The price of Premium Motor Spirit (petrol) jumped from N175 to N1,300 between May 2023 and May 2026, representing approximately a 643 per cent price increase in three years, The PUNCH reports.
Findings showed that the surge in petrol prices was triggered by the removal of subsidies by President Bola Tinubu immediately after he was sworn in on May 29, 2023.
Also, the devaluation of the naira compounded the situation, causing the then-imported product to rise beyond the reach of many Nigerians.
Three years later, the cost of a litre of petrol jumped at filling stations, ranging between N1,300 and N1,400, depending on the location.
The current price surge from about N800 some months ago to N1,300 was occasioned by Middle East tensions, which led to global oil disruptions due to the closure of the Strait of Hormuz.
