Nigeria Records Africa’s Highest Petrol Price Increase in First Half of 2026Nigeria recorded the sharpest increase in petrol prices across Africa during the first half of 2026, with pump prices rising by 39.5 per cent, according to the Nigeria Half-Year Downstream Industry Report (January–June 2026).The report, released on Tuesday by the Major Energies Marketers Association of Nigeria (MEMAN), attributed the surge to disruptions in global crude oil supplies caused by the ongoing Middle East conflict, which intensified pressure on international energy markets.
According to the report, the geopolitical crisis exposed Nigeria’s continued vulnerability to external market shocks despite improvements in domestic refining capacity.The association noted that fluctuations in global crude oil prices and supply chain disruptions significantly influenced the cost of refined petroleum products, resulting in higher pump prices across the country.The report also highlighted the challenges facing the downstream petroleum sector, stressing that while local refining has expanded, Nigeria remains susceptible to international market developments that affect fuel pricing.Industry stakeholders said the findings underscore the need to strengthen domestic refining capacity, improve supply chain resilience and implement policies that reduce the country’s exposure to external energy market volatility.
Joseph Akwagiobe is a media contributor from Cross River State, Nigeria, currently based in Abuja. He is a graduate of Microbiology and has earned several professional certifications across diverse fields, reflecting his commitment to continuous learning, professional growth, and excellence.