Average retail petrol price drops 17.77% to N1,034.76 in January 2026 – NBS

2026-02-27 11:33:04

The average retail price of Premium Motor Spirit (Petrol) in January 2026 stood at N1,034.76, marking a 17.77% decline from N1,258.34 recorded in January 2025.

On a month-on-month basis, the price also fell by 1.32%, down from N1,048.63 in December 2025.

This is according to the latest Premium Motor Spirit (Petrol) Price Watch report from the National Bureau of Statistics (NBS).

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The data shows that petrol prices continue to reflect market adjustments influenced by federal and private sector interventions, with notable variations across states and zones.

What the data is saying

NBS highlighted significant differences in petrol prices across states and regions in January 2026.

Highest Prices: Cross River State led with ₦1,171.77 per litre, followed by Rivers (N1,160.92) and Nasarawa (N1,149.13).
**Lowest Prices: **Ekiti (N946.90), Enugu (N946.92), and Kaduna (N947.00) recorded the lowest retail prices in the country.
Zonal Overview: The South-South Zone had the highest average retail price at N1,076.04, while the South-West Zone recorded the lowest at N1,009.30.

The figures indicate a mixed pricing landscape, reflecting distribution logistics, regional demand, and local market dynamics.

Get up to speed

Petrol price movements in January were influenced by adjustments from both the federal oil company and private refineries.

The Nigerian National Petroleum Company Limited (NNPC Ltd) adjusted pump prices to N839 per litre in Abuja and N835 per litre in Lagos, up from N785 per litre.
Dangote Petroleum Refinery increased its gantry price from N699 per litre to N799 per litre.
The refinery announced the price increase in a statement, marking a major post-festive pricing adjustment.

According to the refinery, the change followed the conclusion of the festive season, during which it deliberately absorbed higher operational and logistics costs.

In December 2025, Dangote Petroleum Refinery reduced its minimum order requirement from 500,000 litres to 250,000 litres, improving access for smaller distributors.
The adjustment allowed more oil marketers to purchase petrol directly from the refinery at the gantry price of N699 per litre at the time.

The move was widely seen as an effort to broaden market participation and improve fuel availability across retail outlets.

What you should know

The NBS reports that Nigeria’s headline inflation rate moderated slightly to 15.10% in January 2026, down from 15.15% recorded in December 2025.

The report also showed a contraction in prices compared to the previous month. Inflation stood at –2.88% month on month in January 2026, compared to 0.54% in December 2025.

Nairametrics reports that oil marketers have pushed back against claims that some retail petroleum outlets were selling fuel below the N739 per litre price at Dangote Refinery–designated filling stations.

The marketers attributed such reports to speculation rather than verified market activity.

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