Nigeria recorded the sharpest increase in petrol prices across Africa during the first half of 2026, with pump prices surging by 39.5 per cent as the Middle East conflict disrupted global crude oil supplies and exposed the country’s vulnerability to external market shocks despite growing domestic refining capacity.
The disclosure was contained in the Nigeria Half-Year Downstream Industry Report (January–June 2026) released on Tuesday by the Major Energies Marketers Association of Nigeria.
According to the report, the conflict involving Israel, Iran and the United States, which began on February 28, 2026, triggered widespread uncertainty in global oil markets, sending crude oil prices above $100 per barrel and sharply increasing the cost of transporting petroleum products worldwide.
The report explained that the temporary disruption of shipping through the Strait of Hormuz forced oil tankers to abandon the traditional route and sail around the Cape of Good Hope, more than doubling voyage time from about 18 days to nearly 40 days.
MEMAN stated, “During the first half of 2026, severe geopolitical tensions in the Middle East sparked immediate supply anxieties, injecting a heavy risk premium that drove international crude benchmarks past $100/bbl.
