Fuel prices in Nigeria have surged by 65% amid a global oil shock, even as the country's foreign reserves continue to decline. Analysts attribute the pressure to low oil production, theft, and underperforming refineries. With oil accounting for more than 80% of foreign exchange earnings, the shortfall is driving higher living costs and currency instability.
Thursday, April 2, 2026
Nigeria fuel prices surge 65% amid global oil shock
Fuel prices in Nigeria have surged by 65% amid a global oil shock, even as the country's foreign reserves continue to decline. Analysts attribute the pressure to low oil production, theft, and underperforming refineries. With oil accounting for more than 80% of foreign exchange earnings, the shortfall is driving higher living costs and currency instability.
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