Nigeria's Petrol Prices Surge 643% Under Tinubu

Under President Bola Tinubu, petrol prices in Nigeria have increased dramatically, soaring 643% from N175 per liter in May 2023 to N1,300 per liter by May 2026. This sharp rise followed Tinubu's announcement of the removal of fuel subsidies shortly after his inauguration on May 29, 2023.

Analysts attribute the price increase to the removal of subsidies, the devaluation of the naira, and significant import costs. After the subsidy was scrapped, petrol prices initially rose to N200 per liter and then to N500, with the Nigerian National Petroleum Company Limited (NNPCL) adjusting prices in response to market conditions.

In June 2023, the government floated the naira, causing prices to exceed N1,000 per liter. Despite NNPCL's introduction of a pricing arrangement to mitigate costs, global oil price spikes and local market pressures have pushed prices to N1,300 to N1,400 per liter in various regions, exacerbating inflation and increasing transportation costs.

Economists warn that the rising fuel prices will worsen economic hardship for low-income households.