643% Fuel Price Surge: Petrol Hits ₦1,300–₦1,400 per Litre in Three Years

New data shows the pump price of petrol climbed from about ₦175 per litre in May 2023 to between ₦1,300 and ₦1,400 in May 2026—a 643% increase. Analysts point to the removal of the fuel subsidy by President Tinubu in May 2023 and the naira’s devaluation as major drivers. Import-dependent costs quickly became unaffordable for many Nigerians. Global oil market disruptions—such as tensions in the Middle East and the closure of the Strait of Hormuz—have added pressure. Prices briefly eased to around ₦800–₦900 after the Dangote Refinery began operations in late 2024, but they have since climbed again. The surge is fueling higher inflation, driving up transport costs and pushing prices of goods and services across the country.

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