Nigeria’s Fuel Prices Surge Despite Dangote Refinery

Nigeria is grappling with a sharp 65% rise in fuel prices, the steepest increase among major African economies, even after the launch of the Dangote Refinery, Africa’s largest. The refinery was expected to stabilize costs, but Nigeria still depends heavily on imported crude, as much of its own production is tied up in debt repayments to international lenders and energy companies.

The surge is worsened by the ongoing Middle East conflict, which has disrupted supply routes and pushed oil prices above $100 per barrel. For Nigerians, the impact is immediate: transport costs have soared, food prices have doubled in some cases, and businesses face higher operating expenses. With unreliable electricity nationwide, households and companies reliant on fuel-powered generators are especially vulnerable.

The government has ruled out reintroducing subsidies, opting instead for long-term market reforms and limited short-term relief measures.

Source: Newstimehub