By Ayomide Otitoju
The average retail price of Premium Motor Spirit (PMS), commonly known as petrol, climbed to ₦1,239.33 per litre in April 2025, reflecting a 76.73% year-on-year increase from ₦701.24 recorded in April 2024, according to the latest data from the National Bureau of Statistics (NBS).
The NBS report, released Wednesday, highlights persistent regional disparities in fuel prices despite recent efforts to stabilise the downstream petroleum sector. On a month-on-month basis, however, the average petrol price saw a slight 1.77% decline from ₦1,261.65 in March 2025.
Among the states, Imo recorded the highest average retail price at ₦1,588.50 per litre, followed by Jigawa (₦1,567.84) and Sokoto (₦1,550.00). Yobe had the lowest average at ₦970.00, with Kwara (₦1,014.85) and Osun (₦1,042.49) trailing close behind.
Regionally, the South East reported the highest average price at ₦1,341.71, while the South West recorded the lowest at ₦1,138.64. Other zonal averages were: North West (₦1,325.90), North Central (₦1,242.94), South South (₦1,222.54), and North East (₦1,166.27).
In major urban centres, petrol sold at approximately ₦935 per litre in Abuja and ₦880 in Lagos.
The report comes in the wake of Dangote Refinery’s recent reduction in ex-depot prices, cutting rates to ₦835 per litre in mid-April. In Lagos, the refinery’s pump price dropped from ₦920 to ₦890, with similar trends mirrored in the capital.
Meanwhile, the Central Bank of Nigeria’s (CBN) April 2025 Inflation Expectation Survey found that 91% of respondents cited energy prices—including petrol, diesel, and electricity—as the top driver of inflation perception. Transportation costs ranked third, with 86.7% noting it as a major inflationary pressure.
The spike in petrol prices stems from the removal of fuel subsidies by President Bola Tinubu on May 29, 2023. This policy shift initially spurred inflation, which rose to 24.66%.
However, the latest figures from the NBS show signs of easing. Headline inflation declined to 23.71% in April 2025 from 24.23% in March. On a month-on-month basis, inflation slowed to 1.86% from 3.90%, indicating a potential path toward economic stabilisation.
