Fresh Update Emerges On Petrol Price In Nigeria

In April 2025, the average retail price for Premium Motor Spirit (PMS), commonly known as petrol, reached ₦1,239.33, as reported by the National Bureau of Statistics (NBS) in their latest ‘Premium Motor Spirit (Petrol) Price Watch’ released on Wednesday, May 21, 2025.

This report highlights the ongoing fluctuations in fuel prices across various regions, despite recent efforts to stabilise the downstream petroleum sector.

The current price reflects a significant year-on-year increase of 76.73% compared to ₦701.24 in April 2024.

However, there was a slight decrease of 1.77% from the previous month, where the average price was ₦1,261.65 in March 2025.

Regionally, Imo State reported the highest average retail price at ₦1,588.50, followed by Jigawa and Sokoto States at ₦1,567.84 and ₦1,550.00, respectively.

Conversely, Yobe State had the lowest average price at ₦970.00, with Kwara and Osun States at ₦1,014.85 and ₦1,042.49, respectively.

Naijaonpoint reports that in major cities, petrol prices are approximately ₦935 per litre in Abuja and ₦880 per litre in Lagos. The report also indicates that the South East region has the highest average price at ₦1,341.71, while the South West has the lowest at ₦1,138.64.

The zonal averages are as follows: South East: ₦1,341.71, North West: ₦1,325.90, North Central: ₦1,242.94, South South: ₦1,222.54, North East: ₦1,166.27, and South West: ₦1,138.64.

The recent change follows a decrease in the ex-depot price of petrol to ₦835 per litre in mid-April by Dangote Refinery, marking its second price reduction within a week.

In Lagos, the refinery offered petrol at ₦890 per litre, down from ₦920, with a similar pricing pattern noted in Abuja.

In its most recent Inflation Expectation Survey Report, the Central Bank of Nigeria (CBN) disclosed that businesses and households highlighted exchange rates, transportation expenses, energy costs, interest rates, and security issues as the top five factors affecting inflation perception in April 2025.

The report indicated that Energy costs, including petrol, diesel, and electricity, exerted the most significant influence on inflation perception, with 91% of participants identifying it as a key factor.

Throughout April, petrol prices varied between ₦870 and ₦920 per litre.

Transportation expenses, encompassing road, air, water, and rail travel, were ranked third, with 86.7% of respondents recognising it as an essential contributor to inflation perception.

The surge in petrol prices was triggered by President Bola Tinubu’s abolition of fuel subsidies upon taking office on May 29, 2023, causing the inflation rate to rise to about 24.66% thereafter.

Nonetheless, inflation eased to 23.71% in April 2025, a decrease from the 24.23% recorded in March, according to the latest data from the NBS.

On a month-to-month basis, inflation was recorded at 1.86% in April 2025, down from 3.90% in March, reflecting a decline of 2.04 percentage points, signalling a potential sign of economic recovery.