Photo caption: NBS logo
The average pump price of Premium Motor Spirit, also known as petrol, surged by 76.73 per cent year-on-year to N1,239.33 per litre in April 2025, the National Bureau of Statistics has said.
This represents a sharp rise from N701.24 recorded in April 2024, highlighting the continued volatility in the downstream petroleum market following the removal of fuel subsidies.
However, compared to March 2025, when the average stood at N1,261.65, petrol prices dropped slightly by 1.77 per cent. The figures are contained in the NBS report titled “Premium Motor Spirit (petrol) Price Watch (April 2025)”, released on Wednesday.
A state-by-state breakdown showed that Imo recorded the highest average price of N1,588.50 per litre, followed by Jigawa at N1,567.84 and Sokoto at N1,550.00. In contrast, Yobe posted the lowest price at N970.00, while Kwara and Osun followed with N1,014.85 and N1,042.49, respectively.
Zonal analysis revealed that the South-East had the highest average price at N1,341.71, while the South-West recorded the lowest at N1,138.64. Other regional averages include North-West (N1,325.90), North-Central (N1,242.94), South-South (N1,222.54), and North-East (N1,166.27).
Despite recent interventions by local refiners and the Nigerian National Petroleum Company Limited, fuel prices have remained unstable. Mid-April saw Dangote Refinery slash its ex-depot price to N835 per litre, while NNPCL also adjusted prices downward across its outlets, selling at approximately N910 in Abuja.
The fluctuations in petrol pricing are feeding into broader inflationary pressures. The Central Bank of Nigeria, in its April 2025 Inflation Expectation Survey, identified energy prices—including petrol—as the biggest driver of inflation perception, with 91 per cent of respondents citing it as a major concern.
Transportation costs, which have been directly affected by higher fuel prices, were the third most mentioned inflation driver, with 86.7 per cent of respondents pointing to rising travel and logistics expenses.
