The average retail price of Premium Motor Spirit (PMS), commonly known as petrol, surged to N1,239.33 per litre in April 2025—representing a 76.73 per cent year-on-year increase from N701.24 recorded in April 2024, according to the latest Premium Motor Spirit Price Watch released by the National Bureau of Statistics (NBS) on Wednesday.
Despite the steep yearly rise, there was a marginal monthly decline of 1.77 per cent, as petrol averaged N1,261.65 per litre in March 2025.
Imo State recorded the highest average price at N1,588.50 per litre, followed closely by Jigawa at N1,567.84 and Sokoto at N1,550.00.
Conversely, Yobe posted the lowest average price at N970.00, with Kwara and Osun States trailing at N1,014.85 and N1,042.49, respectively.
At the regional level, the South East reported the highest zonal average at N1,341.71, while the South West had the lowest at N1,138.64.
Other zonal averages include: North West: N1,325.90; North Central: N1,242.94; South South: N1,222.54 and North East: N1,166.27.
In mid-April, Dangote Refinery implemented its second ex-depot price cut in a single week, reducing rates to N835 per litre. In Lagos, retail prices dropped from N920 to N890, while similar adjustments were seen in Abuja.
Nevertheless, price volatility persisted, with pump prices fluctuating between N870 and N920 throughout April.
Dr. Tunde Agbaje, an energy economist at the University of Lagos, described the minor monthly dip as “superficial,” noting that long-term pressures persist: