Nigerians are facing a fresh wave of hardship as petrol prices climb to around N1,500 per litre in many parts of the country. The spike has come at a time of poor electricity supply, forcing households and businesses to ration power and battle long queues at filling stations.
Over the past three weeks, the pump price of petrol has risen by more than N500 in some locations. In major cities, motorists report paying between N1,300 and N1,500 per litre, with some independent marketers selling even higher.
The higher prices are linked to rising global crude oil costs, pressure on the naira, and Nigeria’s continued dependence on imported refined products. Labour unions, economists, and business groups warn that the situation is fuelling inflation, closing businesses, and worsening poverty.
Many residents now limit generator use to a few hours at night or during business peak periods. Small shop owners, artisans, and informal workers say they are spending a large part of their daily income on fuel just to keep their operations running.
Analysts estimate that the Nigerian economy loses between N7 trillion and N10 trillion every year due to reliance on generators and poor public power supply. They argue that without stable electricity, any increase in fuel price immediately hits transport, food, and production costs.
Labour and civil society groups have renewed calls for government intervention. Proposed measures include temporary fuel subsidies, naira based crude supply to local refineries, strategic fuel reserves, and urgent power sector reforms.
Business associations warn that if fuel prices remain at current levels, more companies will be forced to cut jobs, reduce operations, or shut down completely. They stress that the combined impact of high fuel costs and weak power supply is unsustainable for manufacturers, transporters, and small enterprises.
Despite these concerns, officials insist that ongoing economic reforms are aimed at stabilising the energy sector in the long term. However, many Nigerians say the immediate reality is one of rationed power, long fuel queues, and a daily struggle to cope with rising living costs.
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