Tinubu Rules Out Petrol Subsidy Return as Fuel Prices Reach N1,500 per Litre

• President Tinubu rejected calls to restore petrol subsidies as pump prices climbed to N1,500 per litre in northern Nigeria
• The Citizens Action Network condemned the price rise and demanded the government reverse fuel prices to N250 per litre
• Tinubu said over 120,000 vehicles have been converted to CNG as the government pushes alternative energy to cut transport costs

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

President Bola Tinubu has firmly shut the door on any return to petrol subsidies, even as fuel prices continue to climb across the country and households face growing financial pressure.

Tinubu made his position clear while providing an update on the National Affordable CNG Transit Programme on Thursday, September 17, 2026.

He said restoring what he called the "ruinous petrol subsidy regime" was not an option, describing the old arrangement as one that had consumed trillions of naira and left Nigeria's economy vulnerable to shifts in global oil prices.

Tinubu said:

"At a time like this, our answer cannot be to return to the ruinous petrol subsidy regime that consumed trillions of naira and left our economy exposed to every movement in international oil prices, as some have suggested.

"We must accelerate the cheaper alternatives we have been building at home."

Petrol prices climb across Nigeria

Reports indicate that petrol is now selling for as much as N1,500 per litre in parts of northern Nigeria, including Kano, Yobe, Sokoto, Borno, Taraba and Zamfara. In major cities, prices have risen to around N1,430 per litre.

The Citizens Action Network (CAN) hit back at the government over the increase.

In a statement signed by its National Convener, Ade-Adewunmi Adeoye, and issued on the same day, the group called the rising fuel prices unacceptable and demanded the Federal Government reverse pump prices to N250 per litre.

CAN accused the Tinubu administration of deepening economic hardship, saying Nigerians were already struggling to meet basic needs including food, housing and education, Punch reports.

Government pushes CNG as the alternative

Rather than revisit subsidies, Tinubu said the government would push harder on compressed natural gas and other alternative energy transport options. He argued that Nigeria's gas reserves gave it a way to limit its exposure to international energy market swings.

He said:

"Nigeria cannot control events in global energy markets. But as a gas-rich nation, we can reduce our exposure."

The Sun reports that the President said more than 120,000 vehicles had already been converted to CNG, with over 400 certified conversion centres and more than 90 CNG refuelling stations now operating across the country.

He added that an implementation committee under the Nigeria Governors' Forum was working with the Presidential Initiative on CNG and Electric Vehicles to identify key transport corridors for further rollout.

Imported petrol N70 more expensive than Dangote Refinery fuel

Earlier, Legit.ng reported that Nigeria's cost of importing petrol has climbed to N1,420 per litres, placing significant strain on fuel marketers who are looking to replenish their inventories through international channels.

The figure, which reflects the estimated cost of bringing Premium Motor Spirit (PMS) into Nigeria, including the international product price, shipping, insurance, and related charges, now sits N70 above Dangote Petroleum Refinery's current gantry price of N1,350 per litre.