In February 2016, petrol was at its lowest price of₦99.80 per litre, marking the last time fuel prices remained below₦100.
By November 2024, petrol prices soared to an all-time high of₦1,214.17 per litre, reflecting the compounded effects of inflation, currency depreciation, and global oil price volatility.
Over the nine-year period, the average petrol price stood at₦272.65 per litre.
Between January 2016 and December 2024, petrol prices increased by ₦1,079.52, a staggering 984.96% rise, emphasising the long-term upward trajectory influenced by economic challenges, subsidy removals, and fluctuating exchange rates.
The most volatile period recorded a month-to-month price surge of over 129.23%.
Rising fuel costs are impacting transportation prices of goods and services, straining household budgets and contributing to inflation. The average cost of petrol in Nigeria has increased by 25% since July 2023. Diesel prices have seen an even sharper increase of 85%, rising from a national average of ₦794 in July 2023 to ₦1,462 in June 2024.
Can’t find what you’re looking for? Please fill the form below
