Are you here for the recent Petrol or fuel price? Well, you are in the right place. But first, what is petrol, and what is its usefulness?
Petrol, known as fuel in Nigeria, is crucial for many purposes, including Vehicles, motorcycles, Generators, and many others, to function properly. That being said, it proves that Fuel is a very important necessity in our day-to-day lives. Therefore, price increases or decreases are important factors affecting this necessity. In this article, we will give you the prices of Petrol in different states in Nigeria and further explain what affects the price of Fuel.
Recent Petrol in Nigeria Today
The Official Pump Price of Petrol (PMS) sold petrol at #557 per liter, as the Nigerian National Petroleum Company Limited (NNPCL) mandated on 17 July 2024. This massive change was due to the removal of fuel subsidies by the current president of Nigeria, which skyrocketed the fuel price from #195 to the current expensive price per liter.
Are you confused about what a fuel subsidy is? Well, let me break it down. A fuel subsidy is the government’s way of helping citizens by paying a good percentage of what they consume. Previously, the government paid for a greater percentage of the fuel, leaving the consumers to pay little. However, with the fuel subsidy removed, the citizens are left to pay fully without help from the government.
With that clarification, let’s dive into the main topic: fuel prices vary in different locations and states in Nigeria. The prices are not the same, but that doesn’t mean that the inhabitants of some of the higher-priced states/locations are being cheated; many things might lead to higher prices than in other states.
Below are the states and their various fuel prices
| State | Petrol Pump Price (₦) |
|---|---|
| Lagos | ₦488 |
| Ogun | ₦500 |
| Oyo | ₦500 |
| Osun | ₦500 |
| Ondo | ₦500 |
| Ekiti | ₦500 |
| Kwara | ₦515 |
| Abia | ₦515 |
| Imo | ₦515 |
| Akwa Ibom | ₦515 |
| Bayelsa | ₦515 |
| Rivers | ₦511 |
| Cross River | ₦511 |
| Edo | ₦511 |
| Delta | ₦511 |
| Ebonyi | ₦520 |
| Anambra | ₦520 |
| Enugu | ₦520 |
| Abuja (FCT) | ₦537 |
| Plateau | ₦537 |
| Nasarawa | ₦537 |
| Kogi | ₦537 |
| Benue | ₦537 |
| Niger | ₦537 |
| Sokoto | ₦540 |
| Katsina | ₦540 |
| Kaduna | ₦540 |
| Kano | ₦540 |
| Jigawa | ₦540 |
| Zamfara | ₦540 |
| Kebbi | ₦545 |
| Adamawa | ₦550 |
| Bauchi | ₦550 |
| Taraba | ₦550 |
| Gombe | ₦550 |
| Borno | ₦557 |
| Yobe | ₦557 |
Factors Affecting the Price of Petrol in Nigeria
As I said earlier, I will give you the factors that affect Petrol Prices in Nigeria. Petrol prices don’t increase or decrease without a reason, and this is what we will discuss below, so read and understand.
The first is:
Exchange Rate: Many people don’t understand how the dollar and naira rates can seriously affect the prices of products and Petrol. Well, I will break it down for you. If the dollar rate rises and the naira decreases, it will make the cost of imports expensive. In return, distributors will increase their prices to recover their money, as will the chain, until it gets to the last consumer.
Supply and Demand: The supply and demand factor can be hindered by many circumstances. For example, Refinery problems, Pipeline vandalism, etc., can affect the supply chain. Demand fluctuation, which can be affected by seasonal changes and commercial activities, can also affect the price of petrol. If Supply is limited, whereas demand is higher, the prices will be affected.
Global Oil Prices: You should know that Refined petroleum products are being imported into Nigeria, which is caused by limited refining capacity in Nigeria. Therefore, the Increase or decrease in petrol solely depends on the International market price of crude oil, which can fluctuate depending on global supply and demand dynamics and geopolitical events. Also, remember how the exchange rate affects the price of petrol? This is also one of the reasons why the exchange rate is highly important.
Subsidy Policy: I mentioned and explained about subsidy at the beginning of this article, so you should know that the subsidy policy plays a huge role in the Petrol price.
With that being said, we have come to the end of this article, and I am going to enlighten you more on that one question that is currently on your mind: Why is the price of petrol different in different locations in Nigeria? Well, if your location/state sells higher or cheaper, some things can cause it to be so, such as the transportation costs, the price of other products in your location (if things are expensive or not), and the local taxes, this lot can either make petrol price cheap or more expensive than others.
We hope you find this article useful and enlightening. For other prices on products in Nigeria, visit our website todayprice.ng.