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[Record-High Oil Prices in Nigeria Reinstate Cost of Living Before Election] ⑴ Nigerian gasoline prices have risen to a record high, with tensions in the Middle East pushing up global oil prices and creating new cost of living pressures for President Tinub's government less than six months before the election. ⑵ Despite the Dangote refinery, Africa's largest, operating at full capacity of 700,000 barrels per day, oil prices have surged, highlighting the limitations of domestic refining in protecting consumers from shocks in the international oil market. ⑶ This month, gasoline prices in Lagos and Abuja rose to approximately 1,400 naira per liter, up from around 1,200 naira a month ago. Some gas stations in northern Nigeria are charging as much as 1,500 naira, and diesel prices are even higher, exceeding 2,000 naira per liter. ⑷ Truck drivers in Abuja say that fuel costs are eroding their income, leaving them with little after buying fuel and struggling to support their families. (5) Prior to this price increase, the Dangote refinery raised its wholesale loading price to 1,350 Naira per liter, reflecting rising crude oil costs and the continued impact of global market volatility on fuel prices. Nigeria is a member of OPEC and Africa's largest oil producer. (6) With the 2027 general election scheduled for January 16, opposition politicians have made fuel prices a key issue in evaluating the government's economic record. (7) The latest price increase has reignited the debate over the elimination of gasoline subsidies in Tinub. This reform has been praised by investors, but critics accuse it of exacerbating the cost of living crisis and eroding household purchasing power. The president has stated that subsidies will not be reinstated. (8) The CEO of a fintech company stated that fuel pricing often serves as a proxy for the broader cost of living debate, and continued price increases raise the political premium for demonstrating the offsetting benefits of reforms. (9) Amid high oil prices, billionaire Dangote has begun selling shares to the public to raise funds for his refinery expansion. Despite the initial public offering attracting thousands of people seeking to hold shares, Nigerians are still paying more at the pump. (10) The president of the Nigerian Labor Congress stated that these new costs continue to create and deepen poverty, calling for additional wage support and a greater supply of Naira-priced crude oil to refineries to help curb further price increases. (11) Analysts say that fuel prices will put pressure on inflation, with the August inflation rate slightly decreasing to 15.39% from 15.43% in July. Food inflation has eased slightly but remains at a relatively high level of 19.57%. (12) Overall, the combination of high oil prices and the election cycle has increased the political cost of subsidy reform. Going forward, attention should be paid to the impact of global oil price trends, refinery capacity expansion, and wage support policies on inflation and people's livelihoods.