Fuel Prices Rise 86% As Higher Energy Costs Deepen Nigeria’s Logistics Pressure

By Olumide Johnson

Petrol and diesel prices have reached their highest average levels recorded in the 2026 series, with the latest priceandpromo fuel price trend report showing renewed increases by September 22.

DEVELOPMENT:

The report stated that average petrol prices rose to N1,378 per litre, while diesel reached N1,899 per litre. Petrol increased 80.8 percent from its January 13 base, while diesel rose 91.8 percent.

“The latest priceandpromo fuel price trend shows renewed upward movement following the relative stability observed between April and July.

“Petrol rose to an average of N1,378 per litre by 22 September, while diesel increased to an average N1,899 per litre, the highest average price levels recorded for both products in the displayed 2026 series.”

The report said prices rose sharply in March before stabilising at elevated levels through July. “After the sharp March increase, fuel prices stabilised at higher levels through July before rising again in August and September,” it added.

DATA:

The combined average increase in petrol and diesel prices was 86.3 percent, rounded to 86 percent. Diesel recorded the sharper increase at 91.8 percent, compared with petrol’s 80.8 percent rise.

SIGNIFICANCE:

The movement matters because petrol and diesel remain critical inputs into transportation, logistics and the distribution of goods. The report linked the renewed increase to heightened volatility in the international energy market, underscoring the domestic market’s exposure to global energy costs.

“The renewed increase comes amid heightened global energy-market volatility, highlighting the domestic market’s continued exposure to shifts in international energy costs,” the report added.

For businesses, the significance lies beyond the pump price. Higher fuel costs can raise the cost of moving people, raw materials and finished goods, creating another channel through which energy costs can influence broader consumer prices.

NEXT MOVE:

The key development to watch is whether the September increase becomes a sustained trend or reverses. Particular attention should be paid to diesel because its 91.8 percent increase has outpaced petrol.

OUR LENS:

The deeper issue is the widening cost burden attached to economic mobility. The report noted that the renewed increase is important because of its potential implications for transportation, logistics and the wider cost of moving goods.

“The renewed increase in both petrol and diesel is therefore an important market signal to watch, particularly for its potential implications for mobility, logistics costs and the wider cost of moving goods through the market.”

Olumide Johnson is a journalist, reporting on energy, maritime, business, and developments shaping Nigeria’s economy.