KEY POINTS
- Average petrol price dropped to ₦1,034.76 in January 2026, down 17.77% from January 2025.
- Cross River had the highest prices, while Ekiti, Enugu, and Kaduna recorded the lowest.
- The steady decline could ease transport costs and support wider economic activity.
The cost of petrol across Nigeria eased again in January 2026, offering motorists a bit of breathing space after months of high fuel expenses.
Fresh figures released by the National Bureau of Statistics show that the average retail price of Premium Motor Spirit (PMS) dropped to ₦1,034.76 for the month.
This means petrol was cheaper compared to both the same period last year and the previous month. When placed side by side with January 2025, when the average price stood at ₦1,258.34, the new figure reflects a significant 17.77 percent decline. Compared to December 2025, when petrol sold for ₦1,048.63 on average, the January price still fell by 1.32 percent.
Regional Trends Show Uneven Costs
Looking at broader regions, the South-South zone had the highest average petrol price at ₦1,076.04. Meanwhile, the South West recorded the lowest regional average at ₦1,009.30.
Analysts say these regional gaps often come from factors such as transport costs, distribution challenges, and local supply conditions.
January’s figures are not an isolated drop. Data from December 2025 already showed a downward trend. That month’s average price fell 11.81 percent compared to December 2024, and also slipped by 1.20 percent from November 2025.
This steady decline suggests that petrol prices may be stabilising after months of volatility.
Lower fuel prices usually bring relief not only to drivers but also to businesses, transport operators, and households. When petrol becomes slightly cheaper, transport fares and the cost of moving goods can reduce, which may help slow down rising living costs.
Industry watchers also note that stable fuel prices can encourage investor confidence, especially when major industrial players like Aliko Dangote continue expanding operations that influence energy supply and pricing.
