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Nigeria's Energy Crisis Deepens Amid Soaring Oil Prices

3/15/2026

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Summary

Story summary

Rising oil prices from the Iran conflict worsen Nigeria's energy crisis, raising costs for households and businesses.
Petrol prices rose by about 47% in six weeks, as Dangote Refinery boosted per-liter costs from N1,075 to N1,175.
Experts warn inflation from higher fuel costs will hit low-income Nigerians.
Nearly half of the population lacks grid electricity.
Nigeria can produce over 12,000 MW, but output stays below 4,000 MW.

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Story summary

Rising oil prices from the Iran conflict worsen Nigeria's energy crisis, raising costs for households and businesses.
Petrol prices rose by about 47% in six weeks, as Dangote Refinery boosted per-liter costs from N1,075 to N1,175.
Experts warn inflation from higher fuel costs will hit low-income Nigerians.
Nearly half of the population lacks grid electricity.
Nigeria can produce over 12,000 MW, but output stays below 4,000 MW.