Nigeria’s petrol market has delivered a rare dose of relief for consumers, with pump prices falling sharply over the past year.
Fresh data from the National Bureau of Statistics (NBS) shows that the average price of Premium Motor Spirit dropped by ₦153 per litre between November 2024 and November 2025, easing pressure on households, transport operators and businesses grappling with high costs.
The decline, driven by supply improvements and stronger competition involving major players such as Dangote Refinery and the Nigerian National Petroleum Company Limited, signals a gradual recalibration of the downstream petroleum sector after months of turbulence.
According to the NBS PMS Price Watch Report for November 2025, the average retail price of petrol fell to ₦1,061.35 per litre, compared with ₦1,214.17 recorded in the same period last year.
The 12.59 per cent year-on-year drop translates to a ₦153 reduction at the pump. For millions of Nigerians who depend on petrol for transportation, power generation and daily commerce, the price cut has offered modest but noticeable relief.
Transport fares have stabilised in some cities, while small businesses report slightly reduced operating costs compared with late 2024.
Analysts attribute the year-on-year price drop to improved supply conditions, increased participation by private refiners and marketers, and gradual price adjustments following the removal of fuel subsidies.
The entry of large-scale local refining capacity has reduced dependence on imports and improved availability, helping to moderate prices despite broader economic pressures.
However, experts caution that the relief remains fragile. Petrol prices are still historically high by Nigerian standards, and any disruption in supply chains, exchange rate volatility or logistics could quickly reverse recent gains.
Accprding to PetroleumPriceNG, while the annual trend points downward, the report also reveals short-term volatility in the market. On a month-on-month basis, petrol prices rose slightly by 0.86 per cent, increasing from ₦1,052.31 in October 2025 to ₦1,061.35 in November.
This uptick reflects ongoing adjustments in distribution costs, transportation challenges and market dynamics across different regions. It underscores the fact that, despite overall improvement, the petrol market has yet to fully stabilise.
