NBS Reports 76.73% Fuel Price Hike

By Emmanuel Kwada

The National Bureau of Statistics (NBS) has reported a dramatic 76.73% year-on-year increase in the average retail price of Premium Motor Spirit (PMS), commonly known as petrol, with consumers paying N1,239.33 per litre in April 2025, up from N701.24 in April 2024.

The average retail price paid by consumers for PMS in April 2025 was N1239.33, indicating an 76.73% increase compared to the value recorded in April 2024 (N701.24).

Read the PMS price watch report for April 2025 here: https://t.co/zmJ7HiLian pic.twitter.com/Tg6Cq9vjlX

— NBS Nigeria (@NBS_Nigeria) May 21, 2025

This steep rise highlights persistent challenges in Nigeria’s energy sector, driven by global oil market fluctuations, naira depreciation, and domestic policy changes, fueling concerns about inflation and economic hardship for households and businesses.

The NBS Petrol Price Watch for April 2025 shows this increase continues a trend of escalating fuel costs. In April 2024, prices had already surged 176.02% from N254.06 in April 2023, reflecting a compounding effect over recent years.

Ebonyi State recorded the highest average price at N1,340.22, followed by Borno (N1,328.47)

On a month-on-month basis, April 2025 saw a 4.12% rise from N1,190.27 in March 2025, following significant spikes in 2024, such as a 24.08% jump from August (N830.46) to September (N1,030.46) and a 14.98% increase to October (N1,184.83).

Significant regional disparities were evident. Ebonyi State recorded the highest average price at N1,340.22, followed by Borno (N1,328.47) and Jigawa (N1,315.89), with logistical challenges and distance from coastal supply points contributing to higher costs in the North-East and North-West.

Credit: NBS

Lagos reported the lowest price at N1,100.75, alongside Delta (N1,120.50) and Nasarawa (N1,135.22), benefiting from proximity to refining and import hubs. The South-East Zone had the highest zonal average at N1,295.44, while the North-Central Zone recorded the lowest at N1,180.66.

The price surge stems from multiple factors. Global oil market volatility and Nigeria’s reliance on imported PMS have driven costs upward, exacerbated by the naira’s depreciation, which inflates import expenses.

This 76.73% increase is poised to deepen economic challenges

The gradual removal of fuel subsidies since 2023 has shifted full importation and distribution costs to consumers, despite an estimated N5.83 trillion in subsidy payments from 2020 to 2023. Distribution inefficiencies, particularly in northern states, further widen regional price gaps.

This 76.73% increase is poised to deepen economic challenges. Rising fuel prices are expected to drive inflation by increasing transportation and production costs, impacting fuel-dependent industries like manufacturing and logistics.

Credit: NBS

Households, especially low-income families reliant on petrol for transport or generator-powered businesses, face strained budgets.

The NBS data underscores a historical trend of rising prices, with April 2023 at N254.06 (up 37.57% from April 2022’s N184.85) and October 2024 at N1,184.83 (up 87.88% from October 2023’s N630.63).
The price hike has sparked public frustration, with calls for urgent action.

Read Also: Five colours of UTME candidates