Nigerians spent an estimated N11.3 trillion on Premium Motor Spirit, popularly known as petrol, between January and July 2026, even as the volume of fuel purchased declined significantly, highlighting the financial pressure created by higher pump prices.
Data contained in the July 2026 midstream and downstream statistics of the Nigerian Midstream and Downstream Petroleum Regulatory Authority showed that about 10.37 billion litres of petrol entered the domestic market during the seven-month period. An analysis of the reported monthly volumes and average prevailing prices put the total petrol bill at approximately N11.3tn.
The monthly expenditure remained above N1tn throughout the period, demonstrating how higher prices continued to drive up the amount Nigerians paid even when demand weakened. Petrol averaged about N830 per litre in January and February, before rising to N1,100 in March, N1,250 in April and N1,300 in May. The average later eased to about N1,200 per litre in June and July.
January recorded the highest monthly volume during the period, at about 1.87 billion litres, translating into an estimated expenditure of N1.55tn. In February, the volume fell to approximately 1.59 billion litres, while spending stood at about N1.32tn.
The higher prices became more evident from March. Nigerians spent about N1.61tn on 1.47 billion litres in March, while April recorded the highest monthly expenditure of the seven-month period at approximately N1.92tn, despite a reported volume of about 1.53 billion litres.
In May, about 1.44 billion litres were recorded at an estimated cost of N1.87tn. June followed with approximately 1.42 billion litres and spending of N1.71tn, while July recorded the lowest monthly volume of the period at about 1.11 billion litres, with the estimated bill still reaching N1.33tn.
The figures show the effect of rising pump prices on the overall cost of petrol. Although the quantity being purchased declined, the amount paid remained exceptionally high because each litre became substantially more expensive than at the beginning of the year.
The decline was particularly sharp in July, when average daily petrol consumption fell to 35.7 million litres. That was 24.7 per cent below the 47.4 million litres recorded daily in June and 24.4 per cent lower than the 47.2 million litres reported for July 2025.
July's average daily figure was also 44 per cent below the 63.7 million litres per day recorded at the peak in December 2025. It was 28.6 per cent below the 50 million-litre daily benchmark and about 29.4 per cent below the 50.6 million-litre average recorded over the 13-month period covered by the NMDPRA statistics.
The contraction in petrol demand contrasted with developments in some other petroleum products. Diesel consumption stood at about 14.7 million litres per day in July, slightly above its 14 million-litre benchmark, while liquefied petroleum gas, commonly known as cooking gas, reached 4.4 kilotonnes per day against a benchmark of 3.9 kilotonnes.
Aviation fuel, however, recorded a significant shortfall, with average daily consumption of 1.7 million litres, 43.3 per cent below its three-million-litre benchmark.
The petrol figures also come against the backdrop of the Federal Government's removal of petrol subsidies in 2023, a policy that led to a major increase in the cost of the product and subsequently affected transportation and other household and business expenses. The latest data suggests that the price impact remains significant even as petrol demand has weakened.
Energy experts have consequently renewed calls for measures that could reduce the burden of high energy costs without returning to the weaknesses associated with the former subsidy system. Petroleumprice.ng Chief Executive Officer Olatide Jeremiah argued for government intervention during periods of severe pressure, including the possibility of directing part of crude-oil revenue towards cushioning petroleum costs.
Energy economist Professor Adeola Adenikinju, meanwhile, said a production subsidy would be preferable in principle to a consumption subsidy, while warning that vested interests could undermine such an arrangement. He also called for stronger mass transportation and questioned whether the current availability of compressed natural gas infrastructure was sufficient to significantly reduce Nigerians' dependence on petrol.
The January-to-July figures therefore present a striking picture of Nigeria's fuel market: the country recorded a substantial fall in petrol demand, yet consumers still spent an estimated N11.3tn during the period. The figures are likely to keep fuel affordability, transportation costs and the broader consequences of subsidy removal at the centre of economic policy discussions.
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