Market Size of Nigeria Petrol Station Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 1.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Nigeria Petrol Stations Market Analysis
The petrol station market in Nigeria is expected to register a CAGR of around 1.5% during the forecast period. The COVID-19 outbreak caused several disruptions in oil and gas production across the world. Similarly, in Nigeria, due to lockdown measures imposed by the government, most of the filling stations in the country had low patronage as Nigerians complied with the lockdown order by the government. The outbreak of COVID-19 also caused disruptions in the supply chain and production of oil and gas, as a result of which many filling stations in the country remain closed. The production of premium motor spirit (PMS) or petrol also has remained stagnant with very little growth. Factors such as rehabilitation and up-gradation of existing refineries help the government's efforts to reduce reliance on refined product imports by adding new refining capacities (using modular and large refinery complexes). However, a lack of investment is expected to restrain the market during the forecast period.
- Smuggling of crude oil and refined products along the borders is expected to restrain the market during the forecast period.
- Government support to boost the use of natural gas in the country is expected to be proved a major opportunity for petrol station owners in the upcoming years. For instance, in September 2020, the Department of Petroleum Resources (DPR) in Nigeria ordered 9,000 petrol stations across the country to install natural gas fueling equipment to boost the sale of natural gas.
- The price deregulation is expected to drive the petrol station market in the country as operators now sell at the current fuel prices like that in the international market. This has allowed for some autonomy for the operators in the coming years.
Nigeria Petrol Stations Industry Segmentation
The Nigerian petrol station market report includes:
Nigeria Petrol Station Market Size Summary
The petrol station market in Nigeria is projected to see moderate growth in the coming years, despite disruptions caused by the COVID-19 pandemic. Due to lockdown measures, filling stations experienced a decrease in patronage, and disruptions in the oil and gas supply chain led to closures. However, the market is expected to be boosted by the rehabilitation and up-gradation of existing refineries, which will decrease reliance on imported refined products. This growth could be hindered by a lack of investment in the sector. The market is also influenced by factors such as smuggling of crude oil and refined products, which is expected to restrain the market. Government initiatives to increase the use of natural gas present opportunities for petrol station owners. Additionally, price deregulation is expected to drive the market as operators can now sell at current fuel prices, providing them with more autonomy. The market is fragmented, with operations run by independent petroleum marketers, major oil marketers, and the National Nigerian Petroleum Corporation. Key players include TotalEnergies SE, National Nigerian Petroleum Corporation, Sharon Group Nigeria, Oando PLC, and MRS Holdings Ltd.
Explore MoreNigeria Petrol Station Market Size - Table of Contents
Nigeria Petrol Station Market Size FAQs
What is the current Nigeria Petrol Station Market size?
The Nigeria Petrol Station Market is projected to register a CAGR of greater than 1.5% during the forecast period (2024-2029)
Who are the key players in Nigeria Petrol Station Market?
TotalEnergies SE, Nigerian National Petroleum Corporation, Sharon Group Nigeria, Oando Plc and MRS Holdings Company Ltd are the major companies operating in the Nigeria Petrol Station Market.
