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The Petroleum Products Pricing Regulatory Agency (PPPRA) is an agency of the government of Nigeria established in 2003 to, among other responsibilities, monitor and regulate the supply and distribution, and determine the prices of petroleum products in Nigeria. Its headquarters is located in Abuja, Nigeria.
The gas price prior to reform was $0.10 US per liter with the quota of 100 liters per month per passenger car. The reform raised the price to $0.40 US per liter and later reduced the ration to 60 liters per month. The price for over-quota consumption and the imported cars were $0.70 US per liter.
The price of petrol has increased from 65 naira ($0.40; £0.26) per litre to at least 141 naira in filling stations [6] and from 100 naira to at least 200 naira on the black market, from which many Nigerians buy their fuel.
Its reserves make Nigeria the tenth most petroleum-rich nation and by far, the most affluent in Africa. In mid-2001, its crude oil production was averaging around 2,200,000 barrels (350,000 m 3) per day. [13] It is expected that the industry will continue to be profitable based on an average benchmark oil price of $85-$90 per barrel. [14]
Drivers have been hit by the average cost of a litre of petrol reaching a record of nearly £1.60. Figures from data firm Experian Catalist show UK forecourts sold the fuel at an average price of ...
The NNPC had been buying petrol from Dangote Refiner at ₦898.78 per litre and selling to marketers at ₦765.99 per litre, shouldering a subsidy of almost ₦133 per litre. Following the NNPC's withdrawal as the sole off-taker, subsidies ceased to exist in Nigeria as marketers had to buy directly from Dangote and sell at cost price, adding ...
The oil prices were seen rising to hit $71.38 per barrel in March 2021, marking the highest since the beginning of the pandemic in January 2020. [116] The oil price rise followed a missile drone attack on Saudi Arabia's Aramco oil facility by Yemen’s Houthi rebels. [117] The United States said it was committed to defending Saudi Arabia. [118]
Its production in 2022 averaged 1.2 million barrels of oil per day (bopd), [6] and 300 barrels per day (bpd) of condensate, making it the biggest oil producer on the continent. Nigeria has oil reserves of about 37 billion barrels and gas reserves of about 206 Tcf, ranking 10th and 8th in the world, respectively, and giving it plenty of room to ...