Nigeria records world’s highest diesel price increase at 82.7% – UNCTAD

The United Nations Conference on Trade and Development, UNCTAD, has reported that Nigeria recorded the world’s highest increase in Automotive Gas Oil (AGO), commonly known as diesel, prices between February and August 2026.

UNCTAD made this disclosure in its Geoeconomics of Development report, released at the weekend.

According to the report, Nigeria’s diesel pump price increased by 82.7 per cent during the period.

Meanwhile, Myanmar recorded the highest petrol price increase at 50.7 per cent, followed by the United Arab Emirates at 49.8 per cent and Malaysia at 48.4 per cent.

According to UNCTAD, the energy shock was global, but its effects were uneven, with developing countries, particularly in Asia and Africa, recording the sharpest domestic fuel price increases.

The organisation warned that higher energy costs reduce households’ real incomes and constrain consumption.

This comes amid a fresh surge in diesel prices in Nigeria.

Dangote Refinery, at the weekend, increased its diesel price by N100 per litre to N1,800.

Currently, diesel is sold at retail outlets in Abuja for between N1,920 and N1,990 per litre.