Fuel Price in Nigeria 2023/2024 Update Price

What Will Fuel Cost In 2023?

Fuel Price in Nigeria– Fuel is one of the most important commodities in the world. In Nigeria, fuel is particularly important because we use it in almost every sphere of life.

In this article, I will be talking about fuel in Nigeria, then highlight the price of fuel in the country and its usefulness in the Nigerian economy.

The thing with fuel price is that it varies from one part of the country to another. While Lagos state residents may be buying fuel for a particular price, residents of another state may be buying it for more or less than that.

Nigeria is the largest exporter of petroleum in Africa and the sixth-largest exporter in the world. Apart from the fact that petrol is important, it is what makes Nigeria what it is. The government body in charge of fuel in Nigeria is NNPC and we have other bodies like NUPENG and many more.

Nigeria relies heavily on petroleum, and as much as that is not the wisest thing for our economy, it is how it has come to be. Every Nigerian’s nightmare is fuel scarcity.


Fuel scarcity period never benefits the average Nigerian and it also affects the Nigerian economy as a whole. People cannot go to work, there is congestion of roads with vehicles, and it also causes severe unrest.  


Below are the common uses of fuel in Nigeria.

For Generators

One common factor that Nigerians, whether rich or poor, experience together, is the poor state of electricity in the country. We all face an unstable power supply. Therefore, we all have to find ways to bear with it and this is where generators come in.

While generators for many developed countries may be something only to be used once in a blue moon during short power failures, in a developing country like ours, generators are constant. As a matter of fact, there are always generators, in every part of the country, on every single day.

Fuel is the food of the generator. Although there are generators that also function with diesel, the majority of generators in Nigeria, need fuel to function. So, fuel is a very important commodity for Nigerians because we need it to power our generators, and combat power failure.

Industrial Power

Fuel is used to produce electricity for industrial use. Meaning, that without fuel, we can’t even power the sources that make our electrical work. That how important this commodity is.


Most Nigerians, at some point in their lives, will have experienced the situation of fuel scarcity in the country. This is a terrible time, especially for people who have cars and people who are in the transportation business.

Fuel is used in cars, motorbikes (or okadas as we call them), tricycles (or Keke napeps), and basically any vehicle that moves on the road. It is also used in some mechanical machines e.g. the manual machine used in the pumping of motor tires.

Manufacturers who deal in products like petroleum jelly, ink, perfumes, paints, insecticides, dye, etc., need a large supply of fuel for their businesses to survive. All these products and much more have petrol as one of the main ingredients and therefore nothing can be done without fuel.



Fuel is one commodity whose price is never stagnant. Although there is always a standard price for the cost of fuel in Nigeria, this price is never the same across all the states in the country.

The reason for this may be due to the cost of transporting petrol from one state to another, or in areas where there are no refineries and the process is longer than usual.

On May 11, 2019, the Nigerian government increased the price of Premium Motor Spirit (Petrol) from ₦145 per litre to ₦165 per litre.  Although there was a serious outrage at the time, citizens eventually got used to it. 

Today, the official price of fuel in Nigeria ranges from ₦577 to ₦750 per liter, but this price is not the standard in all thirty states and the capital, of the country. As of this writing, the average price of fuel throughout the country is ₦617 per liter.


Fuel pump prices range between ₦120,00 to ₦900,000, depending on what you want to use it for; filling station use or surface tank use.

The price also depends on whether you want a manual or an electronic one; obviously, the electronic pump will cost more. Another thing is whether the pump you are getting will come with a single dispensing nozzle, or two. 

Fuel Market

To reiterate my earlier points, fuel is useful in almost all facets of Nigerian life. Because we are still a developing country, we rely on fuel to do many of the things. For this reason, another fuel price hike or fuel scarcity is the last thing that we need in this country.

In the areas of transportation, technology, commerce, economic development, and many other facets of the Nigerian economy, fuel is very important. Almost every aspect of the things we do has a direct or indirect link with the use of fuel or its other products.

It is the sad reality that the survival of the Nigerian economy is based on the exportation of fuel. The truth is that so many countries are slowly moving away from the over-dependency of petrol. For example, countries like China, Norway, and the USA have started bringing to life, the idea of electric vehicles.

When this idea eventually spreads to the rest of the world, our country Nigeria might be alone in the dark. There might even be nobody to buy our petrol and nothing to grow our economy.


How nice would it be, if we finally stop the dependency on one commodity? Instead, spread our focus to other promising areas of the economy.

Who knows? The breakthrough of this country might be an undiscovered commodity. However, how are we going to discover this commodity, if our government is only looking at PMS?

I hope you find this post on fuel prices useful. Feel free to share with people. Thanks for reading.

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