Nigeria's Petrol Prices Surge 643% Amid Subsidy Removal

Petrol prices in Nigeria increased by approximately 643% from May 2023 to May 2026, with costs rising from N175 to between N1,300 and N1,400 per liter. The surge was triggered by President Bola Tinubu's removal of fuel subsidies immediately after his inauguration on May 29, 2023, and the devaluation of the naira, which compounded the situation as import costs soared.

The Nigerian National Petroleum Company (NNPC) became the sole importer of petrol, leading to significant price hikes. Following the removal of subsidies, petrol prices jumped to N500 per liter, with further increases noted due to global oil market disruptions, particularly tensions in the Middle East.

By June 2023, petrol prices exceeded N1,000, and NNPC introduced an implicit subsidy to manage costs. The situation worsened with the onset of the US-Iran conflict in February 2026, leading to prices rising above N1,300.

Economists have called for government measures to cushion the impact of rising fuel prices on vulnerable Nigerians.