Price of Petrol in Nigeria Today (October 2022)

Recently, Nigerians have been undergoing turbulent times with the increase in the price of petrol in Nigeria today which is directly affecting the cost of other goods and services in Nigeria. 

There has been uproar in the increase in the price of petroleum in Nigeria from N165 to above ₦170 selling price in different states 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 price of petrol in Nigeria has suddenly increased as fuel station operators hike their pump price from ₦165 per litre to over ₦170 per litre on average in different states in Nigeria.

Currently, in Nigeria, the official pump price of petrol (PMS) is N165.

ABOUT PETROL IN NIGERIA

In the world, Nigeria is the sixth-largest exporter of petroleum as it is the biggest source of her 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. 

LeaderYearPrice (Naira/Kobo)Percentage
Gowon19736k to 8.45k40.83%
Murtala19768.45k to 9k6.5%
ObasanjoOct. 1, 19789k to 15.3k 70%
ShagariApril 20, 198215.3k to 20k30.72%
BabangidaMarch 31, 198620k to 39.5k97.5%
BabangidaApril 10, 198839.5k to 42k6.33%
BabangidaJan 1, 198942k to 60k(42.86%)
BabangidaMarch 6, 199160k to70k(16.67%)
Shonekan(82 days in power)-Nov 8, 199370k to ₦5(614.29%)
AbachaNov 22, 1993N5 to ₦3.25k(price dropped 35%)
AbachaOct 2, 1994₦3.25k to N15(361.54%)
AbachaOct 4, 1994₦15 to ₦11(price dropped 26.67%)
AbubakarDec 20, 1998₦11 to ₦25(127.27%)
AbubakarJan 6,1999₦25 to ₦20(price dropped 25 %)
ObasanjoJune 1, 2000₦20 to ₦30(50%)
ObasanjoJune 8, 2000₦30 to ₦22(price drops 26.67%)
ObasanjoJan 1, 2002₦22 to ₦26(18.18%)
ObasanjoJune, 2003₦26 to ₦42(61.54%)
ObasanjoMay 29, 2004₦42 to ₦50(19.05%)
ObasanjoAug 25, 2004₦50 to ₦65(30%)
ObasanjoMay 27, 2007₦65 to ₦75(15.39%)
Yar’ AduaJune, 2007:back to ₦65(price drops 15.39%)
JonathanJan 1,2012₦65 to ₦141(116.92%)
JonathanJan 17, 2012₦141 to ₦97(Price drops 31.21%)
JonathanFeb, 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 are able to live further away from jobs and cities which means they can focus on their families or hobbies. In addition, the invention transformed warfare. No longer was it just about gunpowder and spears; with huge engines coming into use, airships were built and guns were mounted on battleships.

CONCLUSION

The price of petrol in Nigeria today has caused frustration, anger, and extortion on the part of fuel attendants. 

The price of petroleum in Nigeria varies from state to state. The latest price of petrol in Nigeria is in the range of ₦165 to ₦170.

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.



Leave a Comment

You cannot copy