11 charts showing how energy prices affect Nigerians
Rising energy prices, Stears

The best phrase to describe Nigeria’s energy situation is this: “the chickens have come home to roost”. 

We’re in the middle of the worst energy crisis yet. 


Key takeaways

  • As a result of the Russia-Ukraine crisis’ impact on energy supply chains and Nigeria’s long-standing domestic energy issues, we’re in the middle of our worst energy crisis yet.

  • Prices of diesel, jet fuel and cooking gas have skyrocketed. While Nigerians might be insulated from the petrol price hike, government revenues are feeling the pinch.

  • But how does this energy situation affect ordinary Nigerian citizens? Well, with Nigerians already battling high inflation and unemployment rates, the energy crisis has direct implications for our cost of living.


It’s not just Nigeria though, there are global energy problems thanks to the supply shortages caused by Russia’s invasion of Ukraine. You see, Russia is one of the top producers and exporters of crude oil and natural gas, especially to Europe. So, with Russia invading Ukraine, European countries are desperate for other sources of oil and gas. Unfortunately, other countries' crude oil and gas production isn’t increasing fast enough to plug the supply gap. And so, prices have risen to reflect the demand and supply imbalance.



However, while crude oil prices have risen to over $100/barrel, refined products have risen even faster. Petrol, diesel and jet fuel prices are at the same level they would be if crude oil prices were at

This story is only available to Premium subscribers Subscribe or sign in to finish reading

Not ready to subscribe? Register to read a selection of free stories

Noelle Okwedy

Noelle Okwedy

Read Latest

Nigeria’s energy sector is in crisis, how are businesses doing?

PREMIUM - 29 NOV 2022

What’s the deal between Ethiopian Airlines and Nigeria’s national carrier?

PREMIUM - 28 NOV 2022

How to fix Nigeria’s growth problem

PREMIUM - 25 NOV 2022

Natural gas: the price cap they don't tell you about

PREMIUM - 24 NOV 2022

Download our mobile app for a more immersive reading experience

Scan QR code
mobile download