Nigeria Records Highest Diesel Price Surge at 82.7%, UN Report Shows
- Nigeria recorded the world’s steepest diesel price increase at 82.7%, and the fourth-largest petrol rise, according to UNCTAD
- Disrupted energy shipments and higher crude prices are pushing up costs for Nigerian businesses and households
- Rising oil earnings and domestic refining offer some relief, while electric transport could reduce exposure to future fuel shocks
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria recorded the steepest diesel price increase among countries and territories assessed by the United Nations Conference on Trade and Development (UNCTAD), highlighting the pressure rising energy costs are placing on households and businesses.
Diesel prices jumped by 82.7 per cent between February 23 and August 31, 2026, according to findings in the agency’s Trade and Development Report 2026: The Geoeconomics of Development, released on Friday, October 9.
Source: Getty Images
The ranking measures how sharply prices increased, rather than which country had the most expensive diesel per litre.
Nigeria leads diesel increases, ranks fourth for petrol
Lebanon followed Nigeria with a 73.6 per cent increase in diesel prices, while Peru and Guatemala recorded rises of 66.7 per cent and 66.3 per cent, respectively.
Nigeria also ranked fourth for petrol price increases, with a 48.1 per cent rise during the review period.
Myanmar recorded the largest petrol increase at 50.7 per cent, followed by the United Arab Emirates at 49.8 per cent and Malaysia at 48.4 per cent.
UNCTAD said developing economies, particularly across Asia and Africa, experienced some of the sharpest domestic fuel-price increases. Higher energy costs weaken purchasing power, leaving consumers with less money for other needs, Nairametrics reports.
Global energy disruption drives pressure
The report linked the energy shock to damaged infrastructure and disrupted shipments through the Strait of Hormuz, a vital route for international energy supplies.
Brent crude climbed from about $70 to more than $110 per barrel after the conflict began. UNCTAD expects prices to remain more than $30 above pre-conflict levels through the end of 2026.
For Nigerian businesses, the implications extend beyond filling stations. Higher diesel costs can increase spending on generators, haulage and distribution, creating pressure to raise prices or absorb smaller profit margins.
Households may consequently face higher costs for goods and services, even when they do not buy diesel directly.
Higher oil earnings offer limited relief
Nigeria’s position as an oil exporter creates a mixed outlook.
UNCTAD identified Nigeria, Angola, Guyana and Kazakhstan as exporters that could benefit from stronger international energy prices through increased export earnings.
However, higher crude receipts do not automatically translate into cheaper domestic fuel. Countries that still import refined products remain exposed to higher international supply costs.
Nigeria’s expanding refining capacity offers some protection, but continued imports mean that global price movements still matter for local consumers.
Refining gains and cleaner transport offer a buffer
Separate domestic figures reported by Nairametrics indicate that Dangote Petroleum Refinery supplied about 50 million litres of petrol daily during the first half of 2026.
Average daily petrol imports declined by 26 per cent, from 19.7 million litres in July to 14.6 million litres in August, according to regulatory data.
Source: UGC
These improvements suggest reduced import dependence, although they have not eliminated exposure to international energy shocks.
UNCTAD also highlighted electric motorbikes and buses as longer-term options for reducing dependence on petrol and diesel.
For Nigeria, the challenge is turning stronger domestic supply and alternative transport options into lasting protection against repeated fuel-price shocks.
NNPC invites Nigerians to buy petrol at a discount
Legit.ng earlier reported that the Nigerian National Petroleum Company Limited (NNPC) has extended its N66 discount promotion on petrol for another week and expanded the offer to include automotive gas oil (AGO), commonly known as diesel.
The national oil company announced that the promotion would run from Thursday, October 8, to Wednesday, October 14, 2026, following requests from customers.
Source: Legit.ng
