Petrol prices in Nigeria have surged by about 643 per cent from N175 per litre in May 2023 to as high as N1,300 by May 2026, driven by subsidy removal, naira devaluation and global oil market disruptions.
Petrol prices in Nigeria have risen from N175 per litre in May 2023 to as high as N1,300 by May 2026, representing an increase of approximately 643 per cent within three years. Findings showed that the sharp increase followed the removal of fuel subsidy by President Bola Tinubu immediately after he was sworn into office on May 29, 2023, a decision that significantly altered the pricing structure of Premium Motor Spirit (PMS) across the country.
The situation was further compounded by the devaluation of the naira, which increased the cost of imported petroleum products and placed additional pressure on consumers. Three years after the subsidy removal, petrol prices at filling stations now range between N1,300 and N1,400 per litre, depending on location. The latest increase from about N800 per litre recorded some months ago has been linked to tensions in the Middle East, which disrupted global oil supply chains following the closure of the Strait of Hormuz.
Recall that shortly after taking the oath of office, Tinubu declared that “the fuel subsidy is gone,” triggering an immediate increase in pump prices from between N175 and N200 per litre to over N500 per litre. The Nigerian National Petroleum Company Limited (NNPC), then the sole importer of petrol, subsequently adjusted its prices upward, setting the tone for further increases that have continued to reshape Nigeria’s fuel market.
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