March 25, (THEWILL) — The average retail price of Premium Motor Spirit (PMS), popularly known as petrol, declined significantly to ₦1,051.47 in February 2026, representing a 15.60 percent decrease from ₦1,245.80 recorded in February 2025, offering relief to consumers and businesses across Nigeria.
However, on a month-on-month basis, the price recorded a marginal increase of 1.62 percent from ₦1,034.76 in January 2026, reflecting slight upward adjustments within an otherwise stabilising market.
Data released by the National Bureau of Statistics (NBS) showed that despite short-term fluctuations, petrol prices have trended downward over the past year, easing cost pressures in transportation, logistics, and household spending.
A breakdown of state-level data revealed that Yobe State recorded the highest average retail price at ₦1,134.73, followed by Sokoto State at ₦1,116.81 and Akwa Ibom State at ₦1,109.44.
Conversely, Lagos State posted the lowest average price at ₦966.61, with Oyo State and Kaduna State recording ₦973.45 and ₦1,000.07, respectively.
Zonal analysis further underscored price variations across the country. The North East recorded the highest regional average at ₦1,084.41, while the South West had the lowest at ₦1,023.89. Other zones showed relative stability, with the North Central at ₦1,044.20, the North West at ₦1,044.79, the South East at ₦1,058.75, and the South South at ₦1,056.33.
A 12-month trend analysis indicates that petrol prices peaked at ₦1,261.65 in March 2025 before gradually declining through the year, hitting a low of ₦970.59 in September 2025. Prices have since stabilised within the ₦1,000 range, suggesting improved supply dynamics and market adjustments.
The year-on-year drop is expected to positively impact inflation moderation, reduce transportation costs, and support economic activities nationwide, particularly for small businesses and commuters.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
