Business Today : Petrol Price soars 643% in three years report says
The price of Premium Motor Spirit (petrol) has risen from about ₦175 per litre in May 2023 to between ₦1,300 and ₦1,400 in May 2026, representing an increase of roughly 643 per cent in three years according to new reports.Findings show that the sharp rise in fuel prices was triggered by the removal of fuel subsidy by President Bola Tinubu shortly after he assumed office on May 29, 2023 and the subsequent devaluation of the naira further worsened the situation, pushing import-dependent fuel costs beyond the reach of many Nigerians. Three years later, petrol now sells for between ₦1,300 and ₦1,400 per litre at filling stations across the country, depending on location. The latest surge, from about ₦800 in previous months to current levels, has also been linked to global oil marke...










