As of January 16, 2025, the price of Premium Motor Spirit (PMS), commonly known as petrol, in Nigeria varies significantly across different regions and filling stations.
National Average: The average price of petrol is approximately ₦1,184.83 per liter.
Regional Variations:
Crude Oil Prices: Fluctuations in global crude oil prices directly impact the cost of refined petroleum products in Nigeria.
Logistics and Distribution Costs: Transportation expenses and supply chain challenges contribute to regional price differences.
Market Dynamics: Independent marketers may adjust prices based on competition, demand, and operational costs.
In recent months, there has been a notable increase in petrol prices across Nigeria. For instance, in Lagos, prices have risen from approximately ₦885 to ₦998 per liter.
Similarly, in Abuja, prices have escalated to around ₦1,030 per liter.
The rising cost of petrol has led to increased transportation expenses and a higher cost of living for Nigerians. Additionally, there is a growing interest in alternative fuel options, such as Compressed Natural Gas (CNG), to mitigate the impact of soaring petrol prices.
For the most accurate and up-to-date information, it's advisable to check with local filling stations or consult official announcements from the Nigerian National Petroleum Corporation (NNPC) and other relevant authorities.
