The average retail price of Premium Motor Spirit, commonly known as petrol, soared to N1,239.33 per litre in April 2025, a 76.73% increase from N701.24 in April 2024, according to the National Bureau of Statistics.
The data, released Wednesday in the NBS’s “Premium Motor Spirit (Petrol) Price Watch,” highlights ongoing volatility in Nigeria’s fuel market despite recent efforts to stabilize the downstream petroleum sector.
On a month-on-month basis, however, petrol prices saw a slight reprieve, declining 1.77% from N1,261.65 in March 2025.
Regional disparities were stark, with Imo State recording the highest average price at N1,588.50, followed by Jigawa (N1,567.84) and Sokoto (N1,550.00). Yobe reported the lowest at N970.00, trailed by Kwara (N1,014.85) and Osun (N1,042.49).
Zonal analysis showed the South East with the highest average price at N1,341.71, while the South West recorded the lowest at N1,138.64.
Other zones included the North West (N1,325.90), North Central (N1,242.94), South South (N1,222.54), and North East (N1,166.27).
In major cities, petrol retailed at approximately N935 per litre in Abuja and N880 per litre in Lagos.
Dangote Refinery, a key player in the sector, cut its ex-depot price to N835 per litre in mid-April, down from N920, with retail prices in Lagos dropping to N890 per litre.
The Central Bank of Nigeria’s April 2025 Inflation Expectation Survey identified energy prices, including petrol, as the primary driver of inflation perception, with 91% of businesses and households citing it as a major factor.
Transportation costs, exacerbated by the removal of fuel subsidies, ranked third, with 86.7% of respondents noting its impact.
Additional charges like toll fees, port handling, and cargo insurance further inflated costs.
Nigeria’s inflation rate eased slightly to 23.71% in April from 24.23% in March, a 0.52 percentage point decline, per NBS data.
While this offers a glimmer of relief, rising fuel prices and cost-of-living pressures continue to challenge businesses and consumers alike.
