Fuel Price in Nigeria Today
Nigerians all over the nation are worried and frustrated, some are losing hope as the cost of living has skyrocketed due to the hike in fuel price which has affected virtually everything in the country ranging from house rent, transportation, foodstuff etc.
While many are hoping that the Dangote refinery would at least ease the current situation in the country, oil marketers are worried as the Dangote’s price of PMS (petrol) is taking longer than expected to be announced. They also have noted that the landing cost of imported fuel/petrol is now about NGN1,120 per litre.
It has also been stated by dealers that a high price from the Dangote refinery would lead to the importation of the commodity by marketers since the government had earlier opened up the market for competition.
What is the price of Fuel in your area?
Earlier this year around July, the landing cost of PMS (Petrol) was revealed by the Major Energies Marketers Association of Nigeria to be NGN1,117 per litre. You may be wondering what the landing cost is all about; it is simply the price at which the commodity lands on Nigeria’s shores.
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The pump price was raised last week to between NGN855 and NGN897 per litre by the Nigerian National Petroleum Company Limited as against the price range in July which was between NGN600 and NGN700 per litre. Today, you will notice around the nation that some independent dealers have hiked their prices to between NGN1,000 and NGN1500 per litre depending on the area. Let us know in the comment section how much you are buying a litre of fuel in your area.
Price of a Tokunbo Toyota Corolla in Nigeria
The high volatility in the foreign exchange market which led to the rise of dollars against the naira has also contributed greatly to the high cost of living in the nation.
In 2021 the exchange rate was between NGN400 and NGN450 and today as of writing this post, it is between NGN1,580 and NGN1,655 which is over 200 percent rise. While the price of a Tokunbo Toyota Corolla in 2021 was around NGN1.9 million and as of when writing this article, it is around NGN 4.3 million
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Price to Fill the Tank of Toyota Corolla in Nigeria
Toyota Corolla is one of the most purchased vehicles in Nigeria due to its affordability, low fuel consumption, durability, and low cost of maintenance among other benefits.
The fuel pump price in 2021 was around NGN165 per litre, and the tank capacity of the Toyota Corolla is 50 litres. Therefore the cost to fill the tank in 2021 was NGN165 X 50L = NGN8,250(Eight thousand, two hundred and fifty naira).
Whereas as of when this post was written in 2024, the pump price is above NGN1,000 depending on the area you reside in. In this calculation, we will take the average pump price to be NGN1,000(one thousand naira) and maintain the same tank size of 50L. Therefore, NGN1,000 X 50L = NGN50,000(Fifty thousand naria). Making it about a 507 per cent increment.
Kindly share your thoughts on the current situation in the country in the comment section.