Fuel prices in Nigeria have surged sharply, rising to a minimum of N1,340 per litre on June 2, 2026, according to data cited by Truetells Nigeria.
The report says the latest figure represents a 463.03% increase compared to N238 per litre recorded three years earlier, during the pre-reform period.
Fuel price rose by N1,102 per litre
Truetells Nigeria reports that between the earlier reference period and June 2, 2026, the price of petrol increased by N1,102 per litre.
The dramatic adjustment comes after President Bola Tinubu announced the removal of fuel subsidy on May 29, 2023, a policy change widely linked to subsequent price hikes across the economy.
Subsidy removal and naira liberalisation fuel inflation surge
Analysts point to two major policy shifts fuel subsidy removal and naira exchange rate liberalisation as key drivers of the inflationary pressure that followed.
The report highlights that these measures pushed headline inflation to 15.69% and food inflation to 16.09% in April 2026, intensifying cost-of-living strain nationwide.
Nigerians have since experienced cascading effects on the cost of essentials, including food, rent, transportation, and general marketplace prices.
Economist: Nigerians worse off than three years ago
Reacting to the trend, Okechukwu Unegbu, an economist and former President of the Chartered Institute of Bankers of Nigeria (CIBN), said Nigerians are worse off today than they were three years ago.
He rated Tinubu’s economic performance at 20%, arguing that even with growth figures cited by the government, the realities of reform have not translated into visible improvements in everyday life for most citizens.
Unegbu said Nigeria’s GDP growth of 3.89% cannot be felt in the marketplace, adding that economic gains are not showing up in the lived experiences 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 said in an interview on Monday.
