Fuel prices in Nigeria remain elevated despite recent supply-side interventions, with the average retail cost of Premium Motor Spirit (PMS), commonly known as petrol, reaching ₦1,239.33 ($0.86 USD) per litre in April 2025.
This is according to the latest Petrol Price Watch published by the National Bureau of Statistics (NBS) on Wednesday.
The figure reflects a significant 76.73% increase from the ₦701.24 recorded in April 2024. However, there was a modest 1.77% decrease from the average price of ₦1,261.65 in March 2025, signaling a slight month-on-month relief.
On the state level, Imo State (South East) recorded the highest average retail price of PMS at N1,588.50, followed by Jigawa (North East) and Sokoto (North West) States with N1,567.84 and N1,550.00, respectively.
Yobe ( North East) had the lowest average price at N970.00, with Kwara (North Central) and Osun (South West) States following at N1,014.85 and N1,042.49, respectively.
The retail price of petrol currently stands at approximately N935 per litre in the nation’s capital, Abuja and N880 per litre in Lagos.
Despite this drop, fuel prices remain highly variable across the country. The fluctuations come in the wake of a price reduction by the Dangote Refinery, which lowered its ex-depot petrol price to ₦835 per litre in mid-April – its second price cut in one week.
Meanwhile, Nigeria’s Central Bank has highlighted fuel and energy costs as the dominant factor shaping inflation expectations.
In its April 2025 Inflation Expectation Survey, 91% of respondents cited rising energy prices – including petrol, diesel, and electricity – as the top concern. Other inflation drivers included exchange rate volatility, transportation costs, security, and interest rates.
Throughout April, fuel prices fluctuated within a range of ₦870 to ₦920 per litre nationwide, underscoring the instability in Nigeria’s downstream oil market despite recent refinery activity and government oversight.
