Year-on-Year Decline Offers Relief as Regional Price Gaps Persist Nationwide…
The average retail price of Premium Motor Spirit (PMS), commonly known as petrol, declined to ₦1,061.35 per litre in November 2025, according to the latest Petrol Price Watch report released by the National Bureau of Statistics (NBS).
The figure represents a 12.59 per cent drop compared to the ₦1,214.17 recorded in November 2024, offering some relief to consumers grappling with sustained cost-of-living pressures across the country.
However, the data also showed a marginal month-on-month increase of 0.86 per cent, as the average price rose slightly from ₦1,052.31 in October 2025, underscoring continued short-term volatility in fuel pricing.
Wide State-by-State Price Differences
The NBS report revealed significant regional disparities in petrol prices nationwide.
Borno State recorded the highest average pump price at ₦1,133.86 per litre, followed by Sokoto State at ₦1,118.83 and Kogi State at ₦1,111.00.
Conversely, Oyo State posted the lowest average price nationwide at ₦997.39 per litre, while Nasarawa and Lagos States recorded ₦1,015.12 and ₦1,021.14, respectively.
At the zonal level, the North East emerged as the most expensive region, with an average petrol price of ₦1,084.04, while the South West recorded the lowest zonal average at ₦1,036.12.
Why Prices Still Fluctuate
Energy analysts attribute the modest month-on-month increase to a combination of fuel supply logistics, exchange rate movements, and distribution challenges, despite the full deregulation of Nigeria’s downstream petroleum sector.
Experts note that long-term price stability will depend on expanded domestic refining capacity, efficient fuel distribution, and a more stable naira.
Historically, petrol pricing in Nigeria has varied widely across regions due to transportation costs, supply constraints, and infrastructure gaps.
While the year-on-year decline suggests consumers are experiencing some relief compared to 2024, analysts warn that persistent monthly fluctuations continue to pose challenges for households and businesses that rely heavily on fuel.
Economic Implications
The NBS figures reinforce the role of petrol prices as a key driver of inflation, transportation costs, and overall economic activity in Nigeria.
Although the annual decline offers temporary breathing space, continued state-by-state price differences highlight the need for infrastructure upgrades and more efficient supply chains to achieve nationwide price stability.
Dangote Refinery Boosts Local Supply
In a related development, the Dangote Group reaffirmed its commitment to national fuel sufficiency on December 1, announcing plans to supply 1.5 billion litres of petrol monthly from its Lagos-based refinery.
The company said the initiative is aimed at deepening local production and permanently ending Nigeria’s dependence on imported fuel.
This followed earlier expressions of full government backing, including the Federal Executive Council’s (FEC) endorsement in October for the refinery’s scale-up to 1.4 million barrels per day.
Dangote Group also clarified that the recent reduction in petrol prices was driven by its earlier price cut, not by speculation surrounding the temporary suspension of the 15 per cent import tariff.
About the Author
