December 22, (THEWILL) — The average retail price paid by consumers for Premium Motor Spirit (PMS), popularly known as petrol, declined by 12.59 percent year-on-year to ₦1,061.35 in November 2025, a latest data released by the National Bureau of Statistics (NBS) stated on Monday.
According to NBS, the figure represents a significant drop from the ₦1,214.17 recorded in November 2024, reflecting a gradual easing of pump prices amid evolving market dynamics in the downstream petroleum sector.
However, on a month-on-month basis, the NBS report showed a marginal increase in the average petrol price. The November 2025 average rose by 0.86 percent when compared to ₦1,052.31 recorded in October 2025.
THEWILL reports that a 12-month price trend released by the statistics agency indicated that PMS prices peaked in the first quarter of 2025, with an average of ₦1,261.65 in March, before declining steadily through the middle of the year. Prices dropped below the ₦1,000 mark in September 2025, when an average of ₦970.59 was recorded, before ticking up slightly towards the end of the year.
State-level analysis showed notable variations in petrol prices across the country. Borno State recorded the highest average retail price at ₦1,133.86, followed by Sokoto at ₦1,118.83 and Kogi at ₦1,110.00. In contrast, Oyo State posted the lowest average price at ₦997.39, while Nasarawa and Lagos recorded ₦1,009.38 and ₦1,021.14, respectively.
Zonal distribution revealed that the North-East had the highest average PMS price at ₦1,084.04, while the South-West recorded the lowest zonal average at ₦1,036.12. The North-Central, North-West, South-East and South-South zones recorded average prices of ₦1,064.73, ₦1,067.51, ₦1,059.11 and ₦1,054.63, respectively.
The NBS noted that fluctuations in petrol prices across states and zones continue to reflect differences in supply logistics, transportation costs and market competition.
Meanwhile, Dangote Petroleum Refinery has commenced nationwide sales of petrol, at a pump price of ₦739 per litre, beginning with outlets operated by MRS Oil Nigeria Plc across the country. According to the refinery, more than 2,000 MRS filling stations nationwide are expected to reflect the new price, extending the benefit beyond Lagos to other regions of the country.
The price adjustment follows earlier directives from the Dangote Group, including its founder, Aliko Dangote, who had announced a reduction in the refinery’s gantry price to ₦699 per litre.
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