Nigeria's Diesel Prices Surge 82.7% in UNCTAD Report

According to a report by the United Nations Conference on Trade and Development (UNCTAD), Nigeria recorded the highest diesel price increase globally at 82.7% between February 23 and August 31, 2026. This surge places significant pressure on households and businesses, as higher diesel costs lead to increased spending on generators, haulage, and distribution.

Consequently, consumers may face rising prices for goods and services. Nigeria also ranked fourth in petrol price increases, with a 48.1% rise during the same period.

The report attributes the energy shock to damaged infrastructure and disrupted shipments through the Strait of Hormuz, with Brent crude prices climbing from about $70 to over $110 per barrel. UNCTAD anticipates that prices will remain above $30 higher than pre-conflict levels through the end of 2026.

While Nigeria's position as an oil exporter could yield increased export earnings, higher crude receipts do not guarantee lower domestic fuel prices due to ongoing imports of refined products.