The National Bureau of Statistics (NBS) has revealed a significant surge in the average pump price of Premium Motor Spirit (PMS), commonly known as petrol, with a staggering 76.73% year-on-year increase to N1,239.33 per litre in April 2025. This sharp rise from N701.24 recorded in April 2024 underscores the ongoing volatility and challenges within Nigeria’s downstream petroleum sector, especially following the removal of fuel subsidies.
The NBS data further highlights notable regional disparities in petrol pricing across Nigeria. Imo State recorded the highest average pump price at N1,588.50 per litre, closely followed by Jigawa (N1,567.84) and Sokoto (N1,550.00). On the other hand, Yobe State offered the lowest average price at N970.00, with Kwara and Osun States also presenting relatively lower prices at N1,014.85 and N1,042.49 respectively.
Regionally, the South-East zone bore the highest average petrol price at N1,341.71 per litre, while the South-West had the lowest at N1,138.64. Other regions included the North-West (N1,325.90), North-Central (N1,242.94), South-South (N1,222.54), and North-East (N1,166.27).
Despite the yearly increase, a slight price drop of 1.77% was recorded in April 2025 compared to March 2025’s average price of N1,261.65 per litre. This marginal decline coincided with some positive efforts by local refiners and the Nigerian National Petroleum Company Limited (NNPCL) to stabilize prices. For instance, the Dangote Refinery reduced its ex-depot price to N835 per litre, while NNPCL sold petrol at around N910 per litre in Abuja.
However, these interventions have yet to fully stabilize the market, as prices remain susceptible to global oil price changes, logistical challenges, and currency fluctuations.
The continuous rise in petrol prices is contributing significantly to Nigeria’s inflationary pressures. According to the Central Bank of Nigeria’s April 2025 Inflation Expectation Survey, energy prices, especially petrol, were identified by 91% of respondents as the primary driver of inflation perceptions. This increase has a cascading effect on transportation costs, which 86.7% of surveyed individuals cited as another major inflation factor due to rising travel and logistics expenses.
The increased fuel cost not only affects household budgets but also raises operational costs for businesses across various sectors, exacerbating overall economic challenges.
The rising petrol price trend calls for urgent strategic responses from policymakers to shield consumers and stabilize the market. Enhancing local refining capacity and improving supply chain efficiency remain critical. Increased transparency in pricing mechanisms and timely communication about fuel pricing adjustments could help ease public anxiety.
Moreover, strengthening the regulatory framework to discourage hoarding and fuel smuggling would be pivotal in stabilizing pump prices. Encouraging alternative energy sources and promoting energy efficiency may also reduce dependency on petrol, alleviating pressure on prices over the long term.
The NBS report vividly illustrates the ongoing challenges facing Nigeria’s petroleum downstream sector in the post-subsidy era. While some positive steps have been taken by local refiners, the persistent price volatility of petrol continues to fuel inflation and impact everyday Nigerians’ cost of living. A multi-pronged approach involving government intervention, industry reforms, and consumer awareness is essential to address these issues sustainably.