By Nchetachi Chukwuajah
The National Bureau of Statistics (NBS) has said the average retail price of a litre of petrol dropped from N1,184.83 per litre in October 2024 to N1,052.31/litre in October 2025.
According to the NBS’ Petrol Price Watch for October 2025 released on Tuesday, December 1, the October 2025 price of N1,052.31 shows a 11.18 per cent decline from the N1,184.83 recorded in October 2024.
The NBS stated that on a month-on-month basis, the October price was 8.42 per cent higher than the average retail price of N970.59 recorded in September 2025.
It said: “Comparing the average price value with the previous month of September, the average retail price increased by 8.42 per cent from N970.59.”
Analysis of the report by state showed that Kogi paid the highest average retail price of N1,110 followed by Sokoto at N1,105.93, and Borno at N1,101.63.
The report stated that conversely, Oyo, Nasarawa and Abia states paid the lowest average retail price at N1,001.79, N1,009.38, and N1,012.50, respectively.
Analysis by zones showed that the North-East recorded the highest average retail price in October 2025 at N1,072.74, while the South-West Zone recorded the lowest price at N1,032.81 per litre.
The recorded drop in the average retail price of petrol comes amid efforts by the Federal Government to support local refining and discourage importation, even as Nigeria’s daily petrol consumption rose to an average of 56.74 million litres in October, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Recall that on October 21, President Bola Tinubu approved a 15 per cent ad-valorem import duty on diesel and petrol, the implementation of which several experts noted could increase petrol pump price by approximately N99.72 per litre.
However, the policy was reversed weeks later. While announcing the suspension of the policy, the NMDPRA assured Nigerians of a sufficient supply of petroleum products across the country despite the rising demand during the festive season.
