The average retail price of Premium Motor Spirit (Petrol) declined to N1,034.76 per litre in January 2026, according to the latest report from the National Bureau of Statistics.
This represents a 17.77 per cent drop from N1,258.34 recorded in January 2025.
On a month-on-month basis, the price fell by 1.32 per cent from N1,048.63 in December 2025.
The NBS Premium Motor Spirit Price Watch report shows prices continuing to reflect market adjustments influenced by federal and private sector interventions.
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.
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In contrast, Ekiti recorded the lowest at N946.90, with Enugu at N946.92 and Kaduna at N947.00 rounding out the lowest prices.
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.
Dangote Petroleum Refinery increased its gantry price from N699 to N799 per litre following the festive season.
The NBS report also showed that Nigeria’s headline inflation rate moderated slightly to 15.10 per cent in January.
The sustained decline in average petrol price reflects competitive dynamics and improved domestic refining capacity.
Further movements in petrol prices will depend on global crude trends and local market adjustments.
