Petrol prices surged by nearly 1000% in 9 years

Key Takeaways

  • 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%.

Over the past nine years, petrol prices in Nigeria have experienced a dramatic and relentless rise, climbing from ₦109.60 per liter in January 2016 to ₦1,189.12 per litre in December 2024, a staggering 984.96% increase. While the early years saw moderate fluctuations, the trend took a sharp upward trajectory in recent years, driven by economic shifts, subsidy removals, currency depreciation, and global oil price volatility.

The sharpest single-month price surge occurred in June 2023, when petrol prices skyrocketed by 129.23% compared to the previous month. This unprecedented leap marked a pivotal moment in Nigeria’s fuel pricing history, coinciding with the removal of fuel subsidies, which instantly doubled the cost of petrol and sent ripple effects across the economy.

The highest recorded price of ₦1,214.17 per liter came in November 2024, reflecting continued economic pressures, while the lowest price of ₦99.80 per litre was observed in February 2016, when subsidies still kept fuel costs relatively low. Despite these extremes, the average petrol price over the nine-year period was ₦272.65 per litre, showing that while drastic spikes occurred, there were also periods of relative stability.

Source:

National bureau of statistics

Period:

2016 to 2024
HTML code to embed chart
Want a bespoke report?
Reach out
Click to copy HTML embed code
Tags
Related Insights
Inflation tops list of business concerns in Nigeria for 2025, far ahead of other economic challenges
  • Nearly half (48.9%) of Nigerian businesses identify inflation as their greatest economic challenge in 2025.
  • The foreign exchange rate (17.1%) is the second most pressing concern, reflecting ongoing naira volatility.
  • Insecurity (15.6%) and government policies (10.0%) remain significant worries for business operations.
  • Inadequate infrastructure (8.4%), while the least mentioned, continues to constrain growth.
Only one in four Nigerian MSMEs access government support, with grants leading the way
  • Just 25.1% of MSMEs report receiving any form of government support, while 74.9% remain untouched by initiatives.
  • Among those who benefitted, 41.1% accessed grants, making it the most common form of support.
  • 22.1% of MSMEs participated in government training programmes, showing recognition of capacity-building needs.
  • Only 16% received loans and 13.8% got tax breaks, underscoring limited financial and fiscal support penetration.
  • A mere 6.9% of businesses report accessing subsidies, reflecting minimal impact of such schemes.
MSMEs in Nigeria's South West generate ₦8.3 million monthly on average, outpacing all other regions by a wide margin
  • The South West (₦8.3m) far surpasses all regions in monthly revenue, reflecting Lagos’ dominance as Nigeria’s commercial hub.
  • The South South (₦831k) and South East (₦605k) trail far behind but still outperform the northern regions.
  • The North East (₦562k) and North West (₦479k) show significantly lower average revenues.
  • The North Central (₦241k) records the weakest average, underlining stark regional disparities.
Most Nigerian MSME entrepreneurs are between 26 and 45 years old
  • Only 12.1% of entrepreneurs are aged 18–25, showing limited entry among very young adults.
  • The largest groups are 26–35 (33.3%) and 36–45 (33.8%), together accounting for two-thirds of entrepreneurs.
  • Mid-life representation: 14.6% are aged 46–55.
  • Just 6.2% are 56 and above, indicating fewer older adults start or run MSMEs.
Nearly half of Nigerian MSMEs operate below ₦100,000 in monthly revenue
  • 48.8% of MSMEs earn less than ₦100,000 monthly.
  • 19.5% report revenues between ₦100,000 and ₦199,900.
  • The share of businesses decreases steadily in the ₦200,000–₦999,900 bands, ranging from 9.3% to 6%.
  • Only 8.8% of MSMEs earn above ₦1 million monthly, with just 0.4% exceeding ₦100 million.
Trade and agriculture led Nigeria’s ₦51.20 trillion economy in Q2 2025, as oil’s share remained modest
  • Trade contributed 18.28%, making it the largest sector in Q2 2025's GDP.
  • Crop production followed with 17.8%, underscoring agriculture’s central role.
  • Oil and gas added just 4.05%, highlighting its shrinking share compared to non-oil sectors.
  • Real estate and telecoms reinforced the growing strength of services in the Nigerian economy.
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