The price of Premium Motor Spirit (petrol) in Nigeria has risen sharply from about N175 in May 2023 to between N1,300 and N1,400 per litre in May 2026, marking an increase of roughly 643 per cent over three years, according to market data. The surge has been largely attributed to the removal of fuel subsidies in 2023 and subsequent adjustments in downstream pricing.
Following the policy shift announced after President Bola Tinubu assumed office in May 2023, petrol prices initially jumped above N500 per litre as the Nigerian National Petroleum Company Limited adjusted pump prices. Analysts also point to the floating of the naira in mid-2023, which significantly raised import costs and contributed to sustained upward pressure on fuel prices.
More recently, global supply concerns linked to tensions in the Middle East and disruptions around key shipping routes further pushed landing costs higher, with retail prices climbing from around N800 in previous months to as high as N1,300. The combined impact of subsidy removal, exchange rate volatility, and global crude market fluctuations has continued to drive fuel price inflation across the country.
