New Petrol Prices Force Nigerians To Change Consumption Pattern
- A new MEMAN report showed petrol prices climbed from N1,035 per litre in January to a peak of N1,596 in May 2026
- Daily petrol demand dropped sharply from about 60 million litres in January to as low as 46 million litres in May as pump prices rose
- Diesel and cooking gas users also cut consumption significantly as prices hit record highs across the first half of 2026
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Rising fuel prices pushed Nigerian households and businesses to sharply reduce how much petrol, diesel and cooking gas they consumed during the first six months of 2026, according to a new industry report.
The H1 2026 Downstream Industry Analysis Report, published by the Major Energy Marketers Association of Nigeria (MEMAN), tracked price and demand movements for Premium Motor Spirit (PMS), Automotive Gas Oil (AGO) and Liquefied Petroleum Gas (LPG) between January and June.
Source: Getty Images
Petrol Demand Falls as Prices Climb
Petrol prices moved from N1,035 per litre in January to N1,051 in February, then surged to N1,289 in March. The climb continued, reaching N1,533 in April and peaking at N1,596 in May before moderating to N1,300 in June.
Consumer behaviour followed the price curve closely.
Average daily petrol demand stood at roughly 60 to 61 million litres in January, fell to about 58 million litres in February, and dropped sharply to around 48 million litres in March.
Demand recovered slightly to about 51 million litres in April before falling again to between 46 and 47 million litres in May. When prices eased in June, consumption edged back up to around 48 million litres.
MEMAN described the pattern as evidence of "growing price sensitivity among consumers."
Diesel and Cooking Gas Users Also Cut Back
Diesel prices told a similar story. The cost of AGO rose from N1,362 per litre in January to N1,420 in February and N1,648 in March, before jumping to N2,475 in April and reaching N3,277 in May. Daily diesel consumption fell from about 20 million litres in February to between 15.5 and 16 million litres in March, stabilising at around 16 million litres through May and June.
Cooking gas was equally affected.
Average LPG prices moved from N1,086 per kilogramme in January to N1,800 in May before easing to N1,661 in June. Daily consumption declined from nearly five kilotonnes in January to about 4.2 kilotonnes by June.
MEMAN attributed the price increases to elevated global crude oil costs driven by geopolitical tensions in the Middle East and disruptions to shipping through the Strait of Hormuz.
The association noted that although crude prices softened in June, they remained above January levels, keeping domestic fuel prices under pressure.
Source: Getty Images
MEMAN Calls for Stronger Energy Policy
Beyond documenting the trends, MEMAN used the report to call on policymakers to keep the downstream sector competitive by allowing fuel imports to complement local refining output, Punch reports.
The association warned against long-term dependence on any single refinery and called for the creation of a National Strategic Stock to help cushion the market against future supply disruptions.
The report said the first half of 2026 clearly showed how quickly Nigerian consumers adjust their energy use when pump prices move, with the effects felt across petrol, diesel and cooking gas alike.
Marketers release new prices for cooking gas
Earlier, Legit.ng reported that Liquefied Petroleum Gas (LPG) dealers have released fresh depot prices, with wholesale rates ranging between N1,005 and N1,050 per kilogramme.
The price movement, which was quoted on Monday, August 3, extends the decline in loading costs for cooking gas across Nigeria.
According to depot price data from Petroleumprice.ng, Navgas quoted the lowest wholesale price at N1,005 per kilogramme.
Source: Legit.ng
