The average retail price of Premium Motor Spirit (PMS), popularly known as petrol, surged to N1,239.33 per litre in April 2025, reflecting a 76.73 percent year-on-year increase from the N701.24 recorded in the same month of 2024.
However, a modest decline was observed on a month-on-month basis, as prices dipped by 1.77 percent compared to the N1,261.65 average reported in March 2025.
This is according to the National Bureau of Statistics (NBS) in its latest report titled “Premium Motor Spirit (Petrol) Price Watch”, which highlights the persistent disparities in fuel pricing across different parts of the country, despite efforts to stabilize the downstream petroleum market.
The report shows that Imo State recorded the highest average retail price at N1,588.50 per litre, followed closely by Jigawa and Sokoto, where average prices stood at N1,567.84 and N1,550.00 respectively. In contrast, Yobe State posted the lowest average price at N970.00, while Kwara and Osun followed at N1,014.85 and N1,042.49 respectively.
Zonal data further reveals that the South-East bore the highest burden, with motorists in the region paying an average of N1,341.71 per litre, while the South-West recorded the lowest average at N1,138.64. Other zones fell in between, with the North-West averaging N1,325.90, North-Central N1,242.94, South-South N1,222.54, and North-East N1,166.27.
Beyond regional price differences, the rising cost of petrol continues to feed into broader inflation concerns. The Central Bank of Nigeria (CBN), in its latest Inflation Expectation Survey Report, noted that both businesses and households overwhelmingly cited energy prices as the dominant driver of inflation in April 2025. According to the report, “Energy prices — including petrol, diesel, and electricity — had the greatest impact on inflation perception, with 91 percent of respondents identifying it as a major factor.”
Throughout the month under review, petrol prices fluctuated between N870 and N920 per litre, compounding cost pressures across sectors. Transportation costs were ranked as the third most significant inflation driver, with 86.7 percent of respondents pointing to increased expenses across road, air, water, and rail travel. The removal of fuel subsidies and erratic fuel pricing were highlighted as key contributors to these rising costs, alongside added charges such as toll fees, port handling expenses, storage costs, and cargo insurance.
Altogether, the data paints a picture of persistent volatility in Nigeria’s fuel market, with regional disparities and inflationary pressures continuing to weigh heavily on households and businesses nationwide.