Name: Nigeria fuel prices surge 65% amid global oil shock
Uploaded: 2026-03-30T12:02:26.445Z
Duration: 1 min 18 s
Description: 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.

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.

Abuja

Nigeria is experiencing a significant rise in fuel prices, with costs increasing by approximately 65%—the steepest jump among major African economies. This comes despite the opening of the Dangote Refinery, which was intended to reduce import dependence and stabilize prices. 

The country remains reliant on imported crude due to much of its own oil production being allocated to debt repayments. The situation has been exacerbated by disruptions in global supply routes and rising oil prices caused by conflict in the Middle East. The government has opted not to reintroduce fuel subsidies, instead focusing on market reforms and limited relief measures.

Nigeria fuel prices surge 65% amid global oil shock

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