The primary aim of this paper was to explore the link between petroleum product price shocks and economic growth in Nigeria from 1990 to 2023. Due to a lack of data regarding the various elements of crude, annual time series data on crude oil prices in barrels and crude production in Nigeria were utilized as proxies for petroleum product prices. The collected data underwent a unit root test, the results of which determined the choice of the autoregressive distributed lag models. The findings indicate that in the short term, crude oil prices and production harm growth, while the real exchange rate exhibits a significant effect. Conversely, in the long term, both crude oil prices and production have a positive effect on growth. Based on these results, it is advised that the government tackle structural failures by enhancing the efficiency of oil production and effectively managing oil revenues. Furthermore, exchange rate management is essential in the short term.

Keywords: Premium Motor Spirit, Automotive Gas Oil, Dual Purpose Kerosene, Inflation, Exchange rate, Poverty, and Economic Growth.