CBN Predicts Higher Fuel Prices in Nigeria for 2026, Surpassing NNPC's Rates

The Central Bank of Nigeria (CBN) forecasts fuel prices in Nigeria to rise in 2026, exceeding NNPC's new rates. This projection is influenced by global crude oil prices and the assumption that crude oil prices will reach $60 per barrel by the end of 2025.

Despite recent relief in petrol prices due to Dangote Refinery's price cuts, CBN anticipates prices to remain elevated. The bank emphasizes the need for local refining to reduce dependency on imports and stabilize domestic petrol prices.

CBN also projects a stable foreign exchange market and increased foreign investments to help alleviate price pressures.