Mercedes Mullins
The price of fuel in Nigeria has been a sensitive issue, with millions relying on generators due to an unstable electricity supply. In October 2024, Nigeria's state-owned oil company, NNPC Ltd, increased petrol prices by over 15%, marking the exit from a costly subsidy programme. This was the second hike in less than a month and the first time in three decades that Nigeria sold gasoline at full market prices. As of January 2024, the average price of gasoline in Nigeria was 668.3 Nigerian naira (NGN) per litre, a significant increase from the previous year.
| Characteristics | Values |
|---|---|
| Date | 14 July 2025 |
| Price of octane-95 gasoline per liter | 832.63 Nigerian Naira |
| Average price of gasoline in the world | 1971.07 Nigerian Naira |
| Average price of gasoline in Nigeria (as of January 2024) | 668.3 Nigerian Naira (NGN) per liter |
| Average price of gasoline in Nigeria (as of January 2023) | 257 NGN per liter |
| Price of gasoline in Lagos (as of 10 October 2024) | 998 Naira per liter |
| Price of gasoline in Abuja (as of 10 October 2024) | 1,030 Naira per liter |
| Price of gasoline paid by NNPC to Dangote Oil Refinery (as of 10 October 2024) | 898 Naira per liter |
Explore related products
What You'll Learn
Fuel prices in Lagos
As of July 14, 2025, the price of octane-95 gasoline in Nigeria is 832.63 Nigerian Naira per liter. This is significantly lower than the global average gasoline price, which is 1971.07 Nigerian Naira per liter.
Fuel prices can vary across different cities in Nigeria, and Lagos, being the country's largest city and a major economic hub, may have slightly different fuel prices compared to other regions. Several factors influence fuel prices in Lagos, including global oil prices, currency exchange rates, and local taxes.
Due to its vast oil reserves and production capacity, Nigeria enjoys relatively low fuel prices compared to many other countries. However, fluctuations in global oil prices can impact fuel costs in Lagos and across the country. When global oil prices rise, fuel prices in Lagos may also increase, and vice versa. Currency exchange rates also play a role, as the value of the Nigerian Naira against other major currencies can affect the imported cost of refined petroleum products.
Local taxes and government policies can also influence fuel prices in Lagos. Taxes on petroleum products may vary between states, and Lagos, as the commercial center of Nigeria, may have unique tax considerations. Additionally, the Nigerian government's fuel pricing regulations can impact the cost of fuel in Lagos. These regulations often aim to stabilize fuel prices and protect consumers from drastic price fluctuations.
While the base price of fuel in Nigeria may be relatively consistent across the country due to regulated fuel markets, the final price at the pump in Lagos may differ slightly from other cities due to transportation and distribution costs. The proximity to refineries and the efficiency of the local distribution network can impact the retail price of fuel in Lagos.
It's important to note that fuel prices in Lagos, and across Nigeria, can change over time. While regulated fuel markets aim for price stability, various economic and political factors can lead to price adjustments. Therefore, staying informed about the latest fuel price updates is essential for residents and businesses in Lagos.
Bunk Heaters: Fuel Consumption and Efficiency Explained
You may want to see also
Explore related products
Fuel prices in Abuja
Fuel prices in Nigeria vary depending on location and the type of fuel. In Abuja, the capital city of Nigeria, the price of diesel fuel influences the cost of agricultural operations and impacts the economy. As of the first week of September 2024, the diesel price in Abuja was N1,200 per litre at Deroll Synergy Oil and Gas Ltd, while the average diesel fuel price in Nigeria was N1,240 per litre. The diesel price in the city is reflective of the ongoing economic conditions and the dynamics within the global oil market.
The price of gasoline in Abuja has also fluctuated in 2025. From March 10 to June 16, 2025, the average gasoline price was 865.30 Nigerian Naira per litre, with a minimum of 838.73 on March 17 and a maximum of 907.60 on March 24. These prices are specific to Octane-95 gasoline and are sourced from government, regulatory, and industry data.
The diesel price in Abuja has significant implications for various sectors. For example, the transportation sector relies heavily on diesel for commercial vehicles, and an increase in diesel prices can lead to higher operational costs and, subsequently, increased fares and freight charges. Industries that depend on diesel for machinery and generators will also experience higher production costs, potentially affecting the pricing of goods and services.
Farmers, in particular, feel the impact of diesel prices in Abuja, as they use diesel-powered equipment for irrigation, ploughing, and transportation of produce. The high cost of diesel fuel can translate into higher food prices and an overall increase in the cost of farming. To manage these challenges, consumers and businesses may seek ways to enhance energy efficiency, such as using fuel-efficient vehicles and adopting energy-saving practices.
Wind Turbine Energy: Fuel Usage and Efficiency
You may want to see also
Explore related products
NNPC fuel stations
The price of fuel in Nigeria varies depending on the grade of fuel and the location of purchase. As of July 14, 2025, the price of octane-95 gasoline was 832.63 Nigerian Naira per liter, while the average global price for the same period was 1971.07 Nigerian Naira.
