Petrol price drops to ₦1,034.76 in January amid sustained decline

By Progress Godfrey

Nigeria’s average retail price for Premium Motor Spirit (PMS) fell to ₦1,034.76 in January 2026, continuing a downward trend that has seen consumers pay less for petrol both year-on-year (YoY) and month-on-month (MoM).

According to the PMS Report for January released by the National Bureau of Statistics (NBS), the January 2026 price represents a 17.77 percent drop YoY from the ₦1,258.34 recorded in the same month of 2025. MoM, the average retail price also fell by 1.32 percent compared to the ₦1,048.63 recorded in December 2025.

State-level analysis highlights wide variations, with Cross River State recording the highest average retail price at ₦1,171.77, followed closely by Rivers and Nasarawa States at ₦1,160.92 and ₦1,149.13, respectively. On the other hand, Ekiti, Enugu and Kaduna states registered the lowest prices, at ₦946.90, ₦946.92 and ₦947.00.

Regional patterns show the South-South Zone posted the highest average retail price at ₦1,076.04, while the South West Zone recorded the lowest at ₦1,009.30, reflecting ongoing disparities in fuel pricing across the country.

The report states: “The average retail price paid by consumers for Premium Motor Spirit for January 2026 was ₦1034.76, indicating a 17.77 percent decrease compared to the value recorded in January 2025 (₦1,258.34). Likewise, comparing the average price value with that of the previous month, the average retail price decreased by 1.32 percent from ₦1,048.63.”

December 2025 data also confirms that the trend is not new, with the average retail price falling 11.81 percent YoY from ₦1,189.12 in December 2024, and a MoM decrease of 1.20 percent from November 2025.

The consistent decline in petrol prices is expected to provide relief to consumers and support broader economic activity.

The post Petrol price drops to ₦1,034.76 in January amid sustained decline appeared first on Vanguard News.