Premium Motor Spirit wey pipo sabi as petrol now dey sell for Four hundred and eighty eight (N488) for di Nigerian National Petroleum Company Limited. (NNPC).
NNPC Limited confam am for one statement dem release on Wednesday.
“We don adjust our pump prices of PMS across our retail outlets, in line wit current market realities.”, dem tok.
Although for di statement wey Garba Deen Muhammad di Chief Corporate Communications Officer sign, dem no tok di official price wey dem cap di sale of PMS.
But for di NNPCL outlets wey BBC Pidgin monitor for Ikoyi, Omole Estate, Kassa area and Fagba axis all for Lagos state, Nigeria biggest commercial city, e show say dis na di new price dem dey sell di product as at Wednesday, 31 May, 2023.
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Di price of petrol for Portharcourt, Rivers state, na N511, for Kano N540 and for Abuja na N535. Di price vary for different states.
Before now NNPC dey sell petrol for N184.
One commercial driver also confam to BBC Pidgin say im buy petrol for N488.
Dis new development dey come afta Nigerians begin experience fuel scarcity wey start following di announcement of President Bola Tinubu on fuel subsidy.
Nigeria President, Bola Tinubu bin declare on im inauguration day say "Subsidy don go.".
Following dis announcement, effect of di subsidy don begin bite hard on Nigerians wit long queues for di few filling stations wey dey sell, stranded passengers for bus-stops, price hike on transportation, food items, goods and services.
Although removal of subsidy suppose come to effect on 1 July, 2023 as di 2023 budget don already cover di subsidy for di first part of di year.
Long queues, stranded passengers lament fuel scarcity
BBC Pidgin monitor di fuel situations for Lagos state and for some oda parts of di kontri.
“I buy fuel N488 per litre from NNPC,” Dis na wetin one commercial driver wey dey ply Obalende to Ikoyi axis for Lagos state, Nigeria commercial capital tell BBC Pidgin.
“I don dey dis queue for more dan one hour, 30 minutes no vehicle”, “I don tire, financially, emotionally, physically, I dey traumatized, di situation dey terrible. I comot my house since around 6:30am and I neva still reach wia I dey go within Lagos.”
Some oda passengers wey dey stranded for bus-stops tok as di fuel scarcity continue to bite hard across di kontri.
Long queues form for filling station and some pipo don spend long hours for there.
From Lagos, to Oyo, Ogun, Abuja, Kano, Kwara, Enugu, Rivers state, and oda parts of di kontri, di situation na di same. Long queues dey for di few filling stations wey dey sell fuel. Odas wey no dey sell lock dia shop.
Despite assurances from di Nigerian National Petroleum Company Limited (NNPC) and di Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) say plenty supply of di product dey to meet di demands of consumer, di situation no calm down at all, na still di same.
‘ I spend di night for fuel station and still neva get’
Yusuf Abubakar wey dey stay Kano for northwest Nigeria tell BBC News Pidgin say e spend di night for fuel station and still neva get fuel.
Yusuf like many Nigerians at di moment dey struggle to get fuel wey dem go use for dia daily activities.
“I don dey here since 8pm yesterday and I still dey here and neva get.”
“I suppose dey work by now but dey here dey struggle for fuel, dis don spoil my planned activities for today.”
Total Fuel station for Zoo road wia e spend di night na one of di few stations wey dey sell N195 per litre.
But oda privately owned stations dey sell as high as 400 per litre while many odas dey closed at di moment.
Anoda motorist Hamisu Abu say na 5am e join queue but im car still dey outside di station.
E say e dey pray say dis new goment go bring di problem under control in no time so dat pipo no go continue to suffer.
Fotos of how di fuel scarcity dey bite
Wetin be Fuel Subsidy?
Fuel subsidy na form of goment intervention to reduce di cost of fuel.
Goment dey provide direct financial support to oil companies, so dat dem go fit reduce di price of di product to consumers (Nigerians) to make am dey affordable for dem.
Nigeria na one of Africa largest producers of crude oil, and e dey rely heavily on dis resource for dia economic growth.
Sake of say Nigeria no get refinery, dem gatz export dia crude oil go anoda kontri come import di refined crude oil. Di money wey dem go take refine dis crude oil dey expensive and make e for no be burden on consumers, goment dey pay some part of di money to marketers.
Therefore goment dey control di price and na di amount dem tell marketers to sell, dem go sell am.
