Name: Nigerias giant oil refinery fails to prevent record gasoline prices
Uploaded: 2026-03-30T15:11:54.169Z
Duration: 2 min 49 s
Description: Fuel prices in oil-producing Nigeria have reached record-high levels, industry figures show, as maximum output from the giant Dangote Petroleum Refinery has failed to shield the country from the energy market impact of war in the Middle East.

Fuel prices in oil-producing Nigeria have reached record-high levels, industry figures show, as maximum output from the giant Dangote Petroleum Refinery has failed to shield the country from the energy market impact of war in the Middle East.

Lagos

Nigerians are experiencing record-high gasoline prices, with pump prices rising by 65%, the highest among major African economies. This surge comes despite the Dangote Petroleum Refinery becoming fully operational, as global price shocks from the Middle East conflict and local supply issues have prevented relief for consumers.

The refinery's impact is limited because it must import expensive crude oil due to Nigeria's oil-backed debt commitments, even though the country is Africa's largest oil producer. The removal of fuel subsidies in 2023 has further contributed to the price spike, leaving many businesses and residents struggling with increased costs and unreliable electricity.

Nigeria's giant oil refinery fails to prevent record gasoline prices

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