The average retail price paid by consumers for Premium Motor Spirit (PMS), commonly known as petrol, rose to N1,239.33 in April 2025, reflecting a 76.73% year-on-year increase compared to N701.24 recorded in April 2024.
However, on a month-on-month basis, the average price dropped by 1.77% from N1,261.65 recorded in March 2025.
This information is contained in the latest “Premium Motor Spirit (Petrol) Price Watch” released by the National Bureau of Statistics (NBS) on Wednesday.
State-Level Analysis
Imo State recorded the highest average retail price of PMS at N1,588.50, followed by Jigawa and Sokoto States with N1,567.84 and N1,550.00, respectively.
On the other end, Yobe had the lowest average price at N970.00, with Kwara and Osun States following at N1,014.85 and N1,042.49, respectively.
Zonal Profile
At the zonal level, the South East recorded the highest average price of N1,341.71, while the South West posted the lowest average at N1,138.64.
A breakdown of zonal averages is as follows:
- 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
The report demonstrates the continued volatility in fuel pricing across regions, despite recent interventions aimed at stabilizing the downstream petroleum sector.
The retail price of Premium Motor Spirit (PMS), commonly known as petrol, currently stands at approximately N935 per litre in Abuja and N880 per litre in Lagos.
In mid-April, Dangote Refinery reduced its ex-depot price of PMS to N835 per litre, marking its second price cut within a week. In Lagos, the refinery sold petrol at N890 per litre, down from N920, with a similar pricing trend observed in Abuja.
PMS price key driver of inflation
The latest Inflation Expectation Survey Report from the Central Bank of Nigeria (CBN) reveals that businesses and households identified exchange rates, transportation costs, energy prices, interest rates, and security concerns as the top five factors influencing inflation perception in April 2025.
The report highlights that energy prices, including petrol, diesel, and electricity, had the greatest impact on inflation perception, with 91% of respondents citing it as a major factor.
Throughout April, petrol prices fluctuated between N870 and N920 per liter, further compounding cost pressures.
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 removal of fuel subsidies and fluctuating fuel prices have pushed up transportation costs, while additional charges such as toll fees, port handling expenses, storage fees, and cargo insurance have further elevated expenses.
What you should know
Nigeria’s inflation rate eased to 23.71% in April 2025, down from 24.23% recorded in March, according to the latest NBS data.
The figure marks a modest decline of 0.52 percentage points, offering a glimmer of hope amid persistent economic challenges and rising cost-of-living pressures across the country.
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.
This indicates that the rate at which prices increased in April slowed compared to the previous month.
