The price of petrol in Nigeria has risen dramatically over the past three years, increasing from N238 per litre before President Bola Tinubu assumed office to a minimum of N1,340 per litre as of June 2, 2026. The jump represents an increase of N1,102 per litre, or 463.03 percent, within the period.
The sharp rise followed President Tinubu’s decision to remove fuel subsidy on May 29, 2023, a policy move that fundamentally changed the country's fuel pricing system. Since then, petrol prices have been determined largely by market forces, leading to repeated increases across the country.
Fuel subsidy removal, combined with the liberalisation of the naira exchange rate, has had a significant impact on the economy. The reforms have been blamed for rising inflation and a sharp increase in the cost of living, with many Nigerians struggling to cope with higher expenses.
The effects have been felt in virtually every aspect of daily life, from transportation and food prices to housing costs and other basic necessities. Data for April 2026 showed headline inflation at 15.69 percent, while food inflation stood at 16.09 percent, highlighting the continued pressure on households.
Economist and former President of the Chartered Institute of Bankers of Nigeria (CIBN), Okechukwu Unegbu, believes the reforms have left many Nigerians worse off than they were before. While acknowledging reports of economic growth, he argued that the benefits are not being felt by ordinary citizens.
According to Unegbu, the country’s reported 3.89 percent Gross Domestic Product growth has not translated into real improvements in people's lives. He rated the Tinubu administration’s economic performance at 20 percent, insisting that the reality in markets and communities does not reflect the positive economic indicators being reported.
Elijah Adeyemi
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