Nigeria's Fuel Price Evolution: Africa's Giant - A Decade in Review (2014 till date)
- Simon Zaku
- Jan 4
- 2 min read
Updated: Jan 9
Nigeria's Fuel Price Evolution: Africa’s Giant – A Decade in Review (2014 Till Date)
Growing up, I vividly recall when a liter of petrol in Nigeria was priced at ₦250. Today?
It's at ₦1,100+ per liter!
Over the years, we've witnessed a consistent rise in fuel prices, reaching approximately ₦1,150 per liter today.
This ibifoundry page delves into the historical and current landscape of fuel pricing in Nigeria, providing insights into various related aspects.
Nigeria's fuel pricing has experienced significant fluctuations over the past decade, influenced by economic policies, global market dynamics, and domestic factors.
Let's delve into the evolution of fuel prices in Nigeria from 2014 to 2024.
Table of Contents
Introduction
Current Fuel Prices in Nigeria
Historical Fuel Prices Over the Past Decade
International Fuel Price Comparisons
Dangote Refinery Status
Calculating Fuel Costs
Fuel Consumption Insights
Additional Information
Conclusion
Current Fuel Prices in Nigeria
As of today:
Petrol (PMS): ₦1,184.83 per liter - Global Petrol Prices
Diesel: ₦1,200 per liter - Deroll Synergy
Historical Fuel Prices Over the Past Decade
2014: ₦97 per liter
2015: ₦87 per liter
2016: ₦145 per liter
2017: ₦145 per liter
2018: ₦145 per liter
2019: ₦145 per liter
2020: ₦162 per liter
2021: ₦165 per liter
2022: ₦170 per liter
2023: ₦617 per liter
2024: ₦1,184.83 per liter
2025: ₦990 per liter
Note: Fuel prices are subject to change due to market dynamics and government policies. For the most current information, refer to official sources or trusted news outlets.
International Fuel Price Comparisons
United States: Approximately $0.61 per liter (Trading Economics)
Dubai: Data not specified in the provided sources
Dangote Refinery Status
As of September 2024, the Dangote Refinery has commenced operations, aiming to reduce Nigeria's dependence on imported refined petroleum products. (Financial Times)
Calculating Fuel Costs
To determine your fuel expenses:
Identify Your Vehicle's Fuel Efficiency: Measured in kilometers per liter (km/l).
Estimate Distance: Calculate the total kilometers you plan to travel.
Compute Fuel Needed: Divide the total distance by your vehicle's fuel efficiency to get the liters required.
Calculate Cost: Multiply the liters needed by the current fuel price per liter.
Example:
Fuel Efficiency: 10 km/l
Distance: 100 km
Fuel Needed: 100 km ÷ 10 km/l = 10 liters
Total Cost: 10 liters × ₦1,184.83/liter = ₦11,848.30
Fuel Consumption Insights
1 Liter of Fuel: The distance covered varies based on vehicle efficiency. For instance, a car with a fuel efficiency of 15 km/l can travel 15 kilometers on one liter.
Additional Information
PMS (Premium Motor Spirit): Commonly known as petrol or gasoline in Nigeria.
Fuel Prices in Nigeria (1999-2023): Detailed historical data can be found in various economic reports and publications.
Conclusion
The trajectory of fuel prices in Nigeria reflects a complex interplay of global oil markets, domestic policies, and infrastructural developments.
Staying informed about these changes is crucial for budgeting and making informed decisions.
Note: Fuel prices are subject to change due to market dynamics and government policies. For the most current information, refer to official sources or trusted news outlets.
Simon Taki Zaku,
Founder, CEO, IbiFoundry.com.ng
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