Nigeria fuel prices surge 65% amid global oil shock

Nigeria is facing a sharp fuel price surge, despite the launch of the Dangote Refinery, Africa’s largest.

Prices have jumped by around 65%, the steepest increase among major African economies. The refinery was expected to reduce imports and stabilize costs, but Nigeria still relies heavily on foreign crude. Much of its own oil production is tied up in debt repayments to international lenders and energy companies, limiting local supply.

The situation has been made worse by the ongoing conflict in the Middle East, which has disrupted global supply routes and pushed oil prices above $100 a barrel.

For Nigerians, the effects are immediate and severe. Transport costs have risen, food prices have doubled in some cases, and businesses are struggling with higher operating expenses. With unreliable electricity across the country, many households and companies depend on fuel-powered generators, making them especially vulnerable to price increases.

The government has chosen not to reintroduce fuel subsidies, focusing instead on long-term market reforms and limited short-term relief measures.