Nigeria's PMS imports increased by 55% from 2010 to 2022, with 245 billion litres imported in that period
Between 2010 and 2022, Nigeria imported 245 billion litres of Premium Motor Spirit (PMS), popularly called petrol, with the highest imports recorded in 2022. Here is the volume of PMS imported into the country in 13 years from 2010.
Global oil consumption rose from about 30.9 million barrels per day in 1965 to 101.4 million barrels per day in 2024, more than tripling over the period.
Asia Pacific saw the biggest structural shift in global oil demand, increasing its share from 10.7% in 1965 to 37.9% in 2024 to become the world’s largest oil-consuming region.
Africa accounted for just 1.9% of global oil consumption in 1965 and 4.5% in 2024, staying below 5% for nearly 60 years.
The global centre of oil demand has gradually shifted away from Western economies toward Asia, reflecting industrialisation, urbanisation, and population growth across the region.
Africa’s modest share of global oil demand highlights the continent’s relatively low industrial energy consumption despite rapid population growth.
Fuel prices from Dangote Refinery reached an all-time high of ₦1,175 per litre in March 2026.
The lowest recorded price in the period was ₦699 per litre in December 2025, showing a wide price swing.
The jump from ₦699 to ₦1,175 happened in roughly four months.
Prices earlier in the timeline hovered mostly between ₦820 and ₦987 during late 2024 and much of 2025.
The December 2025 price cut was aimed at making locally refined fuel more competitive against imports.
After the price drop, fuel costs began rising again in early 2026, reaching ₦995 by early March before climbing further.
Global geopolitical tensions affecting oil markets contributed to the upward pressure on prices.
Export values have grown over 400%, rising from ₦11.8 trillion in 2013 to a peak of ₦55.3 trillion in 2024, a fivefold increase driven by rising oil prices and a weaker naira.
2015 and 2016 were the hardest years, with export values crashing as low as ₦6.8 trillion in 2015, reflecting the brutal impact of the global oil price collapse on Nigeria's most critical export.
The most explosive growth came from 2023 onwards, with values surging past ₦29 trillion in 2023 and peaking at ₦55.3 trillion in 2024, largely driven by the naira depreciation following Nigeria's 2023 foreign exchange reforms.
The first nine months of 2025 saw a slower pace than the previous year, with ₦37.7 trillion recorded between Q1 and Q3, lower than the ₦41.5 trillion recorded during the same period in 2024.
