Top 10 Best Filling Stations in Nigeria (2024)
With the fuel subsidy removed, popular filling stations are found on each and every major highway in Nigeria. According to available data, there are over 7,500 registered filling stations in Nigeria located in various states of the federation with the number set to increase as new gas and petrol stations scamper for license to operate. These service stations can as well be located in streets, especially in urban areas.
Many business individuals, go into the oil and gas industry because of its profitability. Many filling stations make close to ₦1 to ₦3 million per day, depending on the area in which they are located in the country. From our research, it would cost about ₦70 million to start a retail fuel station business in Nigeria today, including licensing and equipment purchase. This kind of business is normally meant for the wealthy.
Because Nigeria has so many pumping stations, finding the perfect one to refuel your vehicle may be difficult under this new fuel subsidy removal regime. With this list of Nigeria’s top fuel stations that are regarded as the best, this info will assist you in determining which richest filling stations in the country provide the optimum operations.
10 BEST FILLING STATIONS IN NIGERIA
In no particular order, the following are Nigeria’s highly rated popular petrol filling stations this 2024:
OANDO FILLING STATION (now NNPC)
Oando has been one of Nigeria’s best petrol stations before it was acquired by NNPC retail. The filling station has gained popularity since it establishment and their stations are found in all the major cities in the country.
ESSO was the previous name for Oando, which was created in 1956. Adewale Tinubu and Omamofe Boyo are two of Oando’s major shareholders. As a result, it is a self-contained oil and gas corporation.
Oando (Ocean and Oil Limited) is a well-known Nigerian fuel station and one of Africa’s biggest. Day after day, the firm produces over 43,000 barrels of oil. Every state in Nigeria has at least one Oando filling station.
TOTAL FILLING STATION
Total is unquestionably one of the richest filling stations in Nigeria, with locations in all 36 states. Total filling stations have already been in operation in Nigeria for over Fifty years and currently operate 600 stations around the country.
In 1956, the very first Total filling station was opened in Yaba, Lagos state. Total strives to provide high-quality products and high customer satisfaction. This renders them one of Nigeria’s greatest filling stations. In addition to the United States, Total has operations in more than 130 countries.
MOBIL FILLING STATION
Mobil filling station is ranked as the third best richest filling stations in Nigeria with good fuel meter. This is a well-known petrol and gas station that sticks out across the country. Mobil is a division of ExxonMobil, a multinational corporation. They are active in Africa, Asia Pacific, Central America, the Caribbean, Europe, North America, and South America.
Mobil filling stations are more common in Nigeria’s South South states, such as Cross Rivers, Akwa Ibom, and Rivers. Mobil filling stations can also be found in other states such as Lagos, Imo, Delta, and others.
CONOIL FILLING STATION
For much more than 26 years, Conoil has operated autonomously in Nigeria. National Oil and Chemical Marketing Plc was its previous name. As Conpetro bought the company in 2002, the name was altered. The corporation is one of Nigeria’s biggest oil and gas companies, with headquarters in Victoria Island, Lagos State.
Conoil filling stations sells gasoline and kerosene, as well as diesel, aviation fuel, and low-pour fuel. Multiple accomplishments have been reached by the company since it began operations in Nigeria.
NNPC FILLING STATION
The popular NNPC filling station is the only government owned service station in this list. The federal government owns the Nigerian National Petroleum Commission (NNPC), which also operates the filling stations. As more than just a federal corporation, they have a greater responsibility to give the greatest services to Nigerian residents.
NNPC has been here for a lengthy moment, although it only started selling retail in 2000. In Abuja and Lagos, the first NNPC fueling stations were established. In Nigeria, there is a NNPC filling station in every state. In total, 500 NNPC filling stations may be found throughout the country. NNPC sells a variety of products, including gasoline, diesel, kerosene, cooking gas, and fuel oil.
ADROVA FILLING STATION
The Adrova service station was originally home to billionaire Femi Otedola’s famed Forte Oil. As a result, the offices of the company are in Lagos. They sell PMS, diesel, aviation fuel, kerosene, and various lubricants, among other things.
In Nigeria, there are approximately 450 Adrova filling stations spread across the country. Adrova filling stations can be found in every state, and the company also has a major presence in Ghana. Their main fuel reservoirs are in Lagos’ Apapa and Rivers State’s Onne.
PETROCAM FILLING STATION
In Lagos, Petrocam filling stations are very common. However, they can also be found in certain other Nigerian states.
Petrocam was founded in 2004 and currently operates in Nigeria as well as other African countries. Gasoline, Gasoil, Kerosene, Naphtha, Lubricants, and Greases can all be purchased at a Petrocam filling station. Affiliations with oil companies in Europe and the Middle East are also in place.
MRS FILLING STATION
MRS Holdings owns the MRS filling station. It was previously known as Texaco, and prior to that, it was recognized as Chevron. Patrice Albert and Marco Storari, among others, are in charge of the company, which was created in 1969.
MRS has retail locations in Nigeria’s main cities. The filling station also provides fuel to a number of high-profile businesses. They likewise offer aviation fuel and a variety of lubricants.
RAINOIL LIMITED FILLING STATION
In Nigeria’s oil and gas business, Rainoil is a well-known company. The company has been in existence since the early 90s, and commenced business as a petroleum products marketing company in February 1997.
Rainoil Limited is a well integrated downstream company and a leading player in the Nigerian oil and gas industry. The Rainoil Group is made up of business operations that cuts across the downstream value chain. This ranges from retail sales, bulk storage, logistics and shipping petroleum product storage, distribution, and also retail sales.
