Petrol prices in Nigeria have been facing great fluctuation since the removal of fuel subsidies. You know the Nigerian economy of today is largely dependent on the petrol price. Petrol is so important in our daily activities that Nigerians consume about 40 million liters of the product daily, according to the figure released by the NMDPRA.
In light of this, as a Nigerian, whether you are a vehicle owner or not, the petrol price will affect you either directly or indirectly. This is not far-fetched because the petrol price in Nigeria determines the price you are going to buy your rice, beans, pepper, and even sachet water, amongst others.
Accordingly, this blog post is here to unveil the new petrol price in Nigeria today to enable you to make informed decisions about your business and daily activities at large. That is, an up-to-date petrol price at petrol stations across Nigeria will be known here.
Why the Hike in Petrol Price?
It is no longer news that the total removal of subsidy on petrol on the 29th of May 2023 has led to the indefinite increase in the Premium Motor Spirit, popularly known as petrol. Besides, Nigeria is still exporting from foreign countries as Dangote’s refinery is unable to meet the daily fuel demand of Nigeria. As of early October, the multi-billion refinery is producing about 10 million liters of petrol per day.
Furthermore, the hike in petrol price hikes in Nigeria can be attributed to the deregulation of the petroleum sector. The Nigerian government is now using the market-driven pricing system. That is, the petrol price is now largely determined by global oil prices, the market demand and supply, and exchange rates.
Similarly, infrastructure callouts, like pipeline vandalism and deficient storage facilities, also contribute to fuel price hikes. All these atrocities often lead to supply shortages, which in turn scale up prices. Likewise, corruption and inefficiencies of those in the oil sector also contribute to the high price of petrol.
Ultimately, the IPMAN does not have the power to load petrol directly from Dangote Refinery because of the halt by the federal government of Nigeria.
Petrol Price in Nigeria from NNPC to IPMAN
The petrol price in Nigeria as of today, 16th October 2024, directly from the Nigeria National Petroleum Company (NNPC) to the Independent Petroleum Marketer Association of Nigeria (IPMAN) is ₦995. In fact, this price was made possible after the intervention of the Department of State Services (DSS) because NNPC sells at a price higher than this before.
This price is so worrisome because as of last year, a truck of 45000 liters of petrol was ₦7 million only. But now the story has changed; a truck of petrol is now almost 43 million naira. So sad to hear, isn’t it?
Petrol Price in Nigeria from IPMAN to Citizens
The Independent Petroleum Marketer Association of Nigeria is selling petrol to Nigerians at an average price of ₦1200 as of the time of writing this article on 16th October 2024
Petrol Price in Nigeria in different states of Nigeria
The price of petrol varies from state to state in Nigeria today. The Independent Petroleum Marketer Association of Nigeria has said there will be a variation in price in different states of Nigeria due to distance coverage in transporting this product.
Below are the petrol prices in Nigeria today, 29th October 2024, in some states.
| State | Petrol Price |
|---|---|
| Abia | ₦1150 |
| Abuja | ₦1100 |
| Adamawa | ₦1300 |
| Anambra | ₦1100 |
| Bayelsa | ₦1150 |
| Benue | ₦1200 |
| Borno | ₦1200 |
| Cross River | ₦1200 |
| Delta | ₦1200 |
| Ebonyi | ₦1200 |
| Edo | ₦1200 |
| Ekiti | ₦1050 |
| Enugu | ₦1200 |
| Gombe | ₦1300 |
| Imo | ₦1150 |
| Jigawa | ₦1250 |
| Kaduna | ₦1100 |
| Kano | ₦1150 |
| Katsina | ₦1200 |
| Kebbi | ₦1200 |
| Kogi | ₦1200 |
| Kwara | ₦1300 |
| Lagos | ₦1050 |
| Nasarawa | ₦1150 |
| Niger | ₦1150 |
| Ogun | ₦1200 |
| Ondo | ₦1130 |
| Osun | ₦1100 |
| Oyo | ₦1100 |
| Plateau | ₦1180 |
| Rivers | ₦1160 |
| Sokoto | ₦1200 |
| Taraba | ₦1200 |
| Yobe | ₦1200 |
| Zamfara | ₦1200 |
Final Thought
The high cost of petrol has led to a great increase in the cost of so many goods because the Nigerian market relies directly on the petrol price. Initially, we thought the removal of fuel subsidies would help boost the Nigerian economy and alleviate the citizens suffering.
But the reverse is the case: the cost of things is now on the side. For the average Nigerian, the increase in petrol price means higher transportation costs. In Fact, some have to trek to their places of work.
From the table, we will observe that petrol prices are higher in the northern and eastern parts of the country where most of the filling stations sell at an average price of ₦1200. However, in the southern part of Nigeria, the price is a bit lower, with an average price of ₦1100.
The petrol prices across different states in Nigeria listed in the tables above are average prices. Thus, it is subject to variation. Now that you know the petrol price in Nigeria I am sure it will help you make informed journey plans and maximize savings.
