Nigeria's Petrol Consumption Drops 15.7% to 4.2 Billion Liters as Fuel Prices Rise

Nigeria experienced a significant 15.7% drop in petrol consumption, falling to 4.2 billion liters in the second quarter of 2026 from 5.07 billion liters in the first. This contraction in demand is directly linked to soaring pump prices, which have more than doubled.

The surge in fuel prices, from N800 to as high as N1,400 per liter, stems from the global oil market crisis exacerbated by the US-Iran conflict. Blockades along the Strait of Hormuz have driven crude benchmarks above $100 per barrel, dramatically increasing the landed cost of refined petroleum products in Nigeria. Consequently, households, transporters, and industries have drastically cut back on fuel usage.

In a stark contrast to falling domestic demand, Nigeria's petrol imports surged by over 213% in the second quarter, reaching 836.9 million liters compared to 266.9 million liters in Q1. This heavy reliance on foreign supply aimed to bridge domestic refining gaps and maintain national stock levels. The economic pressure also affected other refined products, with diesel consumption dropping from 1.67 billion liters in Q1 to 1.47 billion liters in Q2, and cooking gas usage declining amid price hikes.