Dis na how common pipo dey benefit from goment, according to dem.
Di official reason for oil subsidies na to reduce di impact of rising global oil prices on Nigerians.
Fuel subsidy don dey di kontri since di 1970s.
Dem institutionalise am for1977, under di regime of General Olusegun Obasanjo wit di promulgation of di Price Control Act wey make am illegal for some products (including petrol) to dey sold above di regulated price.
Between 2006-2018, Nigeria don spend about 10 trillion Naira on petroleum subsidies.
How di removal of subsidy go affect Nigerians
Di Programme Director of di Centre for Journalism Innovation and Development, Akintunde Babatunde explain say wit di Petroleum Industrial Act (2021) wey di former President Muhammadu Buhari sign into law, clear mandate say make di downstream sector dey decentralised.
Di petroleum Industrial Act (2021) provide for total deregulation of di petroleum downstream sector to drive investment and growth.
Dis one mean say di market go determine how much dem wan dey sell petrol.
"Goment no go dey control di price of fuel again, na di individual marketer go dey determine how much dem wan sell dia product. Some markerters fit dey sell for N400 or N405, di price go depend on how much dem buy am for di global market." Akintunde tok.
E add say speculations dey say di price of petrol fit go as high as N500, N700 or more but if e no reach or make e pass as e go depend on di global prices.
Akintunde say wit di removal of subsidy, di effect na say di prices of goods and services go increase. Price of transportation go rise.
However, if di goment fit use di money dem dey use as subsidy for infrastructural development, take am build roads, schools and oda social amenities, e go make sense for Nigerians, e add.
Managing Managing Consultant of Flame Academy and Consulting Limited Orji Udemezue say removal of fuel subsidy na good thing but di prices of food and oda essential commodities go up.
“No doubt say removal of fuel subsidy go free up unnecessary expenditure goment dey use subsidize fuel. Wen you remove subsidy, market go move wit market price. Na good thing for dis economy to relieve himself of di burden. But then consequences dey, prices of food items go high, garri, rice, tomato, everything for market go go up.
Inflation dey rise. Removing subsidy go help economy run beta but go further damage di poverty level. Total removal fit no work at this time.”
FAQs
How much is 1 liter of fuel in Nigeria? ›
Price of petrol across Nigeria today
For Lagos, price of fuel range from di official pump price of N185 to up N600 per litre.
| Value from Last Week | 3.655 |
|---|---|
| Change from Last Week | 1.42% |
| Value from 1 Year Ago | 4.977 |
| Change from 1 Year Ago | -25.52% |
| Frequency | Weekly |
“President Bola Tinubu's decision to remove the fuel subsidy has left millions of Nigerians terrified about the knock-on effects that it will have on their daily lives.
What is the price of Gasoline in Nigeria in 2023? ›Gasoline Price in Nigeria remained unchanged at 0.55 USD/Liter in May 2023. The maximum price per litre was 0.73 USD/Liter and minimum was 0.02 USD/Liter.
How much is 1 litre of fuel in usa? ›| Characteristic | Price per liter in U.S. dollars |
|---|---|
| Spain | 1.26 |
| Japan | 1.21 |
| Canada | 0.76 |
| United States | 0.55 |
| USA Gasoline prices | Litre | Gallon |
|---|---|---|
| USD | 1.029 | 3.895 |
| EUR | 0.954 | 3.611 |
But there is a surprising truth amid the inflation: Compared to other large nations, gasoline in the US is actually extremely cheap. Countries game the consumer cost of gasoline through taxes and subsidies, leading to wildly different prices around the globe.
How much does 1 gallon of fuel cost in USA? ›US avg.
While the current national average of $3.60 is a far cry from the 2022 peak of $3.66 a gallon, it's higher than the average cost of gas since 2018: $2.95 a gallon.
Gasoline (North American English; /ˈɡæsəliːn/) or petrol (Commonwealth English except Canada; /ˈpɛtrəl/) (see § Etymology) is a transparent, slight yellowish petroleum-derived flammable liquid that is used primarily as a fuel in most spark-ignited internal combustion engines (also known as petrol engines).
Who buys Nigerian gas? ›Furthermore, France, UK and Poland are consistent importers and, outside the EU, Kuwait and Japan are other buyers of Nigerian LNG, followed by the two economic powerhouses of China and India.
