Nigeria’s petrol price has climbed dramatically since the return to civilian rule in 1999, moving from about ₦20 per litre to well over ₦1,000, with figures briefly topping ₦1,500 in 2026 before easing.
Petrol has long been one of Nigeria’s most politically charged commodities, given its ripple effect on transport fares, food costs, electricity generation and manufacturing. Various administrations have adjusted prices through subsidy regimes over the years, but the landscape shifted permanently after President Bola Tinubu scrapped the petrol subsidy in May 2023. Nigeria now runs a largely market-driven pricing system, meaning motorists can pay different amounts depending on their state, filling station and supplier.
1999–2007: The Obasanjo Years
Nigeria entered the Fourth Republic with petrol at roughly ₦20 per litre, following a reduction from ₦25 by the outgoing Abdulsalami Abubakar administration. Under Olusegun Obasanjo, the price rose in stages — to ₦30 (later settled at ₦22) in 2000, ₦26 in 2002, around ₦40–₦42 in 2003, and then ₦50 and ₦65 in 2004. It hovered near ₦65 through 2006 before Obasanjo pushed it to ₦75 shortly before leaving office in 2007.
2007–2011: Yar’Adua and Early Jonathan
Incoming President Umaru Yar’Adua promptly reversed that hike, bringing petrol back to ₦65 — described as the first major price cut by a civilian government in the Fourth Republic. The price held steady at ₦65 through Yar’Adua’s tenure and into Goodluck Jonathan’s early presidency.
2012: Occupy Nigeria
Jonathan’s move to remove fuel subsidy on January 1, 2012, sent prices from ₦65 to ₦141 overnight, triggering the nationwide “Occupy Nigeria” protests. The government partially reversed course, settling on ₦97, which held through 2014. Falling global oil prices allowed a further cut to ₦87 in January 2015, a price Buhari inherited that May.
2015–2019: Buhari’s First Term
In May 2016, Buhari’s administration raised petrol to ₦145 per litre, citing forex pressures on importers. That price roughly held through 2019, though scarcity often pushed real-world costs higher.
2020–2022: COVID-19 and Pre-Subsidy Removal
The pandemic-era oil price crash pushed petrol down to about ₦123 in 2020, before recovering crude prices sent it climbing again — to around ₦160–₦165 by year-end and staying near that band through 2021 and 2022. By December 2022, NBS data showed Nigerians actually paying an average of ₦206.19 per litre due to scarcity-driven premiums above the official rate.
2023: Tinubu Ends the Subsidy
Declaring “fuel subsidy is gone” at his inauguration on May 29, 2023, Tinubu triggered an immediate jump from roughly ₦184–₦195 to over ₦500 within days. Prices rose further to ₦617 in Abuja by July. By December 2023, the national average hit ₦671.86 — a 225.85 percent year-on-year increase.
2024: Breaking ₦1,000
Prices kept climbing through 2024 as the naira weakened, moving from ₦668.30 in January to ₦830.46 by August. October saw NNPC push Lagos prices to ₦998 and Abuja to roughly ₦1,030. By December 2024, the national average reached ₦1,189.12 — the first time it stayed firmly above ₦1,000.
2025–2026: Volatility Continues
Through 2025, prices fluctuated between roughly ₦970 and ₦1,061 monthly, averaging about ₦1,104.88 for the year — though Dangote-supplied stations sold as low as ₦739 in December, reflecting growing competition. Early 2026 saw prices around ₦1,035–₦1,051, before a sharp jump to ₦1,288.54 in March and ₦1,532.93 in April. May brought a peak of ₦1,596.25 — one of the highest monthly averages since subsidy removal — before prices moderated to around ₦1,300 by June. By late August, Dangote Refinery and NNPC adjustments left pump prices ranging roughly between ₦1,200 and ₦1,300 at major outlets nationwide.
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