Nigerian petrol prices surged by nearly 77% in April 2025 compared to the same period last year, according to new data released by the National Bureau of Statistics (NBS). The sharp increase highlights ongoing volatility in the downstream petroleum sector, even as the federal government and private players attempt to rein in fuel costs.
The NBS ‘Premium Motor Spirit (Petrol) Price Watch’ report, released on Wednesday, revealed that the average retail price of petrol rose to ₦1,239.33 in April 2025, up from ₦701.24 in April 2024. This marks a 76.73% year-on-year increase.
However, there was a slight reprieve on a monthly basis, with prices declining by 1.77% from the ₦1,261.65 recorded in March 2025.
State-by-State Breakdown: Imo Tops the Chart
Among the 36 states, Imo recorded the highest average retail price of petrol at ₦1,588.50. It was followed closely by Jigawa (₦1,567.84) and Sokoto (₦1,550.00). On the other end of the scale, Yobe offered the lowest average at ₦970.00. Kwara (₦1,014.85) and Osun (₦1,042.49) also had lower averages.
Meanwhile, pump prices in key urban centres like Lagos and Abuja stood at approximately ₦880 and ₦935 per litre, respectively, as of mid-May.
Zonal Trends: South East Leads, South West Lags
At the regional level, the South East posted the highest average petrol price in April at ₦1,341.71. It was followed by the North West at ₦1,325.90. The South West recorded the lowest zonal average at ₦1,138.64. The full zonal breakdown is as follows:
- South East – ₦1,341.71
- North West – ₦1,325.90
- North Central – ₦1,242.94
- South South – ₦1,222.54
- North East – ₦1,166.27
- South West – ₦1,138.64
Refinery Cuts and Market Reactions
The price movements come on the heels of Dangote Refinery’s ex-depot price cut to ₦835 per litre in mid-April. The refinery had earlier sold at ₦920 per litre in Lagos. It slashed its price to ₦890, triggering a mild downward trend in the retail market. Similar adjustments were observed in Abuja.
Despite these interventions, April’s pump prices remained volatile. Prices fluctuated between ₦870 and ₦920 per litre, reflecting the broader challenges in stabilizing the market.
Inflation Outlook: Petrol Among Key Drivers
The Central Bank of Nigeria’s latest Inflation Expectation Survey shows that energy prices remain the top contributors to inflation perception. This includes petrol, diesel, and electricity. About 91% of respondents cited energy as a major inflationary pressure. Another 86.7% pointed to transportation costs, including road, air, and rail travel.
The persistent climb in fuel prices stems largely from the removal of petrol subsidies in May 2023 by President Bola Tinubu. That move triggered a rapid rise in inflation, pushing the rate above 24% in the following months.
However, inflation showed signs of easing in April 2025. The national rate declined to 23.71%, down from 24.23% in March. On a monthly basis, inflation fell to 1.86%, compared to 3.90% in March. These changes indicate early signs of potential economic recovery.
