NIGERIANS SPEND N11.3TN ON PETROL IN SEVEN MONTHS

Nigerians spent about N11.3tn on petrol between January and July 2026, reflecting the heavy financial burden of rising fuel prices on households and businesses.

Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority showed that about 10.37 billion litres of petrol were supplied to the domestic market during the seven-month period.

The figures indicate that Nigerians spent more than N1tn on petrol in each month between January and July, even as consumption declined during the period.

Petrol averaged N830 per litre in January and February before rising to about N1,100 in March, N1,250 in April and N1,300 in May. The average price later fell to around N1,200 per litre in June and July.

January recorded the highest consumption at about 1.87 billion litres, resulting in an estimated N1.55tn bill. By July, consumption had dropped to about 1.11 billion litres, but Nigerians still spent approximately N1.33tn.

The data highlights the impact of higher petrol prices on transportation, household expenses and businesses that rely on generators for electricity.

The development comes more than three years after the Federal Government removed the petrol subsidy, which led to a sharp increase in fuel prices.

Despite the decline in consumption, the overall petrol bill remained above N11tn, showing the significant cost of fuel to Nigerians.