Fuel price surges to N1,239.33, increases by 76.73% in 1 year – NBS

• The National Bureau of Statistics (NBS) says the average retail price of a litre of fuel surged to N1,239.33, which is a 76.73 per cent increase in one year
• A state-by-state analysis showed that Imo had the highest average fuel retail price within the period
• The NBS stated that the South-East zone accounted for the zone with the highest average fuel retail price

The National Bureau of Statistics (NBS) says the average retail price of a litre of Premium Motor Spirit (PMS), commonly known as petrol, increased to N1,239.33 in April 2025.

The NBS said fuel pump price increase represents a 76.73 per cent year-on-year surge compared to the N701.24 recorded in the corresponding month of 2024.

This was contained in the latest ‘Premium Motor Spirit (Petrol) Price Watch (April 2025)’ report released by the NBS on Wednesday, May 20.

The report also showed that on a month-on-month basis, the average price decreased by 1.77 per cent from N1,261.65 recorded in March 2025.

“Likewise, comparing the average price value with the previous month (.i.e., March 2025), the average retail price decreased by 1.77 per cent from N1261.65,” the NBS said.

Imo had highest average fuel retail price

A state-level analysis showed that Imo State recorded the highest average retail price for fuel in the period under review, at N1,588.50.

Imo was closely followed by Jigawa with N1,567.84 and Sokoto with N1,550.00, to complete the top three states with the highest average retail price for fuel year-on-year.

On the other hand, Yobe State had the lowest average retail prices for fuel year-on-year, at N970.00, followed by Kwara and Osun states at N1014.85 and N1042.49, respectively.

South-East accounts for highest average fuel retail price

The NBS’ report further stated that the South-East zone had the highest average retail fuel price within the period, at N1341.71, while the South-West recorded the lowest average at N1,138.64.

“Lastly, on the Zonal profile, the South East Zone had the highest average retail price of N1341.71, while the South West Zone had the lowest price of N1138.64,” the NBS stated.

A further breakdown of the zonal average price for fuel in the period under review showed that the North-West zone had N1,325.90 and the North Central zone recorded N1,242.94.

The South-South zone recorded an average retail price for fuel of N1,222.54, and the North-East zone had N1,166.27.

Fuel prices fluctuated within the period

It would be recalled that the fuel prices fluctuated in the last year, even as the latest NBS report highlights the continued volatility in fuel pricing across regions.

The variations in fuel prices, which followed fuel subsidy removal in May 2023, saw the price increase from an average of N238.11 in May 2023 to over N1,000 as of October 2024.

As of November 2024, the average retail price of fuel soared by 87.10 per cent in one year, rising from N648.93 in November 2023 to N1,214.17 in November 2024.

Also, the fuel price war between the Nigeria National Petroleum Commission Limited (NNPCL) and Dangote Refinery contributed to the fuel price variations in the period.

In continuation of the price war seen in December 2024 and early 2025, Dangote Refinery, in mid-April 2025, announced a reduction in its ex-depot price to N835 per litre from N865.

The announcement on April 16 came just six days after the refinery reduced the ex-depot price of fuel to N865 from N880 per litre.

The reduction in fuel price by Dangote Refinery also saw the NNPCL reduce fuel pump price to N880 in Lagos and N935 in Abuja on Monday, April 21.

On Tuesday, May 20, Dangote Refinery further slashed fuel price in its gantry to N831, even as it is refunding marketers who paid N834 per litre on Monday, May 19, the N3 difference.

Average retail price of fuel increased by 87.10% in 1 year – NBS

Meanwhile, TheRadar earlier reported that the National Bureau of Statistics (NBS) said the average retail price of a litre of petrol increased by 87.10 per cent in one year.

The NBS, in its Petrol Price Watch for November 2024, released in Abuja on Thursday, January 16, said the average price of petrol rose from N648.93 in November 2023 to N1,214.17 in November 2024.