BREAKING:Petrol Prices Surge by 76.73% Year-on-Year in April 2025 Despite Monthly Dip – NBS

In April 2025, the average retail price of Premium Motor Spirit (PMS), or petrol, soared to N1,239.33 per litre, marking a staggering 76.73% increase compared to N701.24 in April 2024, according to the National Bureau of Statistics (NBS). Although this represents a sharp year-on-year surge, there was a slight 1.77% drop from the N1,261.65 recorded in March 2025. The data was published in NBS’s latest “Premium Motor Spirit (Petrol) Price Watch” report, highlighting ongoing volatility in the downstream petroleum sector.

At the state level, Imo State recorded the highest average petrol price at N1,588.50, while Yobe had the lowest at N970.00. Other states with high prices included Jigawa (N1,567.84) and Sokoto (N1,550.00), while Kwara (N1,014.85) and Osun (N1,042.49) trailed Yobe. Zonal averages also varied widely, with the South East topping the list at N1,341.71 and the South West having the lowest at N1,138.64. This regional disparity underscores the uneven impact of fuel pricing across Nigeria.

Despite Dangote Refinery’s efforts to cut prices in mid-April—reducing ex-depot petrol prices to N835 per litre—the average retail prices in major cities like Abuja and Lagos remained high, at N935 and N880 per litre respectively. These localized price trends show that refinery cuts have not yet translated to substantial consumer relief, raising concerns about distribution inefficiencies and broader structural issues in the fuel supply chain.

Petrol prices continue to play a critical role in Nigeria’s inflationary trends. The Central Bank of Nigeria’s April Inflation Expectation Survey identified energy prices as the top factor influencing inflation perception, with 91% of respondents flagging fuel as a major concern. Transportation costs were also cited heavily, driven by higher fuel prices and other associated expenses such as tolls, storage fees, and cargo handling.

Amid these price pressures, Nigeria’s overall inflation rate showed a slight reprieve, dropping to 23.71% in April from 24.23% in March. Month-on-month inflation also slowed significantly, from 3.90% to 1.86%. While this moderation offers some relief, the persistently high cost of living and soaring fuel prices continue to weigh heavily on consumers and businesses alike.

Source: Nairametric