Nigeria’s average retail price for Premium Motor Spirit (PMS) dropped to ₦1,034.76 in January 2026, continuing a steady decline that has eased the cost burden on consumers both year-on-year (YoY) and month-on-month (MoM).
Data from the National Bureau of Statistics (NBS) January PMS Report shows that the January 2026 price represents a 17.77 percent decrease from ₦1,258.34 recorded in the same month last year. Compared to December 2025, when the average retail price was ₦1,048.63, the January figure reflects a 1.32 percent monthly reduction.
State-level figures reveal significant variations, with Cross River State recording the highest average retail price at ₦1,171.77, followed by Rivers (₦1,160.92) and Nasarawa (₦1,149.13). Conversely, Ekiti, Enugu, and Kaduna states had the lowest prices, at ₦946.90, ₦946.92, and ₦947.00, respectively.
Regional analysis indicates that the South-South Zone posted the highest average price at ₦1,076.04, while the South West Zone recorded the lowest at ₦1,009.30, highlighting continuing disparities in fuel costs across the country.
The NBS report noted: “The average retail price for Premium Motor Spirit in January 2026 was ₦1,034.76, representing a 17.77 percent drop compared to January 2025. Month-on-month, the average price declined by 1.32 percent from ₦1,048.63 in December 2025.”
Historical data shows that this downward trend is consistent, with December 2025 prices already reflecting an 11.81 percent YoY decline from December 2024, and a 1.20 percent MoM decrease from November 2025.
Analysts suggest that the sustained decline in petrol prices could provide financial relief for consumers and stimulate broader economic activity.