The price of Premium Motor Spirit, petrol, has jumped from about ₦175 per litre in May 2023 to between ₦1,300 and ₦1,400 per litre in May 2026, representing roughly a 643 per cent increase over three years.
The sharp rise was triggered by President Bola Tinubu’s removal of fuel subsidy immediately after his inauguration on May 29, 2023. In his inaugural speech, Tinubu declared “the fuel subsidy is gone,” prompting an immediate jump in pump prices from ₦175-₦200 to over ₦500 per litre. The Nigerian National Petroleum Company Limited, then the sole importer, led subsequent upward adjustments.
The devaluation of the naira compounded the situation, pushing import-dependent fuel costs beyond the reach of many Nigerians. When the government floated the exchange rate in June 2023, petrol prices rose above ₦1,000 per litre. The latest surge from about ₦800 a few months ago to current levels has also been linked to global oil market disruptions following tensions in the Middle East and the reported closure of the Strait of Hormuz.
Nigeria now records one of the steepest petrol price increases globally, with pump prices varying between ₦1,300 and ₦1,400 depending on location. The development has raised transport costs, worsened inflation, and deepened the cost-of-living crisis across the country.