What will happen to Nigeria if crude oil is exhausted? ›
Therefore, in the current depletion of oil reserves in Nigeria, domestic users of energy will suffer more as it will not only lead to higher procurement costs due to scarcity, but also a corresponding increase in basic cost of living leading.
How many refineries are in Nigeria? ›Nigeria's core problem is that it relies almost entirely on expensive imports to meet its gasoline needs — despite being Africa's largest oil and gas producer. Nigeria has four state-owned refineries, but they have become dilapidated and idle due to mismanagement.
What will US gas price be in 2030? ›| Years | Avg Price | Lowest Price |
|---|---|---|
| April 2030 | $15.81 | $14.71 |
| May 2030 | $16.17 | $15.04 |
| June 2030 | $16.52 | $15.37 |
| July 2030 | $16.88 | $15.69 |
| Characteristic | Natural Gas | Metallurgical coal |
|---|---|---|
| 2050 | 8.34 | 7.13 |
| 2045 | 7.96 | 7.26 |
| 2040 | 7.65 | 7.4 |
| 2035 | 7.6 | 7.36 |
We forecast that retail prices for regular-grade gasoline will average $3.32 per gallon (gal) in 2023 and continue to decrease to average $3.09/gal in 2024, down from $3.96/gal in 2022. We expect on-highway diesel prices to decrease to average $4.23/gal in 2023 before decreasing further to $3.70/gal in 2024.
Which country has the cheapest fuel in the world? ›Venezuela is the world's cheapest country to buy petrol, where amazingly it costs just 2 pence (GBP) a litre. This is because it's home to some of the biggest oil reserves in the world.
How many Litres is a US gallon of petrol? ›The US liquid gallon (frequently called simply "gallon") is legally defined as 231 cubic inches, which is exactly 3.785411784 litres.
What country has cheapest gas? ›- Venezuela. Venezuela, while overall a rather impoverished nation, is rich in oil reserves and fossil fuels, and uses that particular wealth to provide their people with virtually free gasoline. ...
- Libya. ...
- Iran. ...
- Angola. ...
- Algeria. ...
- Kuwait. ...
- Egypt. ...
- Turkmenistan.
At 3.82 U.S. dollars per gallon in October 2022, regular all formulation retail gasoline prices in the United States were considerably lower than in Hong Kong or the Central African Republic, which reported the highest gasoline prices in the world at the end of October 2022. Norway also ranked high this year.
Which country has the most expensive petrol? ›Although set to provide more reprieve for motorists, who endured a tough 2022 at the pumps, South Africa's fuel price flip-flopping, at its peak of over R26-litre a litre for 95, still stands in contrast to Hong Kong that currently tops the list of country/territory with the highest fuel cost of fuel per litre.
Who controls gas prices in USA? ›
Five Fast Facts About U.S. Gasoline Prices. Petroleum prices are determined by market forces of supply and demand, not individual companies, and the price of crude oil is the primary determinant of the price we pay at the pump.
Why is fuel expensive in USA? ›Gasoline taxes
Federal, state, and local government taxes also contribute to the retail price of gasoline. The federal tax on motor gasoline is 18.40 cents per gallon, which includes an excise tax of 18.30 cents per gallon and the federal Leaking Underground Storage Tank fee of 0.1 cents per gallon.
Petrol in India is cheaper than in countries like Hong Kong, Germany and the UK but costlier than in China, Brazil, Japan, the US, Russia, Pakistan and Sri Lanka, a BOB Economics Research report showed.
Will fuel prices go down in USA? ›Will Gas Prices Go Up or Down in the Future? Future gas prices depend on a number of factors that aren't easy to predict, but as a benchmark, the U.S. Energy Information Administration released predictions for lower gas prices, averaging $3.32 per gallon in 2023 and $3.09 per gallon in 2024 for regular gasoline.
Where is the most expensive gas in the US? ›California has often been the state with the highest gas prices, with drivers paying an average of $6.40 a gallon in July 2022. While the average price of gas in Washington is $4.93, some motorists are paying over $5 for gas in some counties, according to AAA data.
What state has the cheapest fuel in the United States? ›Texas has the cheapest gasoline prices in the U.S., where the average cost is $3.086 per gallon. Texas is the second-largest state by both area and population, and also has gas prices which are $0.37 cheaper than the national average.
What is diesel called in USA? ›Most of the diesel fuel consumed in the United States is distillate fuel with a sulfur content of 15 parts per million or less, which is called ultra-low sulfur distillate/diesel or ULSD. ULSD is used as diesel fuel and as heating oil.
