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President Bola Ahmed Tinubu ended Nigeria's fuel subsidy on May 29, 2023, causing gasoline prices to soar from N198 to N560 per litre within 48 hours. The hike has triggered widespread debate and placed severe strain on commuters, traders and ordinary households.
MRS stations backed by Dangote Refinery and other local fuel retailers raised the price of Premium Motor Spirit in Abuja to N1,409 per litre, up from N1,370, while Ranoil and AA Rano increased theirs to N1,410. The hikes come as the government proposes a discount to N1,350 at NNPCL outlets.
The Yoruba socio‑cultural group Afenifere warned of rising intolerance among politicians and criticised the federal government's proposed petrol price cap, urging a reduction to N350‑N400 per litre and a review of the N70,000 minimum wage before the 2027 general election.
The federal government will sell petrol at N1,350 per litre through designated Nigerian National Petroleum Corporation outlets for the next 30 days, with the price to be reviewed each month. The move is backed by President Bola Tinubu but has drawn criticism from opposition parties.
Donald Duke, the Peoples Redemption Party’s candidate for the 2027 presidency, said he would cut the retail price of gasoline to about N300 per litre by pricing it on local production costs rather than international market rates. He outlined a plan to allocate crude for domestic use and sell the surplus abroad.