The average price of premium motor spirit in Nigeria increased by nearly 15 percent between September and October 2024. From July 2019 to July 2024, the largest jump was recorded in June 2023, when the average price of petrol increased by 129.23 percent.

As of July 2024 the average price of gasoline in Nigeria was ****** Nigerian naira (NGN) per liter, about **** U.S. dollars. The North-West state recorded the highest prices nationwide, at ***** NGN, roughly **** U.S. dollars. In contrast, consumers in the South-South zone paid the lowest prices.

Gasoline Prices in Nigeria increased to 0.66 USD/Liter in October from 0.62 USD/Liter in September of 2025. This dataset provides the latest reported value for - Nigeria Gasoline Prices - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

As of February 2025, the average price of gasoline in Nigeria was around ***** Nigerian naira (NGN) per liter, around **** U.S. dollars. Compared to the previous month, the price decreased. In February 2024, the average price of petrol in the country stood at approximately *** NGN.

In October 2024, the price of diesel in Nigeria rose by around *** percent, compared to the previous month. In the period under review, the largest increase was recorded in March 2022, when the average price increased by almost ** percent in comparison to the previous month. This steep rise was related to a global fuel shortage and supply chain challenges triggered by the war in Ukraine and regulations.

The Nigerien wood fuel market expanded sharply to $2.4B in 2024, with an increase of 7.3% against the previous year. The market value increased at an average annual rate of +1.0% over the period from 2012 to 2024; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. As a result, consumption attained the peak level of $2.7B. From 2017 to 2024, the growth of the market failed to regain momentum.

In June 2023, the average petrol price in Nigeria reached ***** Nigerian naira per liter, a drastic increase of ****** percent from the preceding year. This was a result of the removal of subsidies on petrol. In the period under review, the average petrol price reached its lowest value in the first half of 2020, at *** Nigerian naira per liter. Overall, the price has followed an increasing trend since 2020.

As of June 2023, Nigeria was among the countries with cheaper petrol prices between selected countries on the continent in U.S. dollars.

Consumers in Central African Republic paid the highest price for gasoline in Africa as of April 2025. One liter of the fuel cost on average 1.9 U.S. dollars in the country. In Senegal, the retail price for gasoline octane-95 reached on average 1.71 U.S. dollars per liter, the second-highest on the continent. On the other hand, consumers living in traditional crude oil producers in Africa, such as Nigeria, Algeria, Angola, Libya, and Egypt spent less money on gasoline. For instance, one liter cost 0.03 U.S. dollar in Libya, among the cheapest in the world.

In 2024, the Nigerien liquefied petroleum gas (LPG) market decreased by -66.5% to $115M, falling for the second year in a row after two years of growth. In general, consumption, however, recorded strong growth. Liquefied petroleum gas (LPG) consumption peaked at $400M in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

The Nigerien hydrogen market skyrocketed to $584K in 2024, increasing by 57% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a remarkable increase. Hydrogen consumption peaked in 2024 and is likely to continue growth in the immediate term.

As of November 10, 2025, the price of gasoline in Ghana stood at ***** Ghanaian cedis (GHS) per liter, corresponding to around **** U.S. dollars. The price of gasoline remained the same compared to the previous week. Increasing petroleum consumption In December 2024, about ******* metric tons of gasoline were consumed in Ghana, which represented an increase in consumption compared to the same period in preceding year. Furthermore, in 2024, over *** million metric tons of petroleum products were consumed in the country, of which around ******* metric tons were Liquefied petroleum gas (LPG) - Butane. Ghana’s oil production and trade According to latest data form 2020, ******* barrels of crude oil per day were produced in Ghana. In 2023, at the company level, Ghana Oil Company Limited (GOIL), one of the leading petroleum product marketing companies in Ghana, accumulated revenue from sales amounting to **** billion Ghanaian cedis (GHS), roughly ***** million U.S. dollars. Comparatively, in the same year, Total Petroleum Ghana, also a major petroleum company in the country, registered a revenue that amounted to slightly over *** billion GHS, some *** billion U.S. dollars.

The Nigerien fuel or lubricating pump market soared to $30M in 2024, increasing by 116% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption continues to indicate a buoyant expansion. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

The 2025 annual OPEC basket price stood at ***** U.S. dollars per barrel as of August. This would be lower than the 2024 average, which amounted to ***** U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2025 fall in prices was the result of weakened demand outlooks exacerbated by extensive U.S. trade tariffs.

The Nigerien gas and smoke analyser market surged to $15M in 2024, picking up by 121% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption posted a remarkable increase. Over the period under review, the market attained the maximum level in 2024 and is likely to see gradual growth in the near future.

In 2024, the Nigerien market for non-electronic instruments for measuring or checking variables of liquids or gases increased by 71% to $18M, rising for the second year in a row after two years of decline. Over the period under review, consumption saw a significant expansion. Over the period under review, the market reached the maximum level at $51M in 2015; however, from 2016 to 2024, consumption stood at a somewhat lower figure.

In 2024, the Nigerien metal liquid fuel appliances market decreased by -12.5% to $99K, falling for the third year in a row after four years of growth. Overall, consumption, however, saw a deep setback. Over the period under review, the market attained the peak level at $1.8M in 2021; however, from 2022 to 2024, consumption failed to regain momentum.

The Nigerien liquid fuel furnace burner market surged to $5.5M in 2024, jumping by 136% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, enjoyed significant growth.

The Nigerien metal gas appliances market was finally on the rise to reach $620K in 2024, after three years of decline. Over the period under review, consumption, however, showed a deep slump. As a result, consumption reached the peak level of $192M. From 2016 to 2024, the growth of the market remained at a somewhat lower figure.

In 2024, the Nigerien market for line pipe of steel other than stainless steel for oil or gas pipelines increased by 12% to $160M, rising for the second consecutive year after two years of decline. Overall, consumption, however, continues to indicate a relatively flat trend pattern. Consumption of peaked at $239M in 2014; however, from 2015 to 2024, consumption stood at a somewhat lower figure.

Nigeria is one of the largest oil producers in the world. In January 2025, its oil production reached close to *** million barrels per day. Furthermore, a rise in gasoline prices of nearly ** percent was registered in October 2024. However, diesel prices paid by consumers in Nigeria increased by some *** percent in October 2024.