Rainoil primary products include: Petrol (PMS), Diesel (AGO), Kerosene (DPK), Liquefied Petroleum Gas (LPG), and Naphtha. This fuel station can be found among the major cities and states in the country.
ZENON FILLING STATION
Zenon is a multinational company that is headquartered in Zenon, California. The company’s regional head office in Nigeria are in Lagos, and the most of the company’s filling stations are there as well. Femi Otedola, who was previously the chairman of Forte Oil, started the corporation. It was established in 2003 and is one of Nigeria’s leading filling stations.
Zenon is a large corporation and they sale a wide range of products relating to the industry. Apart from its retail shops, Zenon is a well-known petroleum provider to large corporations in Lagos and Abuja. As a result, diesel is the filling station’s most popular product.
FILLING STATION BUSINESS IN NIGERIA: A COMPREHENSIVE GUIDE
The filling station business is a vital part of the Nigerian economy, providing fuel for transportation, industrial activities, and other essential purposes. With a large and growing population, Nigeria has a high demand for fuel, making the filling station business a potentially lucrative investment.
HOW MUCH DOES IT COST TO OWN A FILLING STATION IN NIGERIA?
The cost of owning a filling station in Nigeria can vary significantly depending on several factors:
- Land: Prices can range from ₦200,000,000 to ₦1 billion or more for prime locations.
- Construction: Costs can vary depending on the size and complexity of the station, ranging from ₦500 million to ₦2 billion or more.
- Pumps: ₦5 million – ₦10 million each.
- Tanks: ₦10 million – ₦20 million each.
- Storage facilities: ₦20 million – ₦50 million.
- Point-of-sale (POS) systems: ₦1 million – ₦2 million.
- Security cameras and other equipment: ₦5 million – ₦10 million.
3. Licenses and Permits:
- Department of Petroleum Resources (DPR) license: ₦20 million – ₦30 million.
- Environmental Impact Assessment (EIA) approval: ₦5 million – ₦10 million.
- Fire Service Certificate: ₦1 million – ₦2 million.
- Building permits: ₦5 million – ₦10 million
4. Initial Inventory:
- Fuel: ₦200 million – ₦500 million
- Lubricants: ₦10 million – ₦20 million.
- Convenience store items: ₦10 million – ₦20 million.
5. Operational Costs:
- Staff salaries: ₦50 million – ₦100 million annually.
- Utilities: ₦20 million – ₦50 million annually.
- Maintenance: ₦10 million – ₦20 million annually.
- Marketing and advertising: ₦10 million – ₦20 million annually
Total Cost Estimate:
- Minimum: ₦1 billion – ₦2 billion, depending on factors like land size and location
- Maximum: Over ₦10 billion for a large, fully-equipped station in a prime location.
IS THE FILLING STATION BUSINESS PROFITABLE IN NIGERIA?
Yes, the filling station business in Nigeria can be profitable, but it requires careful planning and execution. The profitability of a filling station depends on various factors, including:
- Location: Choose a location with high traffic volume and limited competition. Busy highways, major intersections, and areas with high population density are ideal locations.
- Investment: The initial investment required to set up a filling station is substantial. This includes the cost of land, licenses, equipment, infrastructure, and inventory.
- Management: A successful filling station requires efficient management to control costs, optimize sales, and ensure compliance with regulations.
- Market conditions: Fuel prices and economic conditions can impact the demand for fuel and the profitability of filling stations.
Here is a breakdown of the estimated profitability of a filling station in Nigeria:
- Profit margin: N3 – N4.60 per litre sold.
- Small stations: N1 million+ monthly profit.
- Large stations: N180 million+ daily profit.
CHALLENGES AND RISKS OF FILLING STATION BUSINESS IN NIGERIA
Despite the potential for profitability, the filling station business also faces some challenges and risks:
- High initial investment: As mentioned earlier, setting up a filling station requires a significant upfront investment. This can be a barrier to entry for new entrants.
- Competition: The filling station market in Nigeria is competitive, with major oil companies and independent operators vying for market share.
- Government regulations: There are strict regulations governing the operation of filling stations in Nigeria. Failure to comply with these regulations can result in fines or even closure of the station.
- Market fluctuations: Fuel prices and economic conditions can fluctuate, impacting the demand for fuel and the profitability of filling stations.
- Safety risks: Filling stations handle flammable liquids, posing potential safety risks. It is crucial to implement proper safety measures and procedures to minimize these risks.
HOW TO START A FILLING STATION BUSINESS IN NIGERIA
If you are considering starting a filling station business in Nigeria, here are some steps to follow:
- Develop a business plan: This should include your market research, financial projections, operational plan, and marketing strategy.
- Secure funding: You will need to secure financing to cover the initial investment costs. This could be through personal savings, loans, or investors.
- Obtain licenses and permits: There are various licenses and permits required to operate a filling station in Nigeria. You need to obtain these from the relevant government agencies.
- Choose a location: As discussed earlier, location is a crucial factor for success. Choose a location with high traffic volume and limited competition.
- Purchase land and equipment: You will need to purchase land and equipment such as pumps, tanks, and storage facilities.
- Hire staff: You will need to hire qualified staff to operate the filling station.
- Develop a marketing strategy: Develop a marketing strategy to attract customers and build brand awareness.
- Ensure compliance with regulations: Make sure you are compliant with all relevant government regulations and safety standards.
That’s the top picks of the leading ten best filling stations in Nigeria. We believe this information will enable you know which of the service stations in the country offers the best services under this fuel subsidy regime.