Fuel price drops slightly, but Nigerians struggle amid rising inflation

Mkpoikana Udoma

Port Harcourt — Despite a 12.6% year-on-year drop in the average retail price of Premium Motor Spirit, PMS, many Nigerians continue to face economic hardship and poverty, as inflationary pressures erode household incomes.

Data from the National Bureau of Statistics, NBS, shows that the average petrol price in November 2025 stood at N1,061.35, down from N1,214.17 in November 2024. However, a month-on-month increase of 0.86% from October 2025 (N1,052.31) indicates that fuel prices are still volatile.

“While fuel prices have reduced slightly compared to last year, the high cost of living and inflationary pressures mean many households are still struggling to meet basic needs,” a social analyst, Dr Fyneface Dumnamene said.

State-level analysis showed that Borno State recorded the highest petrol price at N1,133.86, followed by Sokoto (N1,118.83) and Kogi (N1,111.00). Meanwhile, Oyo (N997.39), Nasarawa (N1,014.10), and Lagos (N1,014.00) had the lowest average pump prices.

Zonal figures indicate that the North East Zone had the highest regional average of N1,084.04, while the South West Zone recorded the lowest at N1,036.12.

Analysts warn that, despite minor relief at the pumps, inflation, rising utility costs, and stagnant wages are pushing more Nigerians below the poverty line.

“A drop in fuel price alone cannot offset the broader economic challenges. Nigerians continue to pay more for food, transport, and basic services, undermining any benefit from lower petrol costs,” said a Port Harcourt-based financial analyst.

With fuel accounting for a significant portion of transportation and logistics costs, continued vigilance and economic interventions are needed to prevent further strain on households, experts say.

The NBS data underscores the twin challenges of modest fuel relief and persistent inflation, highlighting the urgent need for broader economic policy measures to protect citizens’ purchasing power.