- Nigerians currently pay historically high prices for gasoline, with prices varying by city and filling station
- The growing cost of gasoline has been the main cause of the nation’s cost-of-living crisis
- Prices vary by city and even by the owner of the gas stations as a result of the full deregulation
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Due to the complete deregulation of the oil industry, Nigerians now purchase petrol at historically high costs, with pricing differing between cities and filling stations.
Source: Getty Images
The country’s cost-of-living crisis has been attributed primarily to the rising price of gasoline.
In addition to the price increases, the complete deregulation also means that prices differ between cities and even depending on who owns the gas stations.
Less than two years after President Bola Tinubu declared the end of the petrol subsidy, prices have reached their highest point ever. As a result, the price of gasoline skyrocketed, rising from N190 per liter in May 2023 to nearly N700. At N1,100 per litre, it has increased by more than 450 percent in just 17 months.
Similar to the price of gasoline, inflation has reached an all-time high as a direct result of the elimination of subsidies; the cost of necessities is now out of reach for the average person.
Less than two years after President Bola Tinubu declared the end of the gasoline subsidy, prices have reached their highest point ever.
As a result, the price of gasoline skyrocketed, rising from N190 per liter in May 2023 to nearly N700. At N1,100 per litre, it has increased by more than 450 percent in just 17 months.
Differences in petrol price across Nigeria
Petrol prices vary by state and are impacted by a number of factors, such as demand levels, transportation costs, and proximity to supply depots.
This was confirmed by a PREMIUM TIMES survey conducted over the course of the third and fourth weeks of October at petrol stations nationwide.
For example, because of their close proximity to supply depots, NNPC retail stores in Lagos, the commercial center of Nigeria, were offering the lowest prices in the nation at N998. However, in the federal capital of Abuja, the same stores charge N1,030 per liter.
In Nasarawa, Kano, Akwa Ibom, Ogun, and Enugu, NNPC sold for N1,050, N1,060, N1,025 and N1,065 respectively.
In NNPC filling stations across the nation, the average pump price for a liter of gasoline was N1,038.
Total Energy sold for N1,130 per liter in Kano but N1,149 in Uyo. For A. A. Rano, however, the price per liter at the pump was N1,150, the same in both cities.
Despite both cities’ geopolitical locations, it is unclear what causes the parity in the pricing of the A. A. Rano pump.
Rain Oil costs N1,100 per liter in Ogun State, N1,200 in Uyo, and N1,250 in Nasarawa State.
The prices per liter were N1,100 at Adrova PLC in Wuse Zone 1 Abuja, N1,200 at Amasco in Nasarawa State, and N1,200 at Alhaji Isa in New Nyanya.
At the time of the survey, AP retail stores in Uyo, Akwa Ibom, were charging N1,145 per liter, while Tran-Sossa and Earthwell stores were charging N1,240 and N1,250, respectively.
For the same quantity, AP and Mobil sold in Lagos State for N1,090 and N1,100, respectively.
The NNPC store in Olowotede, which is in neighboring Ogun State, charged N1,025 per liter. Other stores in the same vicinity sold Rain Oil for N1,100 and Rock Oil for N1,200.
A Mobil gas station on Zik Avenue in Enugu, southeast Nigeria, was charging N1,200. However, a Chritin Petroleum Company, which is situated along Obiagu Road in Enugu, sold for N1,220.
NNPC Denies Increasing Petrol by N30/litre
Legit.ng reported Olufemi Soneye, the spokesperson for Nigerian National Petroleum Company Limited, stated that he is not aware of any recent increase in the price of Premium Motor Spirit pumps at any of its retail locations.
Soneye stated this in an interview with DAILY POST on Tuesday, October 29 2024.
Legit.ng earlier reported a recent hike in the pump price of petrol, marking the third time in 60 days.
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Source: Legit.ng