Current Price of Fuel in Nigeria Today

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Price of Fuel in Nigeria – Nigeria ranks as the sixth-largest exporter of petroleum globally. This ranking means that petroleum is an important commodity for the country. Indeed, petrol stands out as a defining product of Nigeria’s economy. With that said, since crude oil remains the cornerstone of Nigeria’s economy, changes in petrol prices can significantly impact both the micro- and macroeconomic indicators of the nation.

However, the Nigeria-Oil relationship has been marked by lengthy and rollercoaster periods. Consequently, petrol prices have experienced fluctuations over time. It’s widely acknowledged that, due to petrol’s numerous applications, any price increase will undoubtedly affect the populace.

In this write up, we’ll examine the current petrol prices in Nigeria and how these prices have evolved over the years.

Price of Fuel in Nigeria

Recently, the Nigerian National Petroleum Company Limited (NNPCL) announced revised pump prices for petrol nationwide on July 18, 2023, following the removal of subsidies on the commodity.

The current prices of petrol across the country are as follows:

The official pump price of petrol (PMS) in Nigeria is N800. However, due to logistical considerations and other factors varying by location, petrol is presently sold at prices ranging fromA N750 to N800 per litre nationwide. The nationwide average price of petrol currently stands at N750 per litre.

History of Fuel Price in Nigeria:

Here is a run down of petrol prices in Nigeria:

  • Gowon – from 6k to 8.45k
  • Murtala Murtala – from 8.45k to 9k
  • Obasanjo – from 9k to 15.3k
  • Shagari – from 15.3k to 20k
  • Buhari – from 20k to 20k (Price remains the same)
  • Babangida – from 20k to 39.5k
  • Babangida – from 39.5k to 42k
  • Babangida – from 42k to 60k (Private Vehicles)
  • Babangida – from 60k to 70k
  • Shonekan – from 70k to N5 (Naira)
  • Abacha – from N5 to N3.25k (Price drops)
  • Abacha – from N3.25k to N15
  • Abacha – from N15 to N11 (Price drops)
  • Abubakar – from N11 to N25
  • Abubakar – from N25 to N20 (Price drops)
  • Obasanjo – from N20 to N30
  • Obasanjo – from N30 to N22 (Price drops)
  • Obasanjo – from N22 to N26
  • Obasanjo – from N26 to N42
  • Obasanjo – from N42 to N50
  • Obasanjo – from N50 to N65
  • Obasanjo – from N65 to N75
  • Yar’Adua – from N75 to N65 (Price drops)
  • Jonathan – (New year present) N141
  • Jonathan – (After labor strike) N97
  • Jonathan – (As Feb, 2015 Election approaches) N87
  • Buhari – from N87 to N165 (Present price)

Final Thoughts

Despite facing challenges such as interference with drilling and transportation issues in the Niger Delta due to pipeline vandalization, crude oil production in the country remains relatively stable at around 2.25 million barrels per day. While this figure is promising, it is key we focus on enhancing production capacity, addressing security concerns, and establishing a market environment that caters to the needs of Nigerians.

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