A new report from the United Nations Conference on Trade and Development (UNCTAD) identifies Nigeria as having the world’s highest diesel price increase, surging 82.7% between February and August 2026. Petrol prices in the country also rose by 48.1%, ranking as the fourth-highest globally during the same period. While UNCTAD notes that Nigeria could benefit from increased oil export earnings due to higher global crude prices, the report highlights that insufficient domestic refining capacity and ongoing reliance on imports continue to expose the economy to international price volatility. Conversely, the report points to the growing adoption of electric mobility as a potential long-term strategy for African nations to improve energy security.