Regan Brown
As of 28 July 2025, the price of octane-95 gasoline in Nigeria was 816.67 Nigerian Naira per litre. This is significantly lower than the global average, which stands at 1971.18 Nigerian Naira.
| Characteristics | Values |
|---|---|
| Price of 1 litre of octane-95 gasoline in Nigeria | 816.67 Nigerian Naira |
| Average price of gasoline in the world | 1971.18 Nigerian Naira |
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What You'll Learn
Global petrol prices
As of 28 July 2025, the price of octane-95 gasoline in Nigeria was 816.67 Nigerian Naira per litre. This is significantly lower than the global average gasoline price of 1971.18 Nigerian Naira per litre.
Some countries have regulated fuel markets, where prices are updated less frequently and remain stable over time. In contrast, other countries may experience more volatile fuel prices due to various economic factors and energy market dynamics. GlobalPetrolPrices.com, a website dedicated to tracking retail energy prices, provides monthly forecasts and country-level analytical reports to help businesses and individuals stay informed about energy costs worldwide.
The website offers fuel price series data from 2014 onwards, along with matching exchange rates and crude oil prices. Additionally, electricity and natural gas prices for household and business customers are available for download from 2018. Global petrol prices are influenced by the interaction of supply and demand, with oil-producing countries and organisations like OPEC playing a significant role in the market.
The cost of fuel has a direct impact on transportation costs, influencing the prices of goods and services that rely on road, air, or sea transport. Additionally, the transition to alternative energy sources and the adoption of electric vehicles can also shape the global demand for petrol and, consequently, its price.
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Octane-95 gasoline
As of July 2025, the price of Octane-95 gasoline in Nigeria is 816.67 Nigerian Naira per litre. This is a significant increase from the average price of gasoline in the country in January 2024, which was 668.3 Nigerian Naira per litre.
The price of Octane-95 gasoline in Nigeria appears to fluctuate. For example, in Abuja, between March 10, 2025, and June 16, 2025, the average price was 865.30 Nigerian Naira per litre, with a minimum of 838.73 on March 17, 2025, and a maximum of 907.60 on March 24, 2025.
The price of Octane-95 gasoline in Nigeria is notably higher than the average price of gasoline worldwide, which is 1971.18 Nigerian Naira per litre as of July 28, 2025.
The variation in fuel prices can be influenced by various factors, including market dynamics, oil prices, taxes, and exchange rates. These factors can cause prices to fluctuate over time and vary across different regions within Nigeria.
It is worth noting that the prices mentioned above may not include sales tax or other applicable fees, which can further impact the total cost of purchasing Octane-95 gasoline in Nigeria.
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Naira per litre
The price of fuel in Nigeria, as of October 2024, is over 1,000 Nigerian Naira per litre. This is a recent increase from the former price of 998 Naira per litre. The price of fuel in Nigeria has been steadily increasing over the past year. For example, in January 2023, the average price of petrol in the country was 257 Naira per litre, and in May 2023, it was 197 Naira per litre.
Many factors influence the fluctuating fuel costs in Nigeria. Firstly, as petroleum products are mostly imported, fluctuations in the exchange rate, particularly the value of the Naira against major currencies like the US dollar, impact the cost of importing petrol. Government policies, such as the removal or reintroduction of fuel subsidies, taxation, and regulations, also play a significant role in determining petrol prices. For instance, after President Bola Tinubu's announcement on 29 May 2023, that the government would no longer pay petrol subsidies, marketers raised the petrol price to 540 Naira per litre within 24 hours.
Additionally, market competition among petrol marketers, both major and independent, can impact prices. Major marketers often have more resources and better access to imported products, allowing them to control prices to a certain extent. Taxes, levies, and duties imposed by the government, including import duties, Value-Added Tax (VAT), and other regulatory charges, also contribute to the final price of petrol.
