Nigeria's Petrol Consumption Drops 15.7% Amid Price Surge

Nigeria's total petrol consumption decreased from 5.07 billion litres in Q1 2026 to 4.27 billion litres in Q2 2026, marking a 15.7% decline, as reported by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The decline in consumption was attributed to rising pump prices influenced by the US-Iran conflict, which caused significant disruptions in global oil supply routes, particularly the Strait of Hormuz.

Daily consumption averaged 60.2 million litres in January but fell to 47.3 million litres by March and further declined in Q2, with averages of 51.1 million litres in April and 46.3 million litres in May. Retail prices surged from N800 to N1,400 per litre.

Despite the drop in domestic demand, petrol imports rose dramatically from 266.9 million litres in Q1 to 836.9 million litres in Q2, a 213% increase. This spike in imports was driven by the need to maintain stock levels amid global market instability and competition with the Dangote Refinery.