Petrol Car Sales Drop 10% Globally Amid Fuel Price Surge

In the first half of 2026, global sales of petrol-only vehicles decreased by 10% year-on-year, totaling 20.25 million units, as reported by automotive analytics provider Mobility Global. This decline is linked to soaring fuel costs, which have shifted consumer preferences towards electric vehicles and hybrids.

The share of petrol-powered vehicles in global new vehicle sales dropped to 49%, marking a three percentage point decrease. The ongoing crisis in the Strait of Hormuz has intensified concerns about fuel price volatility, influencing purchasing decisions.

In Europe, battery electric vehicle registrations surged by 52.2% year-on-year in August, while petrol car registrations fell by 23.5%. The International Energy Agency reported a 35% rebound in global electric car sales in the second quarter of 2026, with record sales in 50 countries, including Australia, Brazil, India, South Korea, and Vietnam.

However, no specific price changes for vehicles in Nigeria were reported.