Latest Price of Petrol (Per Litre) in Nigeria Today – 11 May 2024

Petrol (Fuel) is one of the most essential commodities in Nigeria, as it powers various aspects of the economy and daily life.

However, the price of petrol has been fluctuating over the years, due to various factors such as global oil prices, exchange rates, subsidy policies, and supply and demand.

In this article, we will look at the current price of petrol in Nigeria, the factors that affect it, and some frequently asked questions about it.

Current Price of Petrol in Nigeria

According to the Nigerian National Petroleum Company Limited (NNPCL), the official pump price of petrol (PMS) in Nigeria is ₦557 per litre. This was after the removal of subsidy on the commodity by the government, which led to a significant increase in the price from N195 per litre.

However, due to logistics and other factors that vary by location, the actual price of petrol may differ across the country. 

According to a Survey by Okay.ng, a website that tracks the prices of various goods and services in Nigeria, the commodity presently goes for prices ranging from N600 to N700 per litre across the country. The over-the-country average price of petrol is presently N630 per litre.

The table below shows the prices of petrol in all 36 states and FCT in Nigeria as of May 11, 2024.

Certainly! Here’s the information in a table format:

Please take note, that these prices are subject to changes in different stations across the country.

Factors Affecting the Price of Petrol in Nigeria

The price of petrol in Nigeria is influenced by a number of factors, both internal and external. Some of the major factors are:

• Global oil prices: Nigeria is a major exporter of crude oil, but also imports refined petroleum products due to the lack of functional refineries in the country. Therefore, the price of petrol in Nigeria is largely dependent on the international market price of crude oil, which is determined by the forces of supply and demand, as well as geopolitical events. When the global oil prices rise, the cost of importing petrol also increases, which affects the domestic price of petrol.
• Exchange rate: Another factor that affects the price of petrol in Nigeria is the exchange rate of the naira to the US dollar, which is the currency used for international oil transactions. When the naira depreciates against the dollar, the cost of importing petrol also rises, which affects the domestic price of petrol.
• Subsidy policy: The government of Nigeria has been subsidizing the price of petrol for many years, in order to make it affordable for the masses and cushion the effects of inflation and poverty. However, the subsidy policy has also been criticized for being unsustainable, inefficient, and prone to corruption. In 2023, the government announced the removal of subsidy on petrol, which led to a sharp increase in the price of petrol from N195 to N617 per litre. The government claimed that the subsidy removal would save the country billions of naira, which would be invested in other sectors of the economy, such as infrastructure, health, and education.
• Supply and demand: The supply and demand of petrol in Nigeria also affect its price. When the supply of petrol is low, due to factors such as pipeline vandalism, refinery breakdown, or import delays, the price of petrol tends to rise. When the demand for petrol is high, due to factors such as population growth, urbanization, or economic activities, the price of petrol also tends to rise.

Frequently Asked Questions about the Price of Petrol in Nigeria

Here are some of the common questions that people ask about the price of petrol in Nigeria, and their answers:

• Q: Why is the price of petrol different in different locations in Nigeria?
• A: The price of petrol may vary in different locations in Nigeria due to factors such as transportation costs, taxes, levies, margins, and market forces. For instance, petrol may be more expensive in remote areas than in urban areas, due to the higher cost of transporting the product. Petrol may also be more expensive in some states than in others, due to the different taxes and levies imposed by the state governments. Additionally, petrol may be more expensive in some filling stations than in others, due to the different margins and market forces that determine the price.
• Q: How can I find the cheapest petrol in my area?
• A: One way to find the cheapest petrol in your area is to compare the prices of different filling stations near you, and choose the one that offers the lowest price. However, you should also consider the quality and quantity of the petrol, as some filling stations may sell adulterated or under-dispensed petrol, which may damage your vehicle or reduce its efficiency.
• Q: How can I save money on petrol consumption?
• A: There are several ways to save money on petrol consumption, such as:
  • Driving less: You can reduce your petrol consumption by driving less, and opting for alternative modes of transportation, such as public transport, cycling, or walking, whenever possible. You can also plan your trips ahead, and avoid unnecessary detours or traffic jams, which may increase your petrol consumption.
  • Driving efficiently: You can also reduce your petrol consumption by driving efficiently, and adopting some fuel-saving habits, such as maintaining a steady speed, avoiding sudden acceleration or braking, using the correct gear, switching off the engine when idle, and keeping the windows closed when driving at high speeds.
  • Maintaining your vehicle: You can also reduce your petrol consumption by maintaining your vehicle regularly, and ensuring that it is in good condition. You should check and change your oil, air filter, spark plugs, and tyres, as well as tune up your engine, as recommended by your manufacturer. You should also avoid overloading your vehicle, or carrying unnecessary items, which may increase your petrol consumption.