Diesel Prices Near N2,000 Amid Middle East Tensions

The Major Marketers Association of Nigeria (MEMAN) reported on September 10, 2026, that the estimated landing cost of Automotive Gas Oil (AGO), or diesel, has risen to N1,917.82 per litre, approaching N2,000 amid escalating Middle East tensions. This figure is N67.82 above the N1,850 per litre price set by the Dangote Refinery, indicating a growing disparity between domestic refinery pricing and import costs.

Despite the increase in import-parity costs, some suppliers, including Chipet, Pinnacle, and Wosbab, were selling diesel below MEMAN's estimated landing cost as of September 14. The report also noted that the naira-dollar exchange rate was between N1,334.66 and N1,334.67 per dollar, with a 30-day average AGO import parity at N1,729.57 per litre.

The rising costs are attributed to the intensifying US-Iran conflict, which raises concerns over oil production and shipping routes. If international prices remain high, the domestic market may face renewed pressure, impacting businesses reliant on diesel.