The average retail price of Premium Motor Spirit (PMS) or petrol in Nigeria rose to N1,239.33 in April 2025, representing a 76.73% year-on-year increase compared to N701.24 recorded in April 2024.
However, the price dropped by 1.77% on a month-on-month basis from N1,261.65 in March 2025.
According to the National Bureau of Statistics (NBS) report, the price increase reflects continued volatility in fuel pricing across regions despite recent interventions aimed at stabilizing the downstream petroleum sector.
Imo State recorded the highest average retail price of PMS at N1,588.50, while Yobe State had the lowest average price at N970.00.
The South East region recorded the highest average price of N1,341.71, while the South West posted the lowest average at N1,138.64.
The retail price of petrol currently stands at approximately N935 per litre in Abuja and N880 per litre in Lagos.
The price surge is attributed to various factors, including the removal of fuel subsidies by President Bola Tinubu in May 2023, which led to an inflation rate of around 24.66%.
However, inflation eased to 23.71% in April 2025, down from 24.23% in March, indicating a glimpse of hope for economic recovery.
