![]() ![]() Diesel prices in Nigeria dropped by over two percent in May 2020, this being the most significant monthly drop in 2020. Nevertheless, in 2021 gasoline prices increased again, reaching over 160 Naira per liter. The biggest drop in gasoline prices was recorded in April 2020, when the average price decreased by ten percent compared to the previous month. The low demand for oil during the first half of 2020 lead to a sharp fall in prices. According to estimations from April 2020, Nigeria's daily oil production would have reached 2.1 million barrels per day in a scenario without COVID-19. ![]() In 2020, the production decreased due to the impact of the coronavirus (COVID-19) and the subsequent lower demand. Impact of the pandemic on the oil industryĪt the beginning of 2021, the average daily oil production in Nigeria stood at 1.7 million barrels. ![]()
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