Petrol prices soar 77% year-on-year as Imo, Jigawa top price chart
Blueprint
The average retail price of Premium Motor Spirit (PMS), commonly known as petrol, surged to N1,239.33 per litre in April 2025—representing a 76.73 per cent year-on-year increase from N701.24 recorded in April 2024, according to the latest Premium Motor Spirit Price Watch released by the National Bureau of Statistics (NBS) on Wednesday.
Despite the steep yearly rise, there was a marginal monthly decline of 1.77 per cent, as petrol averaged N1,261.65 per litre in March 2025.
Imo State recorded the highest average price at N1,588.50 per litre, followed closely by Jigawa at N1,567.84 and Sokoto at N1,550.00.
Conversely, Yobe posted the lowest average price at N970.00, with Kwara and Osun States trailing at N1,014.85 and N1,042.49, respectively.
At the regional level, the South East reported the highest zonal average at N1,341.71, while the South West had the lowest at N1,138.64.
Other zonal averages include: North West: N1,325.90; North Central: N1,242.94; South South: N1,222.54 and North East: N1,166.27.
In mid-April, Dangote Refinery implemented its second ex-depot price cut in a single week, reducing rates to N835 per litre. In Lagos, retail prices dropped from N920 to N890, while similar adjustments were seen in Abuja.
Nevertheless, price volatility persisted, with pump prices fluctuating between N870 and N920 throughout April.
Dr. Tunde Agbaje, an energy economist at the University of Lagos, described the minor monthly dip as “superficial,” noting that long-term pressures persist:
“While the month-on-month decline suggests a short-term easing, the annual increase of nearly 77 per cent underscores the long-term pressure from subsidy removal and global crude dynamics.”
He further criticized the irregularity in state-level pricing, attributing it to “systemic inefficiencies in Nigeria’s downstream petroleum sector.”
Mrs. Aisha Suleiman, a Lagos-based transport economist, warned of the ripple effect on everyday living: “Fluctuating fuel prices directly impact logistics, commuting, and food prices. Nigerians are feeling this pressure daily—from market stalls to city buses.”
According to the Central Bank of Nigeria’s (CBN) Inflation Expectation Survey, a staggering 91 per cent of respondents identified energy prices—including petrol, diesel, and electricity—as the primary driver of inflation expectations in April 2025.
Transportation costs, which ranked third, were cited by 86.7 per cent of respondents, highlighting the compounding effect on household expenses.
Despite these challenges, Nigeria’s headline inflation rate declined slightly to 23.71 per cent in April, down from 24.23 per cent in March, according to the NBS.
Month-on-month inflation also dropped to 1.86 per cent from 3.90 per cent, indicating a slower pace of price increases.
Energy analysts believe that sustainable price stability will only be achieved through comprehensive structural reforms.
As petrol prices remain volatile and unevenly distributed, Nigerians continue to endure the burden of rising living costs, making energy policy a central issue in the nation’s economic recovery.
