The average retail price for Premium Motor Spirit (PMS), commonly known as petrol, reached N1,239.33 in April 2025, according to the latest ‘Premium Motor Spirit (Petrol) Price Watch’ published by the National Bureau of Statistics (NBS) on Wednesday.
The report highlights persistent volatility in fuel prices nationwide, despite recent efforts to stabilize the downstream petroleum sector. This figure represents a significant 76.73% increase compared to N701.24 recorded in April 2024. However, on a month-to-month basis, prices saw a slight decline of 1.77% from N1,261.65 in March 2025.
At the state level, Imo State reported the highest average retail price at N1,588.50, followed by Jigawa (N1,567.84) and Sokoto (N1,550.00). In contrast, Yobe recorded the lowest average price at N970.00, with Kwara and Osun following at N1,014.85 and N1,042.49, respectively.
In major cities, the retail price stood at approximately N935 per litre in Abuja and N880 in Lagos. Regionally, the South East recorded the highest average price at N1,341.71, while the South West posted the lowest at N1,138.64.
A detailed breakdown of regional averages shows:
- 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
- South West: N1,138.64
This price movement aligns with the reduction in ex-depot petrol prices by Dangote Refinery, which lowered prices to N835 per litre in mid-April 2025. In Lagos, the refinery priced petrol at N890 per litre, down from N920, with a similar trend in Abuja.
Additionally, the Central Bank of Nigeria (CBN) revealed in its Inflation Expectation Survey Report that exchange rates, transportation costs, energy prices, interest rates, and security concerns were the five key drivers influencing inflation perceptions 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.