The second quarter of 2026 was characterised by significant geopolitical, regulatory, and commercial developments that continued to shape both the global and Nigerian energy landscape.
The escalation of tensions in the Middle East, including disruptions to global oil supply routes, triggered heightened volatility in international crude oil prices, which had corresponding effects on Nigeria’s downstream petroleum market, with Dangote Petroleum Refinery adjusting its ex-gantry petrol price no fewer than five times over the quarter, moving from ₦1,175 per litre in early Q1 to a high of ₦1,350 per litre in early May before easing to ₦1,125 per litre by 25 June 2026 as Brent prices retreated.