In the last one year, petrol prices in Nigeria fluctuated, reaching the maximum average price (₦1,262) in March 2025, before dropping gradually

  • Petrol prices in Nigeria rose by 52% between August 2024 (₦830.5) and March 2025 (₦1,261.7).
  • The highest monthly increase was in September 2024 (+24.1%), while the sharpest drop came in April 2025 (-17.1%).
  • By July 2025, prices had eased to ₦1,025, still 23% higher than a year earlier.
  • NNPC retail outlets offered significantly lower prices than the national average, with Abuja as low as ₦880 at the March 2025 peak.
  • Dangote Refinery offered relatively competitive pricing, ranging from ₦840 to ₦899, creating an alternative supply option.

Nigeria’s petrol prices have experienced sharp fluctuations over the past year. The average national petrol price climbed from ₦830.5 in August 2024 to a peak of ₦1,261.7 in March 2025, before dropping back to around ₦1,025 in July 2025. This volatility highlights the ongoing instability in Nigeria’s fuel market, influenced by policy changes, global oil trends, and domestic supply factors.

A closer look also reveals differences across regions and suppliers. While the national average peaked at ₦1,261.7 in March 2025, NNPC prices were much lower, with Abuja recording as low as ₦880 and Lagos at ₦860. Dangote Refinery's prices also varied, ranging from ₦899 in December 2024 to ₦840 by July 2025.

Source:

National Bureau of Statistics

Period:

August 2024-July 2025
HTML code to embed chart
Want a bespoke report?
Reach out
Click to copy HTML embed code
Tags
Related Insights
Dangote Refinery’s fuel price hits an all-time-high, rising from ₦699 to ₦1,175 in four months
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.
Malacca and Hormuz handle about 24% and 22% of global oil supply, respectively
  • The Strait of Malacca is the world’s most important oil chokepoint, carrying about 24–25% of global oil supply in recent years.
  • The Strait of Hormuz moves around 20–23% of global oil supply, making it the second-largest energy transit chokepoint.
  • The Cape of Good Hope carries about 9–10% of global oil flows, and its share tends to increase when other chokepoints face disruptions.
  • The Bab el-Mandeb saw a sharp drop in oil flow share from about 9% in 2023 to around 4% in 2024, reflecting security concerns affecting shipping in the Red Sea corridor.
  • Oil transported through the Suez Canal and the SUMED pipeline system dropped significantly after 2023, falling from about 8.6% to below 5%, showing how quickly routes shift during geopolitical tensions.
  • The Strait of Malacca’s share has remained consistently high and stable, indicating its structural importance to Asian energy demand.
  • Alternative routes like the Cape of Good Hope in South Africa are longer but strategically crucial, especially when Middle Eastern chokepoints become unstable.
The national grid collapses an average of 7 times annually under Tinubu, down from 13 times under Buhari
  • The highest number of grid collapses in the past 16 years occurred in 2010, with 42 incidents recorded.
  • During Goodluck Jonathan’s administration, Nigeria’s grid collapsed an average of 24.4 times a year, the highest among the three administrations.
  • Under Muhammadu Buhari, the annual average dropped to 12.8 collapses per year, indicating improved grid stability compared to earlier years.
  • Under Bola Ahmed Tinubu, the average has fallen further to about 6.7 collapses annually.
  • 2016 recorded the highest number of collapses during the Buhari administration, with 28 incidents.
  • The most stable years in the dataset were 2020 and 2021, with only four collapses each.
Nigeria’s power grid is 69.9% powered by thermal plants
  • Thermal energy dominates Nigeria’s grid, supplying 69.9% of total power.
  • Hydro plants contribute 30.1%, making them the country’s second major source.
  • The heavy reliance on thermal generation shows Nigeria’s grid is still largely fossil-fuel driven.
  • Hydro remains a crucial but secondary source, supporting overall supply stability.
Nigeria's DisCos recorded ₦360bn revenue gap after collecting ₦1.12tn from ₦1.49tn billed in H1 2025
  • DisCos billed approximately ₦1.49 trillion but collected only ₦1.12 trillion in H1 2025.
  • Ikeja and Eko DisCos generated the highest revenues, collecting ₦206.22 billion and ₦210.59 billion, respectively.
  • Revenue collection gaps remain significant, with Jos, Kaduna, and Yola posting the weakest collection performances.
  • The wide gap between billings and actual collections suggests persistent challenges in customer payment compliance, metering, and distribution efficiency.
Nigeria has installed 3.65 million electricity metres since 2019; Ikeja DisCo leads with 823,000, and Aba Power at the bottom with 56,000
  • Approximately 3.65 million metres have been installed nationwide across all frameworks since 2019.
  • Ikeja DisCo leads by a wide margin with 823,000 installations, over twice the volume of most other DisCos.
  • Kaduna, Yola, and Aba Power recorded the lowest metre installations, each below 100,000.
  • The disparities in installation totals reveal uneven progress in achieving nationwide metering coverage.
POPULAR TOPICS
SIGN UP TO OUR NEWSLETTER
Get periodic updates about the African startup space, access to our reports, among others.
Subscribe Here
Subscription Form
A product of Techpoint Africa. All rights reserved