Road Transport
Commercial transport operators pass PMS costs directly to passengers and shippers. Intra-city, intercity, and last-mile freight fares have risen sharply since the May 2023 subsidy removal, disproportionately affecting low-income commuters and rural communities with no alternatives.
Source: NURTW; NBS Consumer Price Index (Transport)
Food & Agriculture
PMS is embedded throughout Nigeria's food supply chain — powering irrigation pumps, farm machinery, market trucks and cold-chain logistics. Nigeria's food inflation peaked at 40.87% in March 2024, the highest in nearly three decades, with fuel cost pass-through a primary driver.
Source: NBS Food Price Index, March 2024
Power & Energy
An estimated 25 million generators are in daily use across Nigeria, serving households and businesses that cannot rely on the national grid. The 5.6× increase in generator fuel cost since 2022 has effectively reduced real access to electricity for millions of Nigerians.
Source: NBS; World Bank Nigeria Electrification Data 2024
Small & Medium Businesses
SMEs account for approximately 50% of Nigeria's GDP and 80% of employment. Energy — primarily diesel and PMS — constitutes an estimated 20–40% of SME operating costs. Rising fuel prices have forced many micro-enterprises to cut output, reduce hours, or shut down entirely.
Source: CBN SME Survey; Manufacturers Association of Nigeria; World Bank
Households & Welfare
Beyond transport and generators, PMS powers motorcycles (primary rural mobility), water pumps, and petrol-fuelled appliances. Urban and peri-urban households face compounded cost pressure across food, energy, and transport — all of which are indexed to the pump price of PMS.
Source: CBN Consumer Expectation Survey; NBS Household Survey data