February 27, (THEWILL) — The average retail price paid by consumers for Premium Motor Spirit (PMS), popularly known as petrol, fell to ₦1,034.76 in January 2026, representing a 17.77 per cent decrease compared to ₦1,258.34 recorded in January 2025, the National Bureau of Statistics (NBS) stated in its latest PMS Price Watch report released on Friday, February 27.
On a month-on-month basis, the bureau said the average retail price declined by 1.32 per cent from ₦1,048.63 in December 2025, indicating a slight easing in pump prices at the start of the year.
State-level analysis showed that Ekiti State recorded the lowest average retail price in January 2026 at ₦946.90, closely followed by Enugu State at ₦946.92 and Kaduna State at ₦947.00.
Conversely, Cross River State posted the highest average price at ₦1,171.77, followed by Rivers State at ₦1,160.92 and Nasarawa State at ₦1,149.13.
Zonal data further showed that the South-South recorded the highest average price at ₦1,076.04, while the South-West posted the lowest at ₦1,009.30.
The North Central averaged ₦1,042.58, the North East ₦1,042.12, the South East ₦1,026.74, and the North West ₦1,012.78.
A review of the 12-month trend indicates that petrol prices peaked at ₦1,261.65 in March 2025 before moderating significantly from May 2025.
Prices dipped below ₦1,000 in September 2025 at ₦970.59, rose slightly towards the end of the year, and eased again in January 2026.
Analysts attribute the sustained year-on-year and month-on-month declines to improved domestic supply dynamics, particularly the increased supply of refined petroleum products into Nigeria’s market by the Dangote Refinery, alongside relative stability in distribution channels.
The improved supply outlook is seen as contributing to price moderation and offering some relief to consumers and businesses grappling with high energy and transportation costs.
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