Nigeria’s fuel price has increased by 463.03 percent, rising to a minimum of N1,340 per litre on June 2, 2026, compared to N238 per litre recorded three years before the administration of President Bola Tinubu.
According to available figures, the increase represents a surge of N1,102 per litre within the period under review.
The Federal Government announced the removal of fuel subsidy on May 29, 2023, a policy that marked a significant shift in the country’s petroleum pricing structure.
The subsidy removal, alongside the liberalisation of the naira exchange rate, has been linked to rising inflationary pressures, with headline and food inflation reported at 15.69 percent and 16.09 percent respectively in April 2026.
The combined impact of these reforms has contributed to increases in the cost of food, housing, transportation, and general living expenses across the country.
Reacting to the development, economist and former President of the Chartered Institute of Bankers of Nigeria, Okechukwu Unegbu, said Nigerians are worse off under President Bola Tinubu compared to three years ago.
He rated the administration’s economic performance at 20 percent, citing prevailing economic hardship faced by citizens as a result of ongoing reforms.
According to him, the country’s 3.89 percent Gross Domestic Product growth rate has not translated into visible improvements in the daily lives of Nigerians.
“I will rate him only 20 percent because despite the so-called GDP that has risen, you cannot trace that to the marketplace,” he told newsmen in an interview.
