Nigeria's Diesel Prices Surge 82.7%, Highest Globally

According to the United Nations Conference on Trade and Development (UNCTAD), Nigeria recorded the highest diesel price increase worldwide at 82.7% between February and August 2026. This finding is part of UNCTAD’s Trade and Development Report 2026: The Geoeconomics of Development, released on October 9, 2026.

Following Nigeria, Lebanon, Peru, and Guatemala also saw significant diesel price increases. Petrol prices in Nigeria rose by 48.1% during the same period, ranking fourth globally.

The report attributes these price surges to global energy supply disruptions, particularly through the Strait of Hormuz, and notes that Brent crude prices increased from about $70 to over $110 per barrel. While Nigeria, along with Angola, Guyana, and Kazakhstan, is positioned to benefit from higher global energy prices, the report warns that insufficient domestic refining capacity could offset these benefits.

Despite improvements in refining, Nigeria remains dependent on fuel imports, although Dangote Petroleum Refinery supplied about 50 million litres of petrol daily in the first half of 2026.