The average retail price of Premium Motor Spirit (PMS), widely known as petrol, fell to N1,061.35 in November 2025.
This is according to the latest Premium Motor Spirit (Petrol) Price Watch by the National Bureau of Statistics (NBS).
This represents a 12.59% decline compared to N1,214.17 recorded in November 2024, offering consumers some relief amid persistent cost-of-living pressures.
However, the price rose slightly by 0.86% from October 2025’s N1,052.31, highlighting ongoing month-to-month fluctuations.
What the data is saying
The NBS data show clear regional disparities in petrol pricing. Borno State recorded the highest average retail price at N1,133.86, followed by Sokoto (N1,118.83) and Kogi (N1,111.00).
On the other end of the spectrum, Oyo State had the lowest price at N997.39, while Nasarawa and Lagos States posted N1,015.12 and N1,021.14, respectively.
Zonal analysis showed that the North East recorded the highest average petrol price at N1,084.04, while the South West had the lowest at N1,036.12.
Context and expert insight
Experts say the modest month-on-month increase is tied to fuel supply logistics, exchange rate fluctuations, and distribution challenges, even after the downstream petroleum sector’s full deregulation.
Historically, petrol pricing in Nigeria has been highly influenced by regional supply constraints and transportation costs.
The year-on-year decline suggests that consumers are seeing some respite compared to 2024, though monthly volatility remains a concern for households and businesses reliant on fuel.
What this means
The NBS figures indicate that petrol costs remain a key driver of inflation and transportation expenses across Nigeria.
While the overall decline provides temporary relief, persistent state-by-state price gaps highlight the importance of infrastructure improvements and efficient distribution for achieving nationwide price stability.
Consumers and businesses are likely to continue monitoring petrol prices closely, as they directly impact economic activity and household budgets.
What you should know
Reinforcing its commitment to national fuel sufficiency, the Dangote Group on December 1 pledged to supply 1.5 billion litres of petrol monthly from its Lagos-based refinery.
This move, announced by company management, is part of efforts to deepen local production and wean Nigeria off fuel imports permanently.
The development followed earlier expressions of full government support, including the Federal Executive Council’s (FEC) October endorsement of the refinery’s scale-up to 1.4 million barrels per day (bpd).
The company also said the recent petrol price drop was due to its own earlier price cut, not the temporary reversal of the 15% import tariff as speculated.