Other factors include supply and demand dynamics within the country. Disruptions in supply, such as pipeline vandalism or refinery issues, can lead to shortages and price hikes. Transportation costs from refineries or import terminals to petrol stations also affect the final retail price, with factors like fuel efficiency, road conditions, and distance playing a role.
It is worth noting that fuel prices can vary across different cities in Nigeria. For example, as of October 2024, the price of petrol in Lagos was 1,025 Naira per litre, while in Abuja, it was 1,060 Naira per litre.
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Average world prices
As of August 4, 2025, the average price of gasoline around the world is 1.28 US dollars per litre. However, prices vary significantly from country to country. For instance, the price of gasoline in Nigeria is 816.67 Nigerian Naira per litre, which is equivalent to approximately 1.97 US dollars.
In general, richer countries tend to have higher fuel prices, while poorer countries and oil-producing/exporting nations often have significantly lower prices. An exception to this trend is the United States, which is an economically advanced country with relatively low gas prices. These differences in fuel prices across countries can be attributed to variations in taxes and subsidies. While all countries have access to the same international petroleum prices, the imposition of different taxes leads to disparities in the final retail price of gasoline.
For example, as of August 4, 2025, the price of Octane-95 gasoline in the United States is 1.01 US dollars per litre. In contrast, countries like Hong Kong and Norway have significantly higher fuel prices, with Octane-95 gasoline costing 2.37 and 2.49 US dollars per litre, respectively.
It is worth noting that the frequency of fuel price updates also varies by country. Some countries update their fuel prices weekly, while others with regulated fuel markets, like Nigeria, update their prices on a monthly basis as prices tend to remain stable over shorter periods.
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Fuel market regulation
As of 28 July 2025, the price of octane-95 gasoline in Nigeria is 816.67 Nigerian Naira per litre. This is significantly lower than the average global price of 1971.18 Nigerian Naira per litre.
Nigeria's fuel market is highly regulated. The Federal Government controls the industry through its regulatory agencies, which dominate the distribution and provision of refined petroleum products. This has resulted in an oligopolistic sector where the foremost dealers influence the market developments, leaving independent marketers struggling to satisfy consumer demands.
The Petroleum Products Pricing Regulatory Agency (PPPRA), established by the 2003 Petroleum Products Pricing Regulatory Agency Act, is responsible for fixing the pricing policy of petroleum commodities. It aims to promote stability in the oil sector by standardising allocation and supply through benchmark prices. However, the sector has been criticised for its lack of transparency and corruption, with calls for total deregulation to encourage competition and end fuel scarcity.
Nigeria is a signatory to the Paris Agreement and has committed to decarbonisation and net-zero emissions by 2060. The country's Energy Transition Plan outlines a strategy to achieve this target, including initiatives such as the Compressed Natural Gas (CNG) Initiative, which aims to leverage natural gas as a cleaner alternative to traditional fossil fuels. The government is also taking steps to reduce gas flaring and encourage the development of low-carbon alternatives.
In April 2024, Nigeria's oil regulator, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), clarified that recent changes to fuel sulphur content standards for diesel were part of a regional harmonisation effort. NMDPRA chief Farouk Ahmed stated that the new limits comply with the 2020 decision by the Economic Community of West African States (ECOWAS) to mandate a gradual shift to cleaner fuels across the region.
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Frequently asked questions
One litre of octane-95 gasoline fuel in Nigeria costs 816.67 Nigerian Naira.
The global average price of gasoline is 1971.18 Nigerian Naira per litre, making fuel in Nigeria significantly cheaper.
The unit of currency in Nigeria is the Nigerian Naira, often abbreviated as NGN or simply N.
With 1000 Nigerian Naira, you can purchase approximately 1.22 litres of octane-95 gasoline fuel.
Fuel prices vary across countries and are influenced by various factors, including market regulations. Some countries with regulated fuel markets experience less frequent price changes, while others may have more dynamic pricing.
