Nigerians Groan as Petrol Climbs to N1,500, Electricity Woes Persist

Nigerians are facing tougher days as the rising global oil crisis pushes petrol prices close to N1,500 per litre, while poor electricity supply continues to make life harder for households and businesses.
The latest increase is linked to the growing US–Israel–Iran conflict, which has driven crude oil prices above $100 per barrel and disrupted global energy supply.
While countries like Indonesia, Brazil, South Korea, and Greece are introducing subsidies, tax cuts, and price controls to protect citizens, experts say Nigeria has limited options because fuel subsidy has already been removed.
Experts Warn Against Fuel Price Caps
The Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, said the sharp rise in fuel prices will lead to:
Higher transport costs
Increased food prices
More expensive goods and services
Greater pressure on businesses and households
He advised the Federal Government to focus on:
Supporting local refineries like Dangote Refinery
Improving electricity supply
Investing in public transportation
Removing taxes on solar equipment and alternative energy
Subsidy Return Not Advisable
Former NACCIMA President, Dele Oye, warned that fixing fuel prices or bringing back subsidy would worsen Nigeria’s economic problems.
According to him, although high global oil prices could increase government revenue, Nigeria may not fully benefit because of:
Low crude oil production
Existing crude supply obligations
Operational challenges in the oil sector
He stressed that price controls could cause fuel scarcity, discourage suppliers, and create a black market.
Calls for Immediate Relief
Some stakeholders, however, say government must quickly provide temporary relief for Nigerians.
Eze Onyekpere, Lead Director of the Centre for Social Justice (CSJ), said since Nigeria is earning more from crude oil sales, part of the extra revenue should be used to ease citizens’ hardship.
He suggested:
More support for local refineries
Temporary palliative measures
Building a strategic fuel reserve for future emergencies
People Will Suffer Without Cushion — Dealers
Also speaking, Ibrahim Yahaya, National Secretary of the Petroleum Dealers Association of Nigeria (PDAN), said Nigerians may continue to face higher fuel prices unless government introduces some form of relief.
He warned that without any cushion, ordinary Nigerians will bear the full burden of the crisis.
The Bigger Picture
As fuel prices rise and electricity remains unstable, many Nigerians are now struggling with what many describe as a double tragedy — spending more on both transportation and power just to survive daily life.