Record price surge in oil burdens Nigerian businesses as Middle East conflict rages on
Nigerian businesses are facing mounting pressure from soaring fuel costs as the conflict in the Middle East continues to push up global oil prices.
Brent crude rose above $100 a barrel this week, deepening concerns over higher transport and operating costs across import-dependent economies.
In Nigeria, fuel prices have climbed by about 65%, one of the sharpest increases among major African economies, despite the start-up of the Dangote refinery. The surge has raised transport fares, driven up food prices and squeezed businesses that rely on petrol and diesel generators because of unstable electricity supply.
The Nigerian government has not restored fuel subsidies, choosing instead to stick with market reforms and limited relief measures. That means businesses and households could face more strain if oil prices remain elevated and the regional conflict drags on.
This story is written and edited by the Global South World team, you can contact us here.
