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
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