Nigeria recorded the sector’s very best diesel value build up, at 82.7%, between February and August 2026, consistent with the United Countries Convention on Business and Building (UNCTAD).
The discovering is contained within the Business and Building Document 2026: The Geoeconomics of Building, launched by means of the United Countries Convention on Business and Building (UNCTAD) on Friday, October 9, 2026.
The record’s comparability, in line with gas value information as of August 31, 2026, additionally presentations that petrol costs in Nigeria rose by means of 48.1% over the similar length, the fourth-highest build up a number of the nations and territories indexed.
Nigeria leads world diesel value will increase
UNCTAD’s record presentations that diesel costs in Nigeria larger by means of 82.7% between February 23 and August 31, 2026, the most important build up a number of the nations and territories incorporated in its comparability.
Lebanon recorded the second-highest diesel value build up at 73.6%, adopted by means of Peru at 66.7% and Guatemala at 66.3%.
For petrol, Myanmar recorded the very best value build up at 50.7%, adopted by means of the United Arab Emirates at 49.8% and Malaysia at 48.4%. Nigeria ranked fourth, with a 48.1% build up over the similar length.
The record explains that even though the surprise to world power markets impacts nations international, its results range relying on how upper global costs feed into home gas and electrical energy prices.
- “The surprise is world, however the results are asymmetric,” the record states, noting that emerging power prices cut back customers’ actual earning and constrain intake.
UNCTAD provides that the steepest home gas value will increase have passed off in creating nations, predominantly in Asia and Africa, as proven in Determine I.7 of the record.
Nigeria’s oil exports be offering possible beneficial properties
UNCTAD identifies Nigeria, Angola, Guyana and Kazakhstan as oil and gas exporters that might get pleasure from upper world power costs caused by means of the clash within the Center East.
The record attributes the power surprise to break to power infrastructure and disruptions to shipments throughout the Strait of Hormuz, which caused the most important per 30 days lack of world power provide on file.
- Brent crude rose from about $70 to greater than $110 in line with barrel following the outbreak of the clash. In spite of releases from world oil reserves and larger manufacturing out of doors the Center East, costs are anticipated to stay greater than $30 in line with barrel above pre-conflict ranges throughout the finish of 2026.
For Nigeria, upper crude costs may spice up export income. On the other hand, UNCTAD warns that upper delicate gas costs may offset some beneficial properties the place home refining capability is inadequate. Despite the fact that Nigeria’s refining capability has expanded, endured petrol imports go away home gas prices uncovered to global value actions.
Africa’s electrical car pressure gives power safety beneficial properties
Africa’s rising adoption of electrical motorbikes and buses may cut back dependence on petrol and diesel whilst strengthening power safety, consistent with the United Countries Convention on Business and Building (UNCTAD). As those cars transform extra aggressive, the record says African nations have a possibility to enlarge electrical mobility and cut back publicity to world gas shocks.
UNCTAD notes that nations with extra evolved renewable power methods had been much less susceptible to fossil gas value will increase. In Spain, herbal gasoline units electrical energy costs about 15% of the time, when put next with 89% in Italy, consistent with Ember information cited within the record.
International electrical car industry rose by means of 11% within the first quarter of 2026. UNCTAD additionally cites China, Nepal, Singapore and Viet Nam as examples of nations the place electrical car adoption has helped cut back publicity to gas shortages. On the other hand, no less than 25 nations have offered gas rationing or different restrictions amid provide pressures.
Nigeria’s petrol imports proceed falling
Nigeria’s increasing refining capability helps cut back reliance on imported petrol. Dangote Petroleum Refinery equipped about 50 million litres day by day to the home marketplace within the first part of 2026, consistent with Nairametrics.
NMDPRA information confirmed reasonable day by day petrol imports fell by means of 26% to fourteen.6 million litres in August 2026, from 19.7 million litres in July. In the meantime, NBS information confirmed the petrol import invoice dropped by means of 96.15% to N87.40 billion within the first quarter of 2026, from N2.27 trillion a yr previous.
- On the other hand, import licences stay a part of the marketplace. In September, the Federal Top Courtroom in Abuja ordered the NMDPRA to proceed granting import licences to Matrix Power, AA Rano and AYM Shafa, topic to statutory and regulatory necessities.
On October 9, the Federal Govt additionally mentioned NNPC Retail’s 30-day petrol cut price can be funded from the store’s margins, quite than the federal price range or Federation Account. Finance Minister Taiwo Oyedele said the retailer would continue buying fuel from Dangote Refinery and different providers at marketplace costs whilst soaking up the bargain thru decrease margins.