Nigeria ranks sixth globally in terms of petroleum exports. Petroleum should, of course, be a major product for the nation. In actuality, petrol is a commodity that adequately defines Nigeria’s economy. But what is the price of petrol today?
Petrol price fluctuations have a significant impact on both the macro and microeconomic indices of the country. Crude oil, its principal material, serves as the foundation of the country’s economy.
Given how many applications petrol has, it is clear that any rise will undoubtedly have an impact on people. Here, we’ll go over the petrol price in Nigeria right now.
What Is The Current Price Of Petrol Today?
In Nigeria, the official pump price of petrol (PMS) is currently N617. However, the product currently sells for prices varying from N600 to N700 per litre across the nation due to logistics and other location-specific variables. Right now, the national average price of petrol is N630 per litre.
Factors Affecting The Price Of Petrol
Many factors, both internal and external, affect the price of petrol in Nigeria. Among the key elements are:
1. World oil prices:
Nigeria is an important supplier of crude oil, but because the nation does not have any operational refineries, it also imports processed petroleum products. Because of this, the price of petrol in Nigeria is mostly influenced by the price of crude oil on the global market, which is set by supply and demand as well as developments in geopolitics. The cost of importing petrol rises together with global oil prices, impacting domestic petrol price.
2. Exchange rate:
The value of the naira relative to the US dollar, which is the currency used for international oil transactions, is another factor that influences the price of petrol in Nigeria. The price of importing petrol increases as the naira weakens vs the dollar, which has an impact on the price of petrol domestically.
3. Supply and demand:
The price of petrol in Nigeria is also influenced by supply and demand. The price of petrol is likely to increase when there is a shortage of the fuel owing to things like refinery malfunctions, pipeline vandalism, or delays in imports. When there is a strong demand for petrol owing to factors like urbanisation, population growth, or economic activity, the price of petrol also is likely to rise.
4. Subsidy policy:
For a number of years, the Nigerian government has been providing petrol subsidies to lower the cost of transportation for the general public and to reduce the consequences of poverty and inflation. On the other hand, the subsidy policy has also come under fire for being corruptible, ineffective, and unsustainable. When the government said in 2023 that petrol subsidies would no longer be provided, the price of petrol shot up from N195 to N617 per litre. The government stated that by eliminating subsidies, billions of naira will be saved and used to fund infrastructure, healthcare, and education, among other economic areas.
Ways To Save Petrol
1. Driving less:
You can cut down on your gas usage by avoiding unnecessary trips and, whenever suitable, using public transit, cycling or walking as alternatives to driving. Additionally, by organising your travels in advance, you can steer clear of pointless detours and delays in traffic that could raise your petrol use.
2. Driving responsibly:
Another way to cut down on petrol usage is to drive responsibly and develop fuel-saving behaviours. Some of these behaviours include staying in the right gear, avoiding abrupt stops or acceleration, turning off the engine when it’s not in use, and closing the windows while travelling at high speeds.
3. Car maintenance:
By giving your car regular attention and making sure it’s in good shape, you may also cut down on how much petrol you spend. As advised by your manufacturer, you should tune up your engine, check and replace your air filter, spark plugs, tyres and oil. Additionally, you should stay away from filling your car to the brim or adding extra stuff, as these actions could result in you using more petrol.
Top Recommended Filling Stations To Buy Petrol From
1. Total Filling Station
Total, one of Nigeria’s wealthiest filling stations, operates 600 locations across 36 states. Established in 1956 in Yaba, Lagos, Total aims to provide top-notch goods and excellent customer support. With over 50 years of experience, Total is a leading provider of fuel and convenience in Nigeria.
2. Oando Filling Station
Nigeria’s NNPC, formerly Oando, is a prominent oil and gas company and one of the largest petrol stations in Africa. With at least one station in every state, Oando has become one of Nigeria’s top petrol stations. Established in 1956, Oando has locations in major cities and is backed by Omamofe Boyo and Adewale Tinubu. As an independent firm, Oando continues to grow in popularity.
3. NNPC Filling Station
The Nigerian National Petroleum Commission (NNPC), owned by the federal government, manages 500 filling stations across Nigeria. Since its retail launch in 2000, NNPC has been providing top-notch services to its customers. With a presence in every state, NNPC has a significant role in providing the best possible service to its customers. With a focus on providing the best possible experience for Nigerians, NNPC is a trusted service provider.
4. MRS Filling Station
MRS Holdings, previously Chevron, owns the MRS fueling station in Nigeria, which is located in every major city. The business, founded in 1969, provides fuel to numerous businesses and offers a wide range of lubricants and aviation fuel, alongside other essential products.
5. Mobil Filling Station
Mobil, Nigeria’s third-richest petrol station, is owned by multinational company ExxonMobil. Its fuel meters are impressive and are found in various locations across the country. Mobil stations are more in South South states like Cross Rivers, Akwa Ibom, and Rivers, but also in Lagos, Imo, and Delta.
6. Conoil Filling Station
Conoil, a Nigerian oil and gas corporation with over 26 years of experience, is one of the largest businesses in the country. Located in Victoria Island, Lagos State, it sells petrol, diesel, kerosene, aviation fuel, and low-pour fuel, with its headquarters in Victoria Island.
How Much Is A Bag Of Cement: Latest Price Update
Ring Light: The Current Price In Nigeria
Gas Cylinder: 2024 Latest Price