In Nigeria petrol prices soar by 33.54% in one year

Mkpoikana Udoma

Abuja — Nigerians paid an average of N1,027.76 per litre for Premium Motor Spirit (Petrol) in May 2025, reflecting a 33.54% year-on-year increase compared to N769.62 in May 2024, according to the National Bureau of Statistics, NBS.

This sharp rise continues to strain household incomes, especially as the national minimum wage stands at N70,000 per month.

While the average price in May represents a 17.07% drop from April 2025’s N1,239.33, analysts say the relief is marginal when weighed against the broader inflationary pressures and stagnant earnings.

The NBS report, which profiled state-by-state and zonal averages, reveals stark disparities in pump prices across the country.

Sokoto State recorded the highest average petrol price at N1,100.50 per litre, followed closely by Zamfara (N1,093.21) and Anambra (N1,084.13). At the lower end of the spectrum, Yobe reported the cheapest average at N950.60, with Rivers (N981.67) and Taraba (N983.00) also among the lowest.

Zonally, the South East had the highest regional average at N1,049.15, while the North Central recorded the lowest at N1,005.42.

These figures come at a time when millions of Nigerians are grappling with high food prices, rising transport costs, and limited income.

For context, a worker earning the newly approved minimum wage of N70,000 would have to spend nearly 74% of their salary to fill a 50-litre tank at the average May price.

The sustained increase in fuel costs, despite recent marginal declines, raises fresh concerns over the affordability of transportation, production, and logistics across sectors of the economy.