The average retail price of Premium Motor Spirit (PMS), commonly known as petrol, declined to ₦1,034.76 per litre in January 2026, according to the latest report released by the National Bureau of Statistics (NBS). The figure reflects a continued downward movement in fuel prices across Nigeria.
Titansloaded report that the new data indicates a 2.55 percent month-on-month decrease when compared to the ₦1,061.92 recorded in December 2025. On a year-on-year basis, the average petrol price also fell significantly by 14.1 percent from ₦1,204.08 in January 2025, underscoring a sustained decline in pump prices.
The NBS Petrol Price Watch report highlights regional price variations across the country. The South-South zone recorded the highest average price at ₦1,052.74 per litre, followed by North-Central at ₦1,047.19 and South-East at ₦1,045.10. The North-East averaged ₦1,040.65, while the South-West recorded ₦1,032.24. The North-West posted the lowest regional average at ₦1,026.40 per litre.
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At the state level, disparities remain evident. Lagos State recorded an average price of ₦1,047.88 per litre, while Kano State posted ₦1,023.45 per litre. These variations are largely attributed to distribution costs, supply logistics, and local market dynamics.
Further analysis from the NBS showed that the distribution margin the difference between ex-depot price and pump price stood at ₦18.48 per litre in January 2026, slightly higher than the ₦18.01 recorded in December 2025. This suggests modest adjustments in transportation and retail margins despite the overall decline in pump prices.
Industry analysts attribute the continued drop in petrol prices to improved supply stability, relative moderation in global refined product prices, and enhanced efficiency in domestic distribution networks. The gradual price reduction is expected to offer some relief to households and businesses grappling with high transportation and operational costs.
For transport operators and logistics firms, the decrease in PMS prices may help moderate service charges and improve cost management. However, economic observers caution that broader inflationary pressures and exchange rate volatility remain key factors influencing fuel pricing trends in Nigeria’s deregulated petroleum market.
The sustained reduction in petrol prices comes at a time when Nigerians continue to navigate economic reforms and shifting market dynamics. While the drop to ₦1,034.76 signals positive movement, stakeholders emphasize the need for structural improvements in refining capacity and supply chain management to ensure long-term price stability.
As the energy market evolves, Petrol price drops to ₦1,034.76 stands as a significant development in Nigeria’s downstream sector. Titansloaded will continue to monitor updates from the NBS and relevant authorities regarding fuel pricing trends and their impact on the broader economy.
