Fuel demand drops as Nigerians cut spending on energy
Nigerian households and businesses have reduced their consumption of petrol, diesel, and cooking gas following a surge in fuel prices. The Major Energy Marketers Association of Nigeria (MEMAN) linked the higher prices to global crude oil trends and disruptions in supply routes. MEMAN’s analysis showed that consumers are now more sensitive to price changes, with demand falling as costs rise. The association also cautioned that Nigeria should not rely solely on domestic refining for its fuel needs.
TLDR
- The H1 2026 Downstream Industry Analysis Report shows petrol prices rose from N1,035 per litre in January to N1,596 in May before easing to N1,300 in June.
- Petrol consumption dropped from about 60–61 million litres daily in January to 46–47 million litres in May, with a slight recovery to 48 million litres in June.
- Diesel prices increased from N1,362 per litre in January to N3,277 in May, moderating to N2,900 in June, while daily diesel consumption fell from 19.5 million litres in January to 16 million litres in May and June.
- Liquefied Petroleum Gas prices climbed from N1,086 per kilogramme in January to N1,800 in May, then eased to N1,661 in June, with consumption declining from about 5.0 kilotonnes daily in January to 4.2 kilotonnes in June.
- MEMAN warned against depending solely on domestic refining and stressed the need for continued imports and a National Strategic Stock to ensure energy security.
