The average retail price of a litre of petrol witnessed a drop from N1,184.83/litre in October 2024 to N1,052.31/litre in October 2025.
This is according to the Petrol Price Watch for October 2025 released by National Bureau of Statistics (NBS) today.
It stated that the October 2025 price of N1,052.31 represented a 11.18 per cent decrease over the price of N1,184.83 recorded in October 2024.
“Comparing the average price value with the previous month of September, the average retail price increased by 8.42 per cent from N970.59,” NBS stated.
On state profiles analysis, the report said Kogi paid the highest average retail price of N1,110.00, followed by Sokoto and Borno at N1,105.93 and N1,101.63, respectively.
“Conversely, Oyo, Nasarawa and Abia paid the lowest average retail price at N1,001.79, N1,009.38, and N1,012.50, respectively,’’ it stated.
Analysis by zones showed that the North-East recorded the highest average retail price in October 2025 at N1,072.74 while the South-West Zone recorded the lowest price at N1,032.81 per litre.
In October, President Bola Tinubu approved a 15 percent ad-valorem import duty on diesel and petrol.
The approval was contained in a letter dated October 21, 2025, where Damilotun Aderemi, the Private Secretary to the President, conveyed the directive to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
With the approval, several experts fear that the implementation of the new import duty is projected to increase the pump price of petrol by approximately N99.72 per litre.
Weeks later, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced the suspension of the proposed 15 per cent ad-valorem import duty on Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO), commonly known as petrol and diesel.
The Authority made this known in a statement reassuring Nigerians that there is sufficient supply of petroleum products across the country despite the rising demand during the current peak season.
Earlier, Naijaonpoint reported that Dangote Petroleum Refinery has thrown its weight behind the federal government’s decision to impose a 15% ad-valorem import duty on petrol and diesel, describing it as a necessary measure to protect local refiners and curb the dumping of imported products.
The refinery said it currently has sufficient capacity to meet national demand, stating that it is loading about 45 million litres of petrol and 25 million litres of diesel daily, while working with regulatory agencies to ensure nationwide distribution.
The NMDPRA reported that Nigeria’s daily petrol consumption rose to an average of 56.74 million litres in October.