The average retail price of Premium Motor Spirit (PMS), commonly known as petrol, fell to N1,061.35 in November 2025, according to the latest Premium Motor Spirit Price Watch released by the National Bureau of Statistics (NBS). This marks a 12.59% decrease from N1,214.17 recorded in November 2024, providing some respite for households and businesses facing high transportation and living costs.
Despite the year-on-year decline, petrol prices rose slightly by 0.86% from October 2025, when the average price was N1,052.31, reflecting ongoing month-to-month fluctuations in the fuel market. Analysts attribute these modest increases to factors such as fuel supply logistics, distribution challenges, and exchange rate variations, even under Nigeria’s fully deregulated downstream petroleum sector.
Regional disparities in petrol pricing remain significant. Borno State recorded the highest average retail price at N1,133.86, followed by Sokoto (N1,118.83) and Kogi (N1,111.00), while Oyo State posted the lowest at N997.39. Zonal analysis showed the North East with the highest regional price at N1,084.04, compared to the South West’s N1,036.12, highlighting uneven distribution and transportation costs across the country.
Experts note that achieving long-term petrol price stability will depend on improved refining capacity, efficient distribution, and a stable naira. Historically, regional supply constraints and transport costs have heavily influenced pricing, and while the annual drop offers temporary relief, monthly volatility remains a concern for consumers and businesses that rely heavily on fuel.
The Dangote Group has pledged to supply 1.5 billion litres of petrol monthly from its Lagos-based refinery, aiming to boost local production and reduce Nigeria’s dependence on imports. This follows the Federal Executive Council’s endorsement to scale up refining to 1.4 million barrels per day. The company also clarified that the recent price decline was due to its own price cuts rather than temporary adjustments in import tariffs, signaling proactive steps toward national fuel sufficiency.
source: nairametrics