Petrol is still the biggest line item in the monthly budget of most Nigerian drivers, and data as of mid-October 2026 shows it is sitting stubbornly high. According to depot price data reported by Legit.ng on 15 October 2026, the Lagos gantry price in Dangote was N1,348 per litre, up N6 from N1,342, with most depots in Lagos, Port Harcourt, Calabar and Warri between N1,345 and N1,360. Pump prices sit on top of that when marketers add transportation and margins. So what does this mean for your cost per kilometer and which vehicles do the least damage? This guide breaks it down.
Where is the price of petrol at the moment?
The figures below are ex-depot (gantry) prices, not what you pay at the pump. They are a useful floor, because retail stations must price above them.
- Lagos: Dangote N1,348; Aiteo N1,344; NIPCO N1,345; Matrix and Wasbab N1,350.
- Port Harcourt: Masters N1,348; Matrix N1,350 (down N10); Bulk Strategic and Stockgap N1,360.
- Calabar: Mainland and Matrix N1,360.
- wary: Parker N1,348; Danmarna, Kionamex and Rain Oil N1,350; Matrix N1,353.
The same report noted that the Federal Government is negotiating a ceiling of N1,350 per liter at the ex-gantry or landing-cost level. Finance Minister Taio Wedel described the goal of making fuel prices more predictable through what he called price modulation. Nothing is guaranteed until it’s officially implemented, so consider this a development to watch rather than a relief.
Simple formula: Petrol cost per km
You don’t need a spreadsheet. Take your car’s fuel consumption in liters per 100 km, multiply by the price per litre, then divide by 100. Using a round N1,350 per liter as a working figure (your local pump price may be slightly higher), here are illustrative estimates for typical fuel-consumption bands. Actual costs vary with model, age, load, traffic and how well the vehicle has been maintained.
- Small economy car, about 6 L/100 km: Roughly N81 per km.
- Compact sedan, around 8 L/100 km: Roughly N108 per km.
- Mid-size sedan or small SUV, about 10 L/100 km: Roughly N135 per km.
- Large SUV, about 14 L/100 km: Roughly N189 per km.
- Heavy V6/V8 SUV in Lagos traffic, about 20 L/100 km: Roughly N270 per km.
- Commuter motorcycle, about 2.5 L/100 km: Roughly N34 per km.
These are our own calculations on stated assumptions, not manufacturer claims. Test your own car by filling the tank, driving for a typical week, then refilling and dividing the liters used by the kilometers driven.
What this means for a typical month
Suppose you drive 1,500 km per month, which is a realistic figure for commuters to Lagos or Abuja with weekend trips. At N1,350 per litre, a compact sedan using 8 L/100 km burns about 120 litres, which is roughly N162,000. A thirsty SUV burns about 210 liters at 14 L/100 km, roughly N283,500. Fuel economy is now as important as the sticker price when you shop for a Tokunbo car because of the gap of over N120,000 per month.
The hidden multiplier of traffic. A car that returns 8 L/100 km on the highway can easily double that during a long Third Mainland Bridge crawl, as it idly burns fuel without covering the distance.
Practical ways to cut your petrol bill
- Choose a smaller engine when buying. The best fuel efficient cars in Nigeria are usually 1.3 to 1.8 liter four-cylinders with good spare parts available.
- Keep tires properly inflated. Under-inflated tires increase cost and wear faster.
- Timely service. Dirty air filters, old plugs and worn sensors quietly add to fuel consumption.
- Avoid carrying dead weight. A roof rack and a boot full of cargo cost you a litre.
- Plan trips around traffic. Leaving 30 minutes earlier or later can save more fuel than any gadget.
- Drive smoothly. Hard acceleration and late braking are costly habits.
CNG or electric is the way to escape?
Many drivers are asking whether to give up petrol altogether. The report by the Presidential CNG Initiative, established in 2023 after the removal of gasoline subsidies, positions compressed natural gas as a cheaper, cleaner alternative for motorists and transportation operators. According to an Arise News report, President Bola Tinubu said in August 2026 that state governors had agreed to promote CNG and electric vehicles to reduce transport costs nationwide from 1 October 2026. The same report said the government has waived import duties on electric vehicles, mass-transit buses and manufacturing machinery in April 2026.
The trade-offs are real. CNG conversion requires access to a certified workshop, a cylinder that eats up boot space and a working station, which is still isolated outside major cities. EVs depend on reliable charging and your power supply at home. For high-mileage drivers such as ride-hailing operators, the savings may justify the upfront cost; For someone who drives 300 km a month, probably not. Get written quotes from authorized installers and ask about warranties and cylinder inspections before committing.
Imports are increasing, so demand for fuel is not decreasing
National Bureau of Statistics data, analyzed by Nairametrics and reported by Arise News on 13 September 2026, shows passenger motor vehicle imports rose 145.6% to N1.18 trillion in the first half of 2026, from N479.26 billion a year earlier. More cars on the road mean continued strong demand for gasoline, even as alternatives grow, which is one reason pump prices are a national talking point.
Disadvantages and caveats
- Depot prices are not pump prices; Your local station may charge more, especially outside Lagos.
- Prices move almost weekly, with a few naira changes above N10 in a single update.
- A reported price ceiling is a negotiation, not a settlement policy.
- The cost-per-km figures here are illustrative estimates and depend on your driving.
Key takeaways and FAQs
Key Takeaway: At roughly N1,350 per litre, each additional liter per 100km costs about N13.50 per 100km, so a few liters of efficiency adds up to six figures a month for high-mileage drivers.
How much is the price of petrol in Nigeria now? Mid-October 2026 depot prices were mostly between N1,345 and N1,360 per litre, with Dangote at N1,348 in Lagos. Pump prices vary by station and state.
How do I calculate fuel consumption per kilometer? Multiply by the price per liter per 100 km, then divide by 100.
Which car is best on fuel? Small four-cylinder sedans and hatchbacks generally use the least gasoline; Large SUVs and V8s use the most.
Will CNG save me money? Perhaps for high-mileage drivers, but conversion costs, station access and safety certification matter. Compare real quotes before.
Disclaimer: Car prices, fuel prices, import duties and specs change frequently in Nigeria. Always confirm current figures with dealers, filling stations or official sources before you buy or budget.