Nigeria Gasoline Prices in 2024 | Take-profit.org (2024)

FAQs

How much will gas be in 2024? ›

The average price consumers paid for gas in 2023 was $3.52 per gallon, hitting a high of $3.88 on average. As of March 2024, the average gas price is around $3.40 in the U.S., with Southern states seeing prices closer to $3.00.

Average petrol prices in Nigeria 2019-2024

As of January 2024, the average price of gasoline in Nigeria was 668.3 Nigerian naira (NGN) per liter, around 0.41 U.S. dollars.

In our January Short-Term Energy Outlook (STEO), we expect average U.S. retail gasoline prices to decrease in 2024 because of increased inventories related to increased refinery capacity.

Weekly oil prices in Brent, OPEC basket, and WTI futures 2022-2024. On April 15, 2024, the Brent crude oil price stood at 90.34 U.S. dollars per barrel, compared to 85.41 U.S. dollars for WTI oil and 89.57 U.S. dollars for the OPEC basket.

Diesel price rose 50.20% to N1,257.06/l in Feb 2024 – NBS. Kindly share this story: The National Bureau of Statistics says the retail price of a litre of diesel increased from N836. 91 in February 2023 to N1,257.06 in February 2024.

Executive Summary. The average retail price paid by consumers for Premium Motor Spirit (Petrol) for January 2024 was N668. 30, indicating a 159.92% increase when compared to the value recorded in January 2023 (N257. 12).

The proposed price hike is reportedly being driven by a combination of factors, including the rising cost of crude oil on the international market, the weakening of the naira against the dollar, and the high cost of distributing petrol within Nigeria.

A new report has revealed vast differences in gasoline costs across the world, with Nigeria ranked 22nd in the cheapest petrol price category globally. The report titled 'Global Petrol Prices, Octane-95, January 1, 2024', as posted on their website, also revealed some countries paying over 100 times more for petrol.

How much was fuel in 1999 in Nigeria? ›

OLUSEGUN OBASANJO (N20 IN 1999, N75 BY 2007)

Before handing over power to Olusegun Obasanjo as Nigeria's first democratically elected president in the fourth republic on May 29, 1999, fuel price under the government of Gen. Abdulsalam Abubakar, the country's last military head of state, stood at N20 per litre.

The gasoline price was ₦65/liter between Aug 2005 (US$0.50) and Dec 2011 (US$0.41), except in 2007 and 2008 when it was raised to ₦75/liter for a month and then lowered to ₦70/liter. Diesel prices have been deregulated for several years.

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.

U.S. gasoline prices are expected to average around $3.40 a gallon in 2024 and $3.20 in 2025, compared with around $3.50 in 2023, according to the EIA's Short Term Energy Outlook report.

Prices at the pump typically rise in the first half of the year as more Americans get back on the road and refiners transition to less-polluting summer blends. But costs in 2024 have ramped up faster than normal, thanks largely to severe weather at home and geopolitical disruptions abroad.

Gas Overview

According to our Gas price prediction, GAS price is expected to have a -13.54% decrease and drop as low as by April 24, 2024. Our analysis of the technical indicators suggests that the current market feeling is Neutral Bearish 32%, with a Fear & Greed Index score of 73 (Greed).