Current Price Of Petrol In All 36 States And FCT

Reps Committee Plans To Audit Petrol Subsidy Regime

Petrol, an indispensable resource in Nigeria, continues to experience price volatility, impacting the economy and daily life.

The Nigerian National Petroleum Company Limited (NNPCL) currently pegs the official pump price at N617 per litre, following the recent subsidy removal, a steep rise from the former rate of N195 per litre.

Despite this official rate, actual prices vary nationwide due to several influencing factors.

Key Factors Affecting Petrol Prices in Nigeria

1. Global Oil Market Trends

The price of crude oil on the global market significantly affects petrol prices in Nigeria. As a major oil-exporting country, Nigeria’s petrol prices are closely tied to international crude oil prices. Any fluctuations in global oil prices due to geopolitical tensions, supply disruptions, or changes in demand from major consumers like China and the United States directly impact the domestic price of petrol.

2. Exchange Rate Fluctuations

The exchange rate of the Nigerian Naira against the US Dollar is another crucial factor. Since Nigeria imports a substantial portion of its refined petroleum products, a depreciation of the Naira increases the cost of importing these products, which in turn raises the pump price of petrol.

3. Subsidy Policies

Government policies on fuel subsidies have historically played a significant role in determining petrol prices. The recent removal of fuel subsidies by the government led to a sharp increase in prices, reflecting the actual market value and cost of importation.

Subsidy removal aims to alleviate the financial burden on the government’s budget and encourage efficiency and transparency in the oil sector.

4. Supply and Demand Dynamics

Domestic factors such as refinery output, distribution logistics, and prevailing demand also influence petrol prices. Inadequate refining capacity within the country often necessitates reliance on imported petroleum products, making the supply chain susceptible to external shocks and internal distribution challenges.

5. Regional Logistics and Distribution Costs

Logistics and distribution costs vary by location, affecting the final pump price across different regions. Transporting fuel to distant or hard-to-reach areas can incur additional costs, leading to price disparities within the country.

See price of petrol across Nigeria:

Abia – 687.50 Per Litre

Abuja – 632.12 Per Litre

Adamawa – 671.40 Per Litre

Akwa Ibom – 677.00 Per Litre

Anambra – 680.00 Per Litre

Bauchi – 650.00 Per Litre

Bayelsa – 673.00 Per Litre

Benue – 632.84 Per Litre

Borno – 657.27 Per Litre

Cross River – 663.33 Per Litre

Delta – 665.63 Per Litre

Ebonyi – 638.71 Per Litre

Edo – 662.00 Per Litre

Ekiti – 651.33 Per Litre

Enugu – 673.87 Per Litre

Gombe – 703.00 Per Litre

Imo – 687.00 Per Litre

Jigawa – 679.67 Per Litre

Kaduna – 670.00 Per Litre

Kano – 678.27 Per Litre

Katsina – 680.40 Per Litre

Kebbi – 796.67 Per Litre

Kogi – 626.79 Per Litre

Kwara – 614.90 Per Litre

Lagos – 663.05 Per Litre

Nassarawa – 629.32 Per Litre

Niger – 624.04 Per Litre

Ogun – 653.11 Per Litre

Ondo – 653.02 Per Litre

Osun – 658.77 Per Litre

Oyo – 662.53 Per Litre

Plateau – 670.00 Per Litre

Rivers – 674.55 Per Litre

Sokoto – 664.80 Per Litre

Taraba – 704.11 Per Litre

Yobe – 675.55 Per Litre

Zamfara – 771.43 Per Litre

The post Current Price Of Petrol In All 36 States And FCT appeared first on Naija News.

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