Nigeria recorded Africa’s highest petrol price increase in the first half of 2026 as the fallout from the US-Iran conflict sent shockwaves through global oil markets, a new report by the Major Energies Marketers Association of Nigeria (MEMAN) has revealed. The association attributed the 39.5 per cent increase in pump prices to global supply disruptions […]
Nigeria recorded Africa’s highest petrol price increase in the first half of 2026 as the fallout from the US-Iran conflict sent shockwaves through global oil markets, a new report by the Major Energies Marketers Association of Nigeria (MEMAN) has revealed.
The association attributed the 39.5 per cent increase in pump prices to global supply disruptions caused by the conflict involving the United States, Iran and Israel.
MEMAN said the crisis drove crude oil prices above 100 dollars per barrel and increased shipping costs after oil tankers were forced to avoid the Strait of Hormuz.
The report stated that Nigeria’s deregulated fuel market passed the international price increase directly to consumers.
Despite the sharp rise in prices, MEMAN said domestic refining improved significantly, with the Dangote Refinery supplying most of Nigeria’s locally refined petrol.
However, the association noted that local production remained below national demand during some periods, requiring fuel imports to stabilise supply.
It also called for stronger strategic fuel reserves and sustained regulation to protect consumers from future global supply shocks.