Petrol Prices in Nigeria Surge from ₦20 to Over ₦1,000

Since Nigeria's return to democratic governance in 1999, the price of Premium Motor Spirit (petrol) has dramatically increased from approximately ₦20 per litre to over ₦1,000 per litre by 2026. Initially, petrol was priced at ₦20 when Olusegun Obasanjo began his administration on May 29, 1999.

The price had previously been adjusted by General Abdulsalami Abubakar's administration from ₦11 to ₦25 in December 1998, then reduced to ₦20 in January 1999. In June 2000, Obasanjo's government raised the price to ₦30, leading to protests, which resulted in a reduction to ₦22.

Over the years, the price fluctuated, with significant increases occurring during Obasanjo's second term. The removal of the petrol subsidy by President Bola Tinubu in May 2023 marked a shift to a market-driven pricing system, resulting in varying prices across states and suppliers.

This issue remains politically sensitive due to its impact on transportation, food prices, and the overall cost of living.