Fuel Prices Nigeria
Part of: GIZ International Fuel Price database
Also see: Nigeria Energy Situation
Fuel Pricing Policies
| Local Currency: | NGN |
| Exchange Rate: | 148.6
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| Last Update: |
The „Petroleum Products Pricing Regulatory Agency“ (PPPRA) is regulator and supervidor for the downstream market for liquid fuels in Nigeria. The PPPRA website offers plenty of information regarding fuel pricing policies, legislative and administrative framework and actual price compositions (http://www.pppra-nigeria.org).
PPPRA calculates „expected open market“ retail prices for all liquid fuels. The downstream sector is privatized in Nigeria. While there is a liberal, non-subsidized pricing for diesel, gasonline prices are regulated and immensely subsidized by the government (see 2.). However, an „Expected Open Market Price“ for gasoline (without subsidies) is published as well (see 1., 2-year-trend), so the extent of subsidies on gasoline can be recognized by customers. Pricing templates are published on a daily basis!
The „Petroleum Support Fund“ (PSF) basically finances the subsidy of gasoline. It is also stated, that PSF is being used for flattening volatile world market prices using a slate-calculation: A clearance between actual prices and calculated prices is being done between PSF and the distributors.
The pricing structure includes several taxes; However, all taxes have been zero as of Feb.2011.
The overall cost and pricing structure is quite powerful, as it accounts for future eventualities as the end of fuel subsidies, imposing of taxes and the deregulation or regulation of fuel types.
Fuel Prices and Trends
| Gasoline 95 Octane | Diesel | |
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| in USD* |
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| in Local Currency |
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* benchmark lines: green=US price; grey=price in Spain; red=price of Crude Oil
Fuel Price Composition
Price composition for one litre of Gasoline 95 Octane as of 2011/02/01.
(1 US$=151.28 NGN)
- „Vessel Transport/Depot“ costs include vessel financing costs (2.25NGN/litre), lightering costs (3.56 NGN/litre), a Nigerian Ports Authority duty (0,6 NGN/litre), the main depot („Jetty depot“) throughput charge (0,8 NGN/litre) and a main depot storage charge (3,00 NGN/litre).
- Diesel (referred to as „AGO“) is not subsidized. Therefore, expected diesel pump prices are about twice the price of gasoline.
- There is currently no taxation on diesel and gasoline.
Source: http://www.pppra-nigeria.org/pricingtemplate.asp
At a Glance
| Regulation-Price-Matrix |
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Sources to the Public
| Type of Information | Web-Link / Source |
|---|---|
| Other Information | http://www.pppra-nigeria.org/index.asp |
| Price Composition | http://www.pppra-nigeria.org/pricingtemplate.asp |
| Pump prices and margins | http://www.pppra-nigeria.org/marketfundamentals.asp |
| Wholesale Prices | http://www.pppra-nigeria.org/marketfundamentals.asp |
Contact
Please find more information on GIZ International Fuel Price Database and http://www.giz.de/fuelprices
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