Farmers have expressed concern that the recent increase in petrol prices will have a detrimental impact on food production and result in a significant rise in costs, emphasizing that market prices of food items are likely to increase by around 150%. They stressed the need for Nigerians to prepare for these higher prices of agricultural produce.

The President of Nigeria, Bola Tinubu, announced the removal of fuel subsidies during his inauguration on May 29, 2023. Shortly after this declaration, the Nigerian National Petroleum Company Limited, the sole importer of petrol, raised the price from N195/litre to over N500/litre, representing a 156% increase. This hike in petrol prices affected all states and the Federal Capital Territory, with the exception of Lagos, where it was sold for N488/litre at NNPCL filling stations.

Consequently, the increased petrol prices have led to a surge in the cost of various goods and services across the country. Within the agricultural sector, the All Farmers Association of Nigeria emphasized that the rise in food costs resulting from the higher petrol prices is inevitable and non-negotiable.