Nigeria’s average retail price for Premium Motor Spirit (PMS) fell to ₦1,034.76 in January 2026, continuing a downward trend that has seen consumers pay less for petrol both year-on-year (YoY) and month-on-month (MoM).
According to the PMS Report for January released by the National Bureau of Statistics (NBS), the January 2026 price represents a 17.77 percent drop YoY from the ₦1,258.34 recorded in the same month of 2025. MoM, the average retail price also fell by 1.32 percent compared to the ₦1,048.63 recorded in December 2025.
State-level analysis highlights wide variations, with Cross River State recording the highest average retail price at ₦1,171.77, followed closely by Rivers and Nasarawa States at ₦1,160.92 and ₦1,149.13, respectively. On the other hand, Ekiti, Enugu and Kaduna states registered the lowest prices, at ₦946.90, ₦946.92 and ₦947.00.
Regional patterns show the South-South Zone posted the highest average retail price at ₦1,076.04, while the South West Zone recorded the lowest at ₦1,009.30, reflecting ongoing disparities in fuel pricing across the country.
The report states: “The average retail price paid by consumers for Premium Motor Spirit for January 2026 was ₦1034.76, indicating a 17.77 percent decrease compared to the value recorded in January 2025 (₦1,258.34). Likewise, comparing the average price value with that of the previous month, the average retail price decreased by 1.32 percent from ₦1,048.63.”
December 2025 data also confirms that the trend is not new, with the average retail price falling 11.81 percent YoY from ₦1,189.12 in December 2024, and a MoM decrease of 1.20 percent from November 2025.
The consistent decline in petrol prices is expected to provide relief to consumers and support broader economic activity.
