Daily Brief: Nigeria Gasoline Drops 4.1%, Norway Diesel Hits Record

Nigeria saw the largest price swing among tracked markets, with gasoline falling 4.1% to $1.022/L over the past week. The decline comes despite reports of a ₦6.8 trillion oil windfall and Dangote operating at full capacity, per The Voice of Africa and OilPrice.com. However, as Business Insider Africa notes, Dangote flipped petrol prices within 24 hours, exposing continued domestic fuel vulnerability.

In Europe, Norway's diesel prices hit a record high, rising 3.0% to $3.671/L, with experts warning of further increases ahead, according to Anadolu Ajansı. Norway's prime minister told Reuters that [news reports indicate] while Politico reports the country is pitching itself as Europe's energy lifeline. Meanwhile, New Zealand diesel rose 3.0% to $2.941/L, with Air New Zealand cutting flights due to the surge, per Reuters.

Looking ahead, Thailand's gasoline rose 3.0% to $2.547/L, though the government says oil reserves cover 108 days amid Middle East tensions, per The Straits Times. Finland's gasoline also climbed 3.0% to $2.765/L. With the Iran war causing energy chaos in Asia, per the Council on Foreign Relations, and Europe sleepwalking into another energy crisis, per the BBC, price volatility is likely to persist.