Victor EzejaNigerians have continued to endure an upsurge in the cost of Premium Motor Spirit (PMS), also known as petrol, since May 2023, when President Bola Tinubu’s administration ended fuel subsidies and began deregulation of the market. Deregulation led to price volatility as Dangote Refinery and importers compete, causing unpredictable pricing.
In its Petrol Price Watch for April 2025, the National Bureau of Statistics (NBS) revealed that the average retail price paid by consumers for Petrol in April 2025 was N1,239.33, indicating a year-on-year increase of 76.73 per cent compared to N701.24 recorded in April 2024. Comparing data with the previous month (March 2025) shows that the average retail price decreased by 1.77 per cent from N1,261.65.
Join our WhatsApp ChannelThe NBS report shows that the three states that recorded the highest average retail price of petrol in April 2025 were Imo, Jigawa, and Sokoto. Imo State had the highest average retail price for Petrol, at N1,588.50, followed by Jigawa with N1,567.84, and Sokoto State, N1,550.00.
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On the other hand, Yobe, Kwara and Osun States had the lowest average retail prices for petrol, at N970.00, N1,014.85, and N1,042.49, respectively.
By geographical region, the South East had the highest average retail price of petrol at N1,341.71, while the South West Zone had the lowest price of N1,138.64.
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Fuel price hikes in Nigeria have had a cascading effect on virtually every aspect of the economy, significantly increasing the cost of living. This includes the cost of transportation/logistics, food, and the high cost of production/operations for businesses.
Commenting on the NBS report, industry analyst and CEO of Petrol Price dot com, Jeremiah Olatide, said the year-on-year increase was driven by the difference in petrol prices between April 2024 and April 2025. He expressed optimism that over time, prices would drop.
There has been a fluctuation in the prices of petrol in the country due to changes in the price of crude oil at the international market.
