Petrol Price Drops 17.77% to N1,034.76 in January 2026

According to the latest report from the National Bureau of Statistics (NBS), the average retail price of premium motor spirit (petrol) in Nigeria decreased by 17.77% to N1,034.76 in January 2026, compared to N1,258.34 in January 2025. Month-on-month, the price fell by 1.32% from N1,048.63 in December 2025.

The report indicates that petrol prices continue to reflect market adjustments influenced by federal and private sector interventions, with significant variations across states and regions. The price landscape in January 2026 shows a mix of prices, reflecting distribution logistics, regional demand, and local market dynamics.

The movement in petrol prices during January was influenced by adjustments made by federal oil companies and private refiners, who absorbed higher operational logistics costs following the festive season. The report also noