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According to the National Bureau of Statistics' (NBS) Premium Motor Spirit (PMS) report, the average price of PMS, commonly known as petrol, stood at ₦1,027.76 in May 2025. This represents a 17.07% decrease from the ₦1,239.33 month-on-month (MoM) in April 2025 but remains 33.54% higher than the ₦769.62 year-on-year (YoY) recorded in May 2024, indicating continued pressure on consumers. At the state level, Sokoto recorded the highest average price at N1,100.50, followed by Zamfara at ₦1,093.21 and Anambra at ₦1,084.13. Meanwhile, Yobe (₦950.60), Rivers (₦981.67), and Taraba (₦983.00) had the lowest average prices. Furthermore, zonal analysis showed that the Southeast recorded the highest average price at ₦1,049.15, while the North Central zone had the lowest at ₦1,005.42. Although the month-on-month decline may suggest some relief, petrol prices remain significantly high compared to the previous year, posing a sustained burden on transportation costs, business operations, and household spending. To address this, the government should prioritise expanding domestic refining capacity and reducing distribution costs to bring long-term stability to fuel prices. At the same time, supporting affordable public transport and ensuring consistent fuel supply across regions can help ease immediate pressure on households and businesses.
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