National Average Petrol Price Drops to ₦1,034 in January

KEY POINTS

• Price Decline: The average retail price for Premium Motor Spirit (PMS) in January 2026 was ₦1,034.76, representing a 17.77% year-on-year decrease from January 2025.
• Regional Disparity: Cross River State recorded the highest average price at ₦1,171.77, while Ekiti State saw the lowest at ₦946.90.
• Zonal Trends: The South-South zone remains the most expensive region for petrol at an average of ₦1,076.04, whereas the South West is the most affordable at ₦1,009.30.

MAIN STORY

The National Bureau of Statistics (NBS) has released its Premium Motor Spirit (Petrol) Price Watch for January 2026, revealing a continued downward trend in fuel costs across Nigeria. The national average retail price of ₦1,034.76 per litre reflects a 1.32% reduction from the ₦1,048.63 recorded in December 2025. This data suggests a significant cooling of energy costs compared to the previous year, when prices peaked at over ₦1,258.

The NBS methodology for this report involved a massive data collection exercise across all 774 local government areas in Nigeria. Over 700 staff members collected data from more than 10,000 respondents, ensuring that the reported averages reflect the actual prices paid by households at the pump.

Analysis of the state profiles shows a wide gap in pricing across the federation. While residents in Cross River, Rivers, and Nasarawa paid some of the highest rates in the country, those in Ekiti, Enugu, and Kaduna enjoyed prices below the ₦950 mark. These variations are further reflected in the zonal averages, where the South-South and North Central zones lead in high costs, contrasted by the relatively lower prices found in the South West and North West zones.

WHAT’S BEING SAID

• The National Bureau of Statistics reported that the current price: “indicat[es] a 17.77% decrease compared to the value recorded in January 2025”.
• Regarding the monthly trend, the report noted: “the average retail price decreased by 1.32% from [December 2025]”.
• On the methodology, the NBS stated: “The estimates were derived from the weights generated from household expenditure on fuel and the actual prices households bought”.

WHAT’S NEXT

• Analysts will monitor whether the 12-month downward trend, which saw a significant drop starting in May 2025, continues into the first quarter of 2026.
•  Stakeholders may investigate the logistical or supply chain factors causing the South-South zone to consistently maintain the highest retail prices.
• The next PMS Price Watch is expected in March 2026 to provide data on February’s retail performance.

BOTTOM LINE

The Bottom Line is that petrol prices in Nigeria have stabilized significantly over the last year, with the January 2026 average being nearly ₦224 cheaper than the same period in 2025. Despite these gains, the ₦225 price gap between the highest and lowest-priced states indicates that location remains a major factor in what Nigerians pay at the pump.