Nigerians Spend N11.3trn On Petrol In Seven Months

Nigerians Spend N11.3trn On Petrol In Seven Months

Amid lamentations over rising energy costs, Nigerians spent about N11.3 trillion on Premium Motor Spirit (petrol) between January and July 2026 to power their vehicles and electricity generators, according to data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

The NMDPRA July 2026 midstream and downstream statistics showed that approximately 10.37 billion litres of petrol were trucked into the domestic market during the seven months.

An analysis of the monthly volumes against average prevailing petrol prices showed that Nigerians spent N11.3tn on the commodity between January and July this year.

Once subsidised, petrol is the most-used fuel in Nigeria for cars, buses, bikes, tricycles and power generators. Diesel is mainly used by trucks and industries. The removal of petrol subsidies by President Bola Tinubu in 2023 triggered a sharp rise in petrol prices from N175 to the current N1,310 per litre.

According to the NMDPRA report, spending remained above N1tn in each of the seven months, with the monthly bill rising sharply as petrol prices increased from March.

Petrol sold for an average of N830/litre in January and February, before the price rose to N1,100/litre in March, N1,250/litre in April and N1,300/litre in May. The price subsequently moderated to N1,200/litre in June and July.

The price increases, which occurred amid heightened geopolitical tensions involving the United States and Iran, meant that Nigerians continued to spend heavily on petrol even as demand weakened.

In January, about 1.87 billion litres of petrol were consumed, resulting in expenditure of approximately N1.55tn. Consumption fell to 1.59 billion litres in February, with Nigerians spending N1.32tn on the product….