Limited implemented two CNG price hikes within two weeks, raising the cost to ₹86 per kg. This prompted the Mumbai Rickshawmen’s Union to request a fare increase of approximately ₹1 per km to offset rising operational costs. Meanwhile, consumption patterns shifted as buyers moved from private retailers to state-run outlets to utilize partial subsidies.

Nigeria experienced similar volatility. The National Bureau of Statistics reported that April 2026 petrol prices rose 18.97% month-on-month, while diesel prices surged 50.16% to an average of N2,474.69 per litre. Cooking gas prices also climbed significantly; in Abuja, prices jumped 50% over three days during the Eid-ul-Adha celebration. The Nigerian Association of Liquefied Petroleum Gas Marketers attributed these spikes to supply shortages and scarcity, leading some citizens to return to using charcoal and firewood.