In response to the rise in fuel prices, Nigeria has been expanding its network of natural gas stations to provide an alternative fuel source for vehicles and industries. Nigeria's state oil firm, NNPC, has been at the forefront of this initiative, partnering with local firms to increase access to compressed natural gas (CNG).
As of May 30, 2024, NNPC had announced plans to build six new CNG service plants in collaboration with local firms like Axxela and NIPCO Gas. This expansion aims to increase access to alternative fuel, lower transportation costs, and promote the use of cleaner energy sources.
The first CNG station commissioned by NNPC was in Lagos, with a capacity to serve around 3,700 cars daily and supply gas to industries. To further promote the adoption of CNG, NNPC has donated 35 CNG buses to the Presidential Initiative and continues to work with oil marketing firms to boost the availability of CNG for vehicles and power generation.
The 737's Fuel Capacity: How Much Can It Hold?
You may want to see also
Explore related products
Dangote Oil Refinery
The price of fuel in Nigeria varies, with some sources citing the cost of petrol per litre at ₦898.78. However, the focus of this discussion is the Dangote Oil Refinery, which has revealed that lifting fuel from its refinery is more costly than importing from neighbouring countries like Togo due to port and discharge fees. This has led to criticism of the refinery's pricing and operational systems.
The Dangote Refinery, owned by the Dangote Group, was inaugurated on 22 May 2023 in Lekki, Nigeria, with an investment of over $19 billion. It is expected to have a capacity of processing 650,000 barrels of crude oil per day when fully operational, making it the largest single-train refinery in the world. The refinery is situated on a vast 6,180-acre site within the Lekki Free Trade Zone and is supplied by the world's largest sub-sea pipeline infrastructure, stretching 1,100 kilometres.
The refinery has faced challenges in securing steady crude supplies, and its profitability has been questioned due to Nigeria's currency devaluation. In July 2022, the group had to borrow 187 billion naira (approximately $442 million) to complete the refinery. Despite these setbacks, the Dangote Refinery is designed to meet 100% of Nigeria's oil needs and will also have a surplus for export.
In September 2023, the refinery announced plans to start producing diesel and kerosene in October, followed by gasoline a month later. However, delays in crude oil supply prevented the start of operations as scheduled. The refinery eventually received its first delivery of 1 million barrels of crude oil in December 2023 and began producing diesel fuel and aviation fuel in January 2024.
The complexity of the Dangote Refinery is notable, with a Nelson complexity index of 10.5, higher than the average for refineries in the United States and Europe. When fully operational, it is expected to provide 135,000 permanent jobs in the region.
Fuel Band Booking: What's the Price Tag?
You may want to see also
Explore related products
Fuel subsidies
In May 2023, President Bola Tinubu announced the end of the fuel subsidy, stating that the "subsidy can no longer justify its ever-increasing costs in the wake of drying resources". The removal of the subsidy caused petrol prices to triple, increasing transport costs and stoking inflation, which angered motorists. The subsidy was costing the government around ₦400 billion (about $500 million) monthly.
Despite numerous attempts at reform, Nigeria has never successfully removed petrol subsidies due to strong popular opposition. The subsidies have been in place for decades, with the country importing refined petroleum at a substantial cost, which the government subsidised.
Nigeria will likely spend 5.4 trillion naira ($3.7 billion) in 2024 to keep petrol prices fixed, a 50% increase from 2023. The government plans to borrow an extra 6.6 trillion naira to plug gaps in its budget.
The removal of the subsidy is expected to have a positive environmental impact, with Nigeria projected to conserve more than 15 million tonnes of CO2 each year, helping the nation attain its commitments to the Paris Agreement.
Understanding Fuel Consumption of D8 Dozers
You may want to see also
Frequently asked questions
As of October 2024, the price of gasoline in Nigeria ranges from 998 to 1,030 Nigerian Naira per litre.
The current world price of gasoline is 1971.07 Nigerian Naira per litre, which is more than double the price in Nigeria.
In January 2024, the average price of gasoline in Nigeria was 668.3 Nigerian Naira per litre.
In 2024, Nigeria's state-owned oil company, NNPC, increased fuel prices by over 15% to cut government expenditure. This was the second hike in less than a month and the first time in three decades that Nigeria sold gasoline at full market prices.
![[2 Pack]RKX Gas cap replacement seal Fuel comaptible with Audi Volkswagen VW mk4 mk5 mk6 B5 b6 b7 b8 petrol](https://m.media-amazon.com/images/I/51TF760oNlL._AC_UL320_.jpg)
![Tubing Carburetor Fuel Vent Line, 5mm(0.2") ID 8mm(0.31") OD 1.5m(5') Long Polyurethane Gas Oil Tube for ATV/Go Kart/Dirt Bike, Universal Petrol Pipe Replacement [Clear]](https://m.media-amazon.com/images/I/614cOC+aEqL._AC_UL320_.jpg)
