Current Petrol Price Per Litre in Nigeria as of March 24, 2024

 

The current price of petrol in Nigeria, the factors that influence it, and some frequently asked questions about it will all be covered in this article. Global oil prices, exchange rates, supply and demand, and other factors are just a few of the factors that have caused the price of petrol to fluctuate over time.

The official pump price of petrol (PMS) in Nigeria is N617 per litre, according to the Nigerian National Petroleum Company Limited (NNPCL).

 This is a significant increase from N195 per litre, which was the price of the commodity prior to the government's removal of the subsidy.

However, the real cost of gas may vary across the nation due to logistics and other location-specific variables.


According to a survey conducted by Okay.ng, a website that monitors the costs of different commodities and services in Nigeria, the item is currently sold for between N600 and N700 per liter nationwide. Right now, the average cost of gasoline across the nation is N630 per liter.

The gasoline prices in Nigeria's 36 states and Federal Capital Territory (FCT) as of March 24, 2024 are displayed in the table below.

The state price of Abia is 687.50 per liter

.Adomawa 632.12 Per Litre

Anambra: 680.00 per litter; 

Bauchi: 671.40 per litter; 

Akwa Ibom: 677.00 per litter;

Bayelsa Per Litre: 650.00673.00/liter 

Benue 632.84/liter Borno Birtho

Cross River 657.27 Per Litre663.33/L or Delta 665.63/L or higher

Ebonyi 638.71 Per Litre

 Edo 662.00 Per Litre 

Ekiti 651.33 Per Litre 

Enugu 673.87 Per Litre 

Gombe 703.00 Per Litre

 Imo 687.00 Per Litre 

Jigawa 679.67 Per Litre

 Kaduna 670.00 Per Litre

 Kano 678.27 Per Litre 

Katsina 680.40 Per Litre

 Kebbi 796.67 Per Litre 

Kogi 626.79 Per Litre 

Kwara 614.90 Per Litre

 Lagos 663.05 Per Litre 

Nassarawa 629.32 Per Litre 

Niger 624.04 Per Litre 

Ogun 653.11 Per Litre 

Ondo 653.02 Per Litre 

Osun 658.77 Per Litre 

Oyo 662.53 Per Litre 

Plateau 670.00 Per Litre

 Rivers 674.55 Per Litre

 Sokoto 664.80 Per Litre 

Taraba 704.11 Per Litre 

Yobe 675.55 Per Litre 

Zamfara 771.43 Per Litre

Please be aware that these costs could change across various stations around the nation.

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Factors Influencing Nigeria's Gas Prices

Numerous internal and external factors affect the price of gasoline in Nigeria. Among the crucial elements are:

World oil prices: Nigeria is a significant 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 gasoline 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 gasoline rises in tandem with global oil prices, impacting domestic gasoline prices.

Exchange rate: An additional element influencing the The exchange rate between the US dollar and the naira, which is the money used for international oil transactions, determines the price of gasoline in Nigeria. 

The cost of importing gasoline increases as the naira weakens vs the dollar, which has an impact on the price of gasoline domestically.

Policy of subsidies: For many years, the Nigerian government has subsidized the cost of gasoline to lower it for the general public and lessen the impact of inflation and poverty.

 On the other hand, the subsidy policy has also come under fire for being corruptible, ineffective, and unsustainable.

 When the government declared in 2023 that gasoline subsidies would no longer be provided, the price of gasoline shot up from N195 to N617 per litre.

 The administration asserted that the withdrawal of subsidies would save the nation billions of naira, which could then be used to fund investments in the health, education, and infrastructure sectors of the economy.

Supply and demand: The price of gasoline in Nigeria is also influenced by supply and demand.

 The price of gasoline tends 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 gasoline owing to factors like urbanization, population growth, or economic activity, the price of gasoline likewise tends to increase.