Lagos, Nigeria – The average retail price of Premium Motor Spirit, commonly known as petrol, declined to N1,034.76 per litre in January 2026, marking a 17.77 percent drop from N1,258.34 recorded in January 2025.
On a month-on-month basis, the price fell by 1.32 percent from N1,048.63 in December 2025, according to the latest Premium Motor Spirit Price Watch report from the National Bureau of Statistics.
Okay News reports that the data shows petrol prices continuing to reflect market adjustments influenced by federal and private sector interventions, with notable variations across states and zones. The figures indicate a mixed pricing landscape, reflecting distribution logistics, regional demand, and local market dynamics. The South-South Zone recorded the highest average retail price at N1,076.04 per litre, while the South-West Zone had the lowest at N1,009.30.
Cross River State recorded the highest price at N1,171.77 per litre, followed by Rivers at N1,160.92 and Nasarawa at N1,149.13. In contrast, Ekiti recorded the lowest at N946.90, with Enugu at N946.92 and Kaduna at N947.00 rounding out the lowest prices. The variations highlight ongoing disparities in distribution costs and market structures across different regions.
Price movements in January were influenced by adjustments from both the national oil company and private refineries. The Nigerian National Petroleum Company Limited adjusted pump prices to N839 per litre in Abuja and N835 in Lagos, up from previous levels. Meanwhile, Dangote Petroleum Refinery increased its gantry price from N699 to N799 per litre following the festive season, marking a major post-festive pricing adjustment after it had deliberately absorbed higher operational costs during the holidays.
The NBS report also showed that Nigeria’s headline inflation rate moderated slightly to 15.10 percent in January, down from 15.15 percent in December, with month-on-month inflation contracting by 2.88 percent. Oil marketers have pushed back against claims that some retail outlets were selling fuel below N739 per litre at Dangote-designated stations, attributing such reports to speculation rather than verified activity. The sustained decline in average petrol price reflects competitive dynamics and improved domestic refining capacity. Further movements in the petrol price will depend on global crude trends and local market adjustments.
