Nigeria’s average retail price for Premium Motor Spirit continued its downward trajectory in January 2026, dropping to ₦1,034.76.
This trend marks a continued relief for consumers, with prices falling both year-on-year and month-on-month.
The latest PMS Report for January, published by the National Bureau of Statistics, shows that the January 2026 average represents a 17.77 percent decrease from the ₦1,258.34 recorded in January 2025.
Compared to December 2025, the price also eased by 1.32 percent from ₦1,048.63.
At the state level, there are notable disparities. Cross River State recorded 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.
Conversely, Ekiti, Enugu, and Kaduna states offered the most affordable rates, with prices at ₦946.90, ₦946.92, and ₦947.00.
Regional data reflects similar variations. The South-South Zone posted the highest average retail price of ₦1,076.04, while the South West Zone had the lowest at ₦1,009.30, underscoring persistent fuel price gaps across the country.
The report stated ,, “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.”
The data for December 2025 also reflects this ongoing trend, showing an 11.81 percent YoY decline from ₦1,189.12 in December 2024 and a 1.20 percent MoM decrease from November 2025.
Analysts note that the consistent decline in petrol prices is likely to ease the burden on consumers and provide a boost to broader economic activity.
