According to the most recent “Petrol) Price Watch” released by the National Bureau of Statistics (NBS) on Wednesday, the average retail price paid by consumers for premium motor spirits (PMS) or gasoline increased to N1, 239.33 in April 2025.
Despite recent initiatives aimed at stabilizing the downstream petroleum sector, the NBS report demonstrates how volatile fuel prices are across regions.
In contrast to the N701.24 recorded in April 2024, the increase indicates a year-over-year increase of 76.73%.
However, the average price decreased by 1.77% from the N1 price of N1 (261.65) as reported in March 2025.
Imo State, followed by Jigawa and Sokoto States, where the average retail price of PMS was N1, 588.50, with N1, 567.84 and N1, 550.00, respectively, was the state’s highest average retail price, N1, 588.50.
Yobe’s average cost was N970.00, followed by Kwara and Osun States, who followed, with N1, 014.85, and N1, 042.49, respectively.
The retail price of gasoline in Lagos and Abuja is currently N935 per litre, or N880 per litre.
According to the report, the South East had the highest average price of N1, 341.71, while the South West had the lowest average, which was N1, 138.64.
A breakdown of zonal averages is as follows:  , South East: N1, 341.71, North West: N1, 325.90, North Central: N1, 242.94, South South: N1, 222.54, North East: N1, 166.27, and South West: N1, 138.64.
The move comes after Dangote Refinery reduced the ex-depot price of gasoline to N835 per litre in the middle of April, which is its second price reduction in a week. The refinery in Lagos sold gasoline for N890 per liter, down from N920, while Abuja and the refinery experienced a similar trend.
The Central Bank of Nigeria (CBN) identified exchange rates, transportation costs, energy prices, interest rates, and security concerns as the top five factors influencing inflation perception in April 2025 in its most recent Inflation Expectation Survey Report.
According to the report, 91% of respondents cited energy prices as a major factor, with gasoline, diesel, and electricity as having the biggest influence on inflation perception.
Throughout April, gas prices fluctuated between N870 and N920 per litre.
Third place were transportation costs, including those for road, air, water, and rail travel, with 86.7% of respondents citing them as being a significant factor in inflation perception.
READ ALSO: In April, UK Inflation Increases To 3.5%.
President Bola Tinubu’s removal of fuel subsidies, which slowed inflation to around 24.66% on May 29, 2023, helped to stop the trend of rising gasoline prices.
In April 2025, inflation eased to 23.71%, compared to the most recent NBS data, which was 24.23%.
Source: Channels TV
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