The cost of petrol in Nigeria has followed a steady decline, with the average retail price of Premium Motor Spirit (PMS) falling to ₦1,034.76 in January 2026, marking a continued streak of monthly declines that has gradually translated into noticeable relief for Nigerians.
According to the January 2026 PMS report released by the National Bureau of Statistics (NBS), the average price is 17.77 percent lower than the ₦1,258.34 recorded in January 2025. On a month-on-month basis, prices also dropped by 1.32 percent from ₦1,048.63 in December 2025.
However, the national average conceals significant state level differences. In January, Cross River recorded the highest average retail price at ₦1,171.77, followed by Rivers at ₦1,160.92 and Nasarawa at ₦1,149.13. All were well above the national average.
On the other hand, Ekiti recorded one of the lowest average prices at ₦946.90, closely followed by Enugu at ₦946.92 and Kaduna at ₦947.00.
Regionally, the South South zone registered the highest average price at ₦1,076.04, while the South West emerged as the most affordable region at ₦1,009.30. These variations highlight persistent logistics and distribution challenges that continue to influence fuel pricing across different parts of the country.
The recent price drop is part of a monthly trend. Data from December 2025 showed that petrol prices were already 11.81 percent lower than the ₦1,189.12 recorded in December 2024, alongside a 1.20 percent decline from November 2025.
If sustained, this downward movement could provide a cushion effect on household finances and ease operational costs for fuel dependent businesses, offering modest relief amid Nigeria’s still-elevated cost-of-living pressures.