Find out more as petrol price increases by over 600% in 3 years

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Petrol rose over 600% in the last 3 years since President Bola Ahmed Tinubu removed fuel subsidyDangote Petroleum Refinery have helped to ease the increase, but pressure from the US-Iran war has renewed pressureMuda Yusuf has shared his insight into the petrol price changes and the impact on the standard of living

Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, the stock market, and broader market trends.

Within three years, the price of Premium Motor Spirit (petrol) in Nigeria has surged by over 600% from approximately N175 per litre in May 2023 to between N1,300 and N1,400 by May 2026, market data shows.

This massive increase followed the abolition of fuel subsidy by President Bola Ahmed Tinubu just weeks after his inauguration on May 29, 2023.

Fuel subsidy removal triggered a sharp rise in petrol prices across Nigeria since 2023. Photo: Bloomberg
Source: Getty Images

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