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Gas Prices Surge in Nigeria Amid Supply Shortages and Economic Reforms
Gasoline prices in Nigeria have risen sharply in recent months, intensifying the country’s cost-of-living challenges. The average price of petrol climbed from ₦830 per litre in August 2024 to a peak of ₦1,262 in March 2025, before easing slightly to ₦1,025 by July, according to market data.....KINDLY READ THE FULL STORY HERE▶
The increase is linked to reduced crude oil deliveries to the Dangote Refinery, Nigeria’s largest private refinery. Officials say the reductions are a strategic response to high global oil prices, rather than operational problems. Maintenance activities have also temporarily reduced crude demand, further tightening supply.
State-run refineries, recently refurbished, have struggled to provide enough gasoline, leaving traders increasingly dependent on imports and the Dangote Refinery to meet domestic demand.
The rising fuel costs are part of broader economic reforms by President Bola Tinubu’s administration, including the removal of fuel subsidies and adjustments to the national currency. While intended to stabilize the economy, these measures have contributed to higher living costs. Inflation showed a slight improvement in September 2025, dropping to 18.02% from 20.12% in August, but Nigerians continue to feel the pressure on daily expenses.
The price surge has affected both households and businesses. Many urban residents rely on gasoline-powered generators due to inconsistent electricity supply, making them vulnerable to fuel price fluctuations. Increased transportation costs are also hitting businesses and commuters, fueling dissatisfaction and protests in major cities like Lagos.
Experts say fuel prices will continue to be influenced by global oil market trends and domestic policy decisions. While long-term reforms aim to strengthen Nigeria’s economy, short-term impacts on households remain significant.
As prices continue to shift, Nigerians face ongoing challenges in managing transportation, electricity, and daily living costs, highlighting the delicate balance between economic reform and immediate public welfare.
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