The average retail price paid by consumers for Premium Motor Spirit (PMS) or petrol rose to N1,239.33 in April 2025, according to the latest ‘Premium Motor Spirit (Petrol) Price Watch’ released by the National Bureau of Statistics (NBS) on Wednesday.
The NBS report demonstrates the continued volatility in fuel pricing across regions despite recent interventions aimed at stabilising the downstream petroleum sector.
The increase indicates a 76.73% year-on-year increase compared to N701.24 recorded in April 2024.
However, on a month-on-month basis, the average price dropped by 1.77% from N1,261.65 recorded in March 2025.
On the state level, Imo State recorded the highest average retail price of PMS at N1,588.50, followed by Jigawa and Sokoto States with N1,567.84 and N1,550.00, respectively.
Yobe had the lowest average price at N970.00, with Kwara and Osun States following at N1,014.85 and N1,042.49, respectively.
The retail price of petrol currently stands at approximately N935 per litre in Abuja and N880 per litre in Lagos.
At the zonal level, the South East recorded the highest average price of N1,341.71, while the South West posted the lowest average at N1,138.64, the report noted.
A breakdown of zonal averages is as follows: South East: N1,341.71, North West: N1,325.90, North Central: N1,242.94, South South: N1,222.54, North East: N1,166.27, and South West: N1,138.64.
The development comes following reduction of ex-depot price of petrol to N835 per litre in mid-April by Dangote Refinery, marking its second price cut within a week. In Lagos, the refinery sold petrol at N890 per litre, down from N920, with a similar pricing trend observed in Abuja.
In its latest Inflation Expectation Survey Report, the Central Bank of Nigeria (CBN) revealed that businesses and households identified exchange rates, transportation costs, energy prices, interest rates, and security concerns as the top five factors influencing inflation perception in April 2025.
Energy prices, including petrol, diesel, and electricity, had the greatest impact on inflation perception, with 91% of respondents citing it as a major factor, the report noted.
Throughout April, petrol prices fluctuated between N870 and N920 per litre.
Transportation costs, covering road, flight, water, and rail travel, ranked third, with 86.7% of respondents citing it as a significant contributor to inflation perception.
The wave of rising petrol prices was unlocked by the removal of fuel subsidies by President Bola Tinubu upon assumption of office on May 29, 2023, jerking inflation rate to around 24.66 per cent afterwards.
However, inflation eased to 23.71% in April 2025, down from 24.23% recorded in March, according to the latest NBS data.
On a month-on-month basis, inflation stood at 1.86% in April 2025, down from 3.90% in March, representing a 2.04 percentage point decline, indicating a glimpse of hope of economic recovery.