What is the best quality petrol in the world? ›Tapis, a type of crude found only in Malaysia, is considered the best quality oil in the world. Light and sweet, it's benchmark traded in Singapore and coveted for its remarkably low sulphur content (0.04 percent) and low density of between 43 and 45° API.
Who buys the most oil from Nigeria? ›As of the fourth quarter of 2021, India and Spain were the main importers of crude oil from Nigeria. Exports of the fossil fuel to these two countries were in an approximate amount of 774.5 billion Nigerian naira (NGN) (roughly 1.9 billion U.S. dollars) and 624 billion NGN (some 1.5 billion U.S. dollars), respectively.
Who buys gas from USA? ›The top five destination countries of U.S. total petroleum exports by export volume and percentage share of U.S. total petroleum exports in 2022 were: Mexico—1.17 million b/d—12% Canada—0.84 million b/d—9% China—0.63 million b/d—7%
Who is the richest oil and gas in Nigeria? ›
Mohammed Indimi (Oriental Energy Resources)
Mohammed Indimi OFR is a Nigerian businessman and philanthropist. He is the founder and chairman of Oriental Energy Resources (OER), a privately held Nigerian oil exploration and production company. As of June 2021, his net worth was estimated at US$1.5 billion.
Oil Reserves in Nigeria
Nigeria has proven reserves equivalent to 237.3 times its annual consumption. This means that, without Net Exports, there would be about 237 years of oil left (at current consumption levels and excluding unproven reserves).
Nigeria held an estimated 37.1 billion barrels of proved crude oil reserves at the beginning of 2023. Nigeria produces mostly light, sweet (low sulfur) crude oil and most of this oil is exported to global markets (Table 2).
How much oil is lost in Nigeria? ›The Nigerian Extractive Industries Transparency Initiative (NEITI) has revealed that Nigeria lost 619.7 million barrels of crude oil valued at N16. 25 trillion ($46.16 billion) to crude oil theft between 2009 and 2020.
What is Nigeria rich in? ›Apart from petroleum, Nigeria's other natural resources include natural gas, tin, iron ore, coal, limestone, niobium, lead, zinc and arable land. Its currency is the naira. The country joined OPEC in 1971.
Who owns the biggest refinery in Nigeria? ›Worth $20 billion the giant refinery built by the Dangote Group, which is owned by Africa's richest man Aliko Dangote, aims to produce up to 53 million liters of gasoline per day, as well as 4 million liters of diesel and 2 million liters of aviation jet fuel daily.
Who has the biggest refinery in Nigeria? ›The Dangote Refinery is an oil refinery owned by Aliko Dangote that was inaugurated on the 22nd of May 2023 in Lekki, Nigeria. When in full operation, it is expected to have the capacity to process about 650,000 barrels per day of crude oil, making it the largest single-train refinery in the world.
How long will USA gas last? ›Assuming the same annual rate of U.S. dry natural gas production in 2021 of about 34.52 Tcf, the United States has enough dry natural gas to last about 86 years. The actual number of years the TRR will last depends on the actual amount of dry natural gas produced and on changes in natural gas TRR in future years.
What are the highest gas prices in the US 2023? ›Retail prices of gasoline in the U.S. by state as of April 2023. On April 28, 2023, the price of regular gasoline was highest in California at around 4.88 U.S. dollars per gallon. U.S. gas prices increased significantly as a result of the Russian invasion of Ukraine in February 2022.
What will U.S. gas prices be in 2025? ›| Years | Avg Price | Lowest Price |
|---|---|---|
| January 2025 | $4.17 | $3.87 |
| February 2025 | $4.27 | $3.97 |
| March 2025 | $4.37 | $4.06 |
| April 2025 | $4.47 | $4.15 |
Will gas be around in 20 years? ›
The short answer is no, or at least not in the next couple of decades. There are just too many gas-engine cars on the road, with after-market suppliers and local garages supporting the repair of internal combustion engines. Even so, your next new car could be an EV.
How much oil will the US use in 2050? ›Oil and natural gas will remain the dominant sources of energy in the US through 2050, the Energy Information Administration (EIA) said today in its latest long-term outlook. US petroleum consumption will grow by 0.5pc/yr to 22.3mn b/d by 2050, according to the baseline scenario in EIA's Annual Energy Outlook.
Will there be gas cars in 2050? ›By 2050, there will be about 3 billion light-duty vehicles on the road worldwide, up from 1 billion now. At least half of them will be powered by internal combustion engines (ICE), using petroleum-based fuels.
Will oil prices continue to rise in 2023? ›A survey of 43 economists and analysts forecast Brent crude would average $84.73 a barrel in 2023, down from the $87.1 consensus in April and current levels of around $73.
What will oil prices be in 2023 and 2024? ›| Notable Forecast Changes | 2023 | 2024 |
|---|---|---|
| Percentage change | 1.6% | 1.8% |
| Brent spot average (current forecast) (dollars per barrel) | $79.54 | $83.51 |
| Previous forecast | $78.65 | $74.47 |
| Percentage change | 1.1% | 12.1% |
We expect the Brent crude oil price will increase from $74/b in May 2023 to $79/b in September before declining slightly to average $78/b in the last three months of 2023.
How much is 1 gallon of fuel in Nigeria? ›The country is ranked 8th in the global index with the price of petrol at $0.40 equivalent to $1.82 per gallon.
How much is gallon in Nigeria? ›| Amount | Today at 10:10 pm |
|---|---|
| 1 GAL | NGN 465.32 |
| 5 GAL | NGN 2,326.60 |
| 10 GAL | NGN 4,653.19 |
| 50 GAL | NGN 23,265.95 |
Diesel price in Nigeria today is N145.
How much is diesel per litre in Nigeria? ›The average retail price of diesel also called Automotive Gas Oil (AGO) paid by consumers rose from a lower cost of N539. 32 per litre recorded in the corresponding month of last year to a higher cost of N836.
How much is a gallon of gas in USA? ›
Today's Gas Prices By State. Today's average price of gas in the U.S. is $3.58 per gallon, unchanged from yesterday, down $0.01 from last week and up $0.04 from last month.
Where is cheapest petrol in the world? ›Venezuela is the world's cheapest country to buy petrol, where amazingly it costs just 2 pence (GBP) a litre. This is because it's home to some of the biggest oil reserves in the world.
How much money is 1 gallon of gas? ›US avg.
While the current national average of $3.60 is a far cry from the 2022 peak of $3.66 a gallon, it's higher than the average cost of gas since 2018: $2.95 a gallon. This means what you'll pay at the pump in 2023 is about $0.65 more expensive than the national six-year average.
| Country | Price as of Nov. 21 in USD per gallon | Header Cell - Column 3 |
|---|---|---|
| China | $4.74 | Row 5 - Cell 3 |
| Denmark | $7.59 | Row 6 - Cell 3 |
| France | $6.83 | Row 7 - Cell 3 |
| Finland | $7.72 | Row 8 - Cell 3 |
The statement appealed to citizens to be understanding and bear with the association. ATWAP had increased the price of a bag of pure water to N200 on November 11, 2021.
Which country in Africa has the cheapest fuel? ›1 .
Angola has remained the only African country that sells its petrol at a low cost. The country is ranked as the first in Africa and third in the world where petrol prices are cheap. The petrol price in Angola is sold at $0.24 per litre.
Nigeria Diesel prices, litre, 12-Jun-2023
Nigeria: The price of diesel is 842.25 Nigerian Naira per litre. For comparison, the average price of diesel in the world for this period is 555.19 Nigerian Naira. The chart below shows the price of diesel in the country relative to other countries.
Refining Costs and Profits:
Sometimes, the cost of processing this crude to its various components becomes so high that diesel fuel suppliers and marketers get it at an exorbitant rate.
98 per litre recorded in the corresponding month of last year to a higher cost of N836. 91 per litre in February 2023.
How much is a 1000 litre diesel fuel tank in Nigeria? ›A 1000 litre diesel fuel tank price in Nigeria varies depending on several factors such as brand, material, and location of purchase. On average, a 1000 litre diesel fuel tank in Nigeria can cost between ₦200,000 to ₦1,000,000. However, the price may be higher or lower depending on the aforementioned factors.
How much is 1 litre of diesel in ghana? ›
NEW FUEL PRICES PER LITRE, SUPER XP: 5.195 per litre DIESEL XP: 5.195 per litre | GOIL PLC.
How much is 1 litre of diesel in south africa? ›The wholesale price of diesel decreased inland from R21. 99/l in May 2022 to R20. 15/l in May 2023 and from R21. 34/l to R19.