Nigeria Records World's Highest Diesel Price Increase
Nigeria saw diesel prices surge by 82.7% between February and August 2026, the highest global increase according to UNCTAD.
UN Trade and Development reported that Nigeria experienced the world's highest diesel price increase between February and August 2026, with pump prices rising by 82.7%. Petrol prices in the country also climbed by 48.1%, marking the fourth-highest increase globally during that period.
The organization attributed the broader global energy shock to shipment disruptions through the Strait of Hormuz and damaged infrastructure, which pushed Brent crude from approximately $70 to over $110 per barrel. While Nigeria stands to gain from higher export earnings as an oil producer, the report warned that a lack of domestic refining capacity leaves the nation vulnerable to high import costs.
Efforts to reduce import dependence have seen the Dangote Petroleum Refinery supply roughly 50 million litres of petrol daily to the local market in the first half of 2026. Meanwhile, a Federal High Court in Abuja ordered the Nigerian Midstream and Downstream Petroleum Regulatory Authority to continue issuing import licences to specific energy firms, including Matrix Energy, AA Rano, and AYM Shafa.
