Recently, Nigerians have been experiencing turbulent times with the increase in the price of petrol in Nigeria due to the removal of fuel subsidy, which is directly affecting the cost of other goods and services in Nigeria.
This article is aimed at keeping you up-to-date with news about recent increases price of petrol in Nigeria and how much petroleum costs in each state in Nigeria.
CURRENT PRICE OF PETROL IN NIGERIA
The official pump price of petrol (PMS) in Nigeria is ₦617, though it varies by location, ranging from ₦600 to ₦700 per litre due to logistics and other factors.
However, the average price across the country is presently ₦630 per litre.
ABOUT PETROL IN NIGERIA
In the world, Nigeria is the sixth-largest exporter of petroleum as it is the biggest source of income.
Petroleum is an important product in Nigeria, and it is one of the commodities that define Nigeria’s economy.
Petrol has been a part of urban life from the very beginning. However, in recent years petrol has become more and more expensive because the oil companies charge a lot for the surplus of petrol created by using it.
In countries with lots of cars, like America, India or China, petrol is used much more than in some other countries. Petrol is also used to create electricity and heat in homes and other buildings.
Change in the price of petrol in Nigeria affects all other commodity prices in both microeconomics and macroeconomics indices.
HISTORY OF PETROLEUM PRICES IN NIGERIA
The price of petroleum in Nigeria has undergone many stages and prices under every leader and administration in Nigeria.
The table below shows the price of petroleum in Nigeria from 1973 till date.
| Leader | Year | Price (Naira/Kobo) | Percentage |
| Gowon | 1973 | 6k to 8.45k | 40.83% |
| Murtala | 1976 | 8.45k to 9k | 6.5% |
| Obasanjo | Oct. 1, 1978 | 9k to 15.3k | 70% |
| Shagari | April 20, 1982 | 15.3k to 20k | 30.72% |
| Babangida | March 31, 1986 | 20k to 39.5k | 97.5% |
| Babangida | April 10, 1988 | 39.5k to 42k | 6.33% |
| Babangida | Jan 1, 1989 | 42k to 60k | (42.86%) |
| Babangida | March 6, 1991 | 60k to70k | (16.67%) |
| Shonekan | (82 days in power)-Nov 8, 1993 | 70k to ₦5 | (614.29%) |
| Abacha | Nov 22, 1993 | N5 to ₦3.25k | (price dropped 35%) |
| Abacha | Oct 2, 1994 | ₦3.25k to N15 | (361.54%) |
| Abacha | Oct 4, 1994 | ₦15 to ₦11 | (price dropped 26.67%) |
| Abubakar | Dec 20, 1998 | ₦11 to ₦25 | (127.27%) |
| Abubakar | Jan 6,1999 | ₦25 to ₦20 | (price dropped 25 %) |
| Obasanjo | June 1, 2000 | ₦20 to ₦30 | (50%) |
| Obasanjo | June 8, 2000 | ₦30 to ₦22 | (price drops 26.67%) |
| Obasanjo | Jan 1, 2002 | ₦22 to ₦26 | (18.18%) |
| Obasanjo | June, 2003 | ₦26 to ₦42 | (61.54%) |
| Obasanjo | May 29, 2004 | ₦42 to ₦50 | (19.05%) |
| Obasanjo | Aug 25, 2004 | ₦50 to ₦65 | (30%) |
| Obasanjo | May 27, 2007 | ₦65 to ₦75 | (15.39%) |
| Yar’ Adua | June, 2007: | back to ₦65 | (price drops 15.39%) |
| Jonathan | Jan 1,2012 | ₦65 to ₦141 | (116.92%) |
| Jonathan | Jan 17, 2012 | ₦141 to ₦97 | (Price drops 31.21%) |
| Jonathan | Feb, 2015 | ₦97 to ₦87 | (price drops 10.31%) |
| Buhari | May 11, 2016 | ₦87 to ₦145 | (66.67%) |
Types of petrol vehicles
There are 3 types of petrol vehicles: cars, motorcycles, and trucks. Cars can go the furthest and have a range from 15 km to 500 km, which is usually less than 2 hours. Motorcycles can go between 15 km and 60 km, which is typically less than 1 hour. Trucks have a range from 10 km to 200 km, which is usually less than 8 hours.
How did petrol become so important
The invention of the combustion engine in 1867 changed the world forever. As a result, transportation became much more convenient and less expensive. Because of this, people can live further away from jobs and cities which means they can focus on their families or hobbies. In addition, the invention transformed warfare.
CONCLUSION
The price of petrol in Nigeria today has caused frustration, anger, and extortion on the part of fuel attendants.
Last Updated: October 2023
Take away:
When you’re driving, it’s easy to forget that the car uses a large amount of fuel. It’s important to remember that using less fuel than necessary can save a lot of money. You can use this information when purchasing your next car or starting your new business.
