PetroleumPrice.ng: Nigerian Tech Start-Up Offering Real-Time Fuel Pricing

When Olatide Jeremiah officially launched PetroleumPrice.ng in 2024, driven by a desire to modernise Nigeria’s traditionally disorganised petroleum marketing operations, he had little idea the platform would become a reference point for Nigeria's oil and gas sector within just one year.

Today, PetroleumPrice.ng is not only a trusted source for real-time fuel pricing but also a disruptive force bringing transparency, efficiency, and innovation to the downstream petroleum market.

Jeremiah told Legit.ng that the inspiration for the platform dates back to 2015, when he was working as a depot marketer.

According to him, he observed first-hand the chaos and opacity surrounding fuel transactions.

He said:

“I wanted to build a digital community where end users, oil and gas enthusiasts, stakeholders and media houses could interface, connect and get informed in real time.

"So while building, I and my team had so much believe in the project considering the fact that we understood the problems of the downstream oil and gas sector. 8months after launch, I’m super impressed with mentions, patronage and endorsements from different communities in the industry.

Jeremiah spent eight years mastering depot operations and retail management, building both knowledge and relationships.

That hands-on experience became the foundation for PetroleumPrice.ng’s eventual launch.

"Over the last 8years as an active player in the industry, I have built formal and informal relationships across all depots in Nigeria, so they are our source. Currently lots of depots have indicated interest to be listed on our platform with price support."

The vision of PetroleumPrice.ng

Jeremiah said PetroleumPrice.ng is designed to empower everyone from end-users to major oil players, with accurate, real-time data.

“I wanted to build a digital community where stakeholders, oil and gas enthusiasts, and even media houses could interact and make informed decisions."

Just eight months after launch, the platform has already gained widespread recognition.

He added.

“Everyday we get load of calls appreciating our efforts to make pricing accessible to anyone ascross the world at no cost, Depot owners, marketers, retail outlets owners and media houses now rely on our data to make informed decisions.

"It saves oil traders from uncertainty and losses that comes with petroleum sector, because Petroleumprice.ng tells you when to buy, where to buy and how much to buy."

How does PetroleumPrice.ng get info

Jeremiah said he has relationships with depots across the country, and many now voluntarily supply verified pricing data for the platform.

“We have introduced a two-factor verification system for all data. Accuracy is non-negotiable.”

Plans are underway to expand coverage beyond depots

He noted.

. “By our first anniversary in September, we will begin displaying live pricing from retail outlets too. Commuters, consumers, and fuel station operators will all benefit from this next phase."

Other plans include predictive pricing analytics, heat maps, historical trends, and a refined marketplace for oil and gas products.

An API suite for businesses and developers is also in the pipeline.

Jermiah explained:

“Our goal is to constantly innovate based on the needs of the industry.

“Daily intelligence reports, fuel price forecasts, and integration tools are just a few of what’s coming.”

“We get calls daily thanking us for making fuel pricing accessible and transparent,” he shared. “Our data helps depot owners, oil traders, retailers, and even transport companies avoid losses and make smarter decisions.”

"Consumers are also benefiting. By knowing where, when, and how much to buy fuel, users are saving time and money.

“We have created distinct value, and the appreciation we have received has been massive."

Challenges faced by PetroleumPrice.ng

Jeremiah noted that players are uneasy about the transparency that PetroleumPrice.ng brings.

His words:

. “There are individuals who benefit from inefficiencies.

“But digital transformation is inevitable. What we’re doing is about the long-term good of the industry.”

"We have been formally recognised by the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) as the country’s leading digital platform for petroleum pricing and downstream news.

Other partnerships are in the works as the platform expands its reach and services.

Leadership Lessons from his 8-month journey

For Jeremiah, the past year has been a masterclass in visionary leadership

He said"

“What I have learned is that the world will celebrate anyone who dares to do the unusual, and does it distinctively,”

“We created exclusive value in a complex industry and it’s paying off.”

Looking ahead, the goal is to go continental.

Jeremiah projected:

“In the next two years, we believe 50% of Nigerian petroleum stakeholders will be regular users,”

“By year five, PetroleumPrice.ng will have a footprint in multiple African countries, bringing the same transparency and efficiency we’ve achieved in Nigeria.”

He said the platform will host the inaugural PetroleumPrice.ng awards, a crowd-voted celebration of excellence in the downstream sector.

Categories include: as retail outlet of the year, petroleum depot of the year, downstream personality of the year, most outstanding downstream organisation, and do

FG speaks on factors determining petrol price

Earlier, Legit.ng reported that the Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri, pledged to continue working with oil and gas firms.

He did, however, emphasise that market forces would still determine the price of fuel in a deregulated market.

He did, however, emphasise that market forces would still determine the price of fuel in a deregulated market sector.

Source: Legit.ng