The diesel price in Nigeria has climbed above N2,000 per litre, with motorists and businesses in Abuja and surrounding areas facing a sharp increase following higher depot and refinery prices on Friday, September 4, 2026.
Also read: Refinery owners urge Tinubu to cut fuel imports
The latest prices represent an increase of between N300 and N320 per litre from the previous range of N1,700 to N1,800.
The rise comes after petroleum product depot operators reportedly adjusted their diesel prices to around N1,900 per litre, placing additional pressure on retailers.
Petroleumprice.ng listed Ranoil Delta, Nigerian Independent Petroleum Company, NIPCO Warri, Prudent Oghara and Zamson among the depot operators that implemented the new pricing.
The development is likely to increase operating costs for businesses that rely heavily on diesel-powered generators, particularly manufacturers, telecommunications companies, transport operators and small businesses dealing with unreliable electricity supply.
Diesel remains an important source of energy for many Nigerian businesses because of persistent power supply challenges. A significant increase in its price can therefore feed into the cost of production, transportation and everyday services.
The latest market movement also follows a recent adjustment by the Dangote Refinery.
The refinery reportedly increased its gantry price for diesel by N100 to N1,850 per litre after international crude oil prices climbed above $95 per barrel.
International oil prices have since eased slightly. Brent crude was trading at about $94.74 per barrel, while West Texas Intermediate stood at approximately $90.34 per barrel as of Friday.
Despite the modest cooling in crude prices, the impact of higher upstream and distribution costs continues to be felt across Nigeria’s downstream petroleum market.
The diesel price increase adds another layer of pressure for businesses already navigating elevated energy, logistics and operating expenses.
For consumers, the immediate concern is that higher diesel costs could eventually translate into more expensive goods and services if businesses pass increased operating costs through their prices.
Also read: Refinery owners urge Tinubu to cut fuel imports
The scale and duration of the latest increase will depend partly on crude oil prices, local refining output, depot pricing, logistics costs and developments in the wider petroleum market.
Mariam Balogun is a contributor to Freelanews.com, covering news, business, and public affairs.
