Nigeria’s average pump price for Premium Motor Spirit (PMS) dropped to ₦1,034.76 in January 2026, extending a sustained downward trajectory that has brought considerable relief to motorists compared to prices recorded a year ago.
Data from the National Bureau of Statistics (NBS) January PMS Report show the figure represents a 17.77 percent decline from the ₦1,258.34 average posted in January 2025. On a month-on-month basis, prices also edged lower by 1.32 percent from the ₦1,048.63 recorded in December 2025.
The figures reveal a notable gap between the cheapest and most expensive states in the country. Cross River led with the highest average retail price at ₦1,171.77, with Rivers and Nasarawa following at ₦1,160.92 and ₦1,149.13 respectively. At the other end of the scale, Ekiti, Enugu, and Kaduna offered the lowest prices, all hovering just below ₦950, at ₦946.90, ₦946.92, and ₦947.00.
Regionally, the South-South Zone recorded the steepest average at ₦1,076.04, while the South-West came in as the most affordable at ₦1,009.30, underscoring persistent pricing disparities across different parts of the country.
The downward movement is not a recent development. December 2025 data similarly showed an 11.81 percent year-on-year drop from ₦1,189.12 in December 2024, alongside a 1.20 percent month-on-month decline from November 2025, suggesting the trend has been building for several months.
Analysts expect the continued fall in fuel costs to ease financial pressure on households and contribute positively to broader economic conditions across the country.
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