Nigeria's Diesel Prices Surge 82.7% in Global Ranking
According to the United Nations Conference on Trade and Development (UNCTAD), Nigeria recorded the highest increase in diesel prices globally at 82.7% between February 23 and August 31, 2026. This information was released in the Trade and Development Report 2026 on October 9, 2026.
In addition, petrol prices in Nigeria rose by 48.1%, ranking fourth among the countries surveyed. The report indicates that Lebanon had the second-highest diesel price increase at 73.6%, followed by Peru at 66.7% and Guatemala at 66.3%.
The report attributes these price increases to shocks in global energy markets, particularly due to conflicts in the Middle East affecting energy supply. While higher crude prices could enhance Nigeria's export earnings, UNCTAD cautions that rising refined fuel prices may negate some benefits due to insufficient domestic refining capacity.
The report also discusses the potential for electric mobility in Africa to reduce reliance on fossil fuels.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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