Business
Petrol Price Drops By 11.18% As Diesel Price Hits ₦1,398 Per Litre
The National Bureau of Statistics (NBS) has reported that the average retail price of Premium Motor Spirit, popularly known as petrol or fuel, fell to ₦1,052.31 per litre in October 2025, down from ₦1,184.83 recorded in the same period of 2024.
Naija News reports that the figures were contained in the bureau’s Petrol Price Watch released in Abuja on Tuesday, December 2.
According to the NBS, the latest data reflect an 11.18 per cent year-on-year decline in the pump price of petrol.
Despite the annual drop, the report showed that fuel prices increased on a monthly basis. The bureau noted that the commodity was sold for ₦970.59 per litre in September 2025, indicating an 8.42 per cent month-on-month increase.
Comparing the average price value with the previous month of September, the average retail price increased by 8.42 per cent from ₦970.59,” the report added.
Kogi Leads As Most Expensive State For Petrol
A breakdown of petrol prices across the country shows significant variations among the states.
Kogi State recorded the highest average retail price at ₦1,110.00 per litre, making it the most expensive state for PMS in October. Sokoto followed closely at ₦1,105.93, while Borno ranked third with an average of ₦1,101.63 per litre.
On the lower end of the price spectrum, Oyo recorded the cheapest pump price at ₦1,001.79, followed by Nasarawa at ₦1,009.38, and Abia at ₦1,012.50 per litre.
The report also showed notable differences across geopolitical zones. The North-East recorded the highest zonal average at ₦1,072.74 per litre, while the South-West reported the lowest, averaging ₦1,032.81 per litre.
Diesel Price Hits ₦1,398 Despite Annual Drop
The bureau also released its Diesel Price Watch for October 2025, which revealed that the average retail price of Automotive Gas Oil stood at ₦1,398.57 per litre.
This represents a 2.96 per cent year-on-year decline, as diesel sold for ₦1,441.28 per litre in October 2024.
In contrast to the annual drop, diesel prices rose sharply on a monthly basis. The NBS disclosed that the product sold for ₦1,277.81 per litre in September 2025, meaning prices climbed by 9.45 per cent within just one month.
“On a month-on-month basis, the price increased by 9.45 per cent from the ₦1,277.81 per litre recorded in September 2025,” the report noted.
The report further revealed that Enugu State had the highest average diesel price in October at ₦1,468.29 per litre, while Niger State followed with ₦1,465.69, and Jigawa with ₦1,437.40 per litre.
Meanwhile, the lowest diesel prices were found in Katsina, Edo and Kebbi, where consumers paid ₦1,301.24, ₦1,307.84, and ₦1,308.94 per litre, respectively.
From a regional perspective, the South-East emerged as the zone with the highest diesel average at ₦1,415.85, while the South-South recorded the lowest at ₦1,387.18 per litre.
Leading manufacturers, including Dangote Cement and BUA Cement, have adjusted cement prices nationwide, with a bag now selling for as high as N12,000 in many parts of the country.
Industry operators say the latest increase marks another sharp jump from previous prices of between N11,000 and N11,500, deepening concerns about affordability and slowing construction activities.
Experts point to rising energy costs as the primary trigger behind the new pricing regime. Manufacturers are grappling with higher fuel prices, which directly impact production processes that rely heavily on energy.
Chairman of the Lagos Chamber of Commerce and Industry Construction and Engineering Group, Soji Adeniji, explained to Legit.ng that the surge in fuel prices has significantly raised factory operating costs.
According to him, the increase in petrol prices from around N1,000 to nearly N1,900 per litre has placed additional pressure on cement producers, forcing them to pass on the cost to consumers.
Stakeholders also link the rising prices to global developments, particularly tensions in the Middle East, which have disrupted energy markets worldwide.
These disruptions have cascading effects on input costs, further compounding the challenges faced by manufacturers already dealing with local economic pressures.
What is the Dollar to Naira Exchange rate at the black market, also known as the parallel market (Aboki fx)?
You can swap your dollar for Naira at these rates.
How much is a dollar to naira today in the black market?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1410 and sell at N1420 on Tuesday, 4th August 2026 according to sources at Bureau De Change (BDC).
Black Market Exchange Rate Today 5th August, 2026
US Dollar Rates
Buying Rate N1,415
Selling Rate N1,425
CBN (Official): ₦1,362.55
The exchange rate between the US dollar (USD) and the Nigerian naira (NGN) which rate we have given above; is a topic of high constant interest for people who are Nigerian and businesses and policymakers in Nigeria.
This rate of dollars to naira exchange rate influences not only the cost of imported goods but also the cost of travel, international education, and even local prices of certain commodities.
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Residents of the Federal Capital Territory (FCT) have praised Dangote Petroleum Refinery’s decision to cut its ex-depot price for Premium Motor Spirit (PMS), though many say the reduction has yet to ease the cost of transportation, food, and other daily essentials.
The refinery lowered its ex-depot petrol price from N1,330 per litre to between N1,265 and N1,300 per litre, reversing gains recorded over the previous two weeks when global crude oil prices were volatile.
The adjustment followed an earlier announcement by the refinery of plans to distribute petrol free of charge in Lagos, Ogun, Rivers, Kaduna, Delta, and the FCT to improve product availability.
Price Changes at Abuja Filling Stations
Checks across Abuja on Monday confirmed the price movement was already filtering through to retail outlets. MRS cut its pump price by N40 per litre, while independent marketers including AA Rano reduced their retail price by N30 per litre, bringing petrol to N1,300 per litre.
At the depot level, Emedab, NIPCO, and Sigmund were selling petrol at between N1,217 and N1,222 per litre. NAN reports that Civil servant Bare Oguntade described the cut as a welcome development but urged the federal government to ensure that transport operators and traders pass the savings along to ordinary consumers.
Business owner Anthony Okere echoed the sentiment, noting that many small businesses still depend heavily on petrol due to unreliable electricity supply, and that only a small number of transport operators have benefited from the government’s Compressed Natural Gas (CNG) programme.
Calls for Regulation and Monitoring
Public affairs analyst Jide Ojo said sufficient time had passed for the benefits of lower fuel supply costs to reach Nigerians at the grassroots level. He called on the federal government to engage petroleum marketers directly so that future price reductions are reflected quickly at filling stations and in transport fares.
Development expert Aliyu Ilias added that stronger regulatory oversight, combined with greater consumer participation, would push filling stations to comply with prevailing prices and encourage fair competition across the sector.
Meanwhile, Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said the brief suspension of fuel loading after the price review was a routine reconciliation process that takes place whenever depot prices change.
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