Fuel Price in Nigeria Soars by 81% Despite N6Trillion Subsidy

The price of Premium Motor Spirit popularly called petrol has risen by 81 per cent in the past three years. This is according to the Nigerian National Bureau of Statistics reports. This came as findings showed that the Federal Government has paid about N5.83tn subsidy on petroleum products.

NBS data showed that between February 2020 and February 2023, the price of fuel rose from N145.41/litre to N263.76/litre.

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The report stated that the average retail price paid by consumers for Premium Motor Spirit in February 2023 was N263.76, indicating a 54.76 per cent increase when compared to the value recorded in February 2022 (N170.42).

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Abia (N146.87), Adamawa (N146.67) and Niger (N146.57) have the highest average price of petrol. While states with lowest average price of premium motor spirit include Abuja (N143.67), Enugu (N144.50) and Lagos (N144.73) in 2020.

In the last three years, fuel subsidy has gone up from N134bn in 2020 to N1.43tn in 2021, N4.39tn in 2022 and a projected N3.63tn by June of 2023. This led to a total of N5.83tn in subsidy payments, excluding the figures for 2023.

 The Nigerian Government has continued to restate its commitment to remove fuel subsidies with a plan to deregulate the oil market by June this year.

Author

  • DASHEN USMAN

    Dashen Usman is a passionate, award-winning broadcast journalist with a bold voice in Nigerian media. Currently anchoring on News Central TV, Dashen also hosts THE CONVERSATION, a platform that amplifies African voices, explores shared challenges, and celebrates resilience.

    With a degree in Mass Communication from the prestigious Ahmadu Bello University, Zaria, and over 10 years of professional experience spanning AIT, The Guardian Newspaper, and 96.9 Cool FM, she is recognised as one of the strongest voices out of the North.

    Dashen is more than a voice; She has partnered with Amnesty International on the Press for Freedom campaign, advocating for press freedom and the safety of journalists.
    She has organised capacity-building workshops for young creatives and entrepreneurs, with collaborators including Ade Bantu, Planet Heart Foundation, and Music Africa. Through her show and CSR efforts, she has engaged in humanitarian outreach, donating to and uplifting the lives of youth, women, and the less privileged.

    Before the 2019 elections, Dashen co-organised a Peace Concert with the Kaduna State Government, contributing to one of the most peaceful elections in the state’s history. She hosted educational initiatives like a Campus Book Tour with politician & activist Ayisha Osori, and facilitated two editions of the Youth Collaboration Summit and TEDx events, empowering changemakers. She also worked on the “4 HER BY HER CAMPAIGN” - a groundbreaking initiative committed to returning out-of-school girls in Kaduna and across Nigeria back to the classroom, celebrating their tenacity and inspiring their futures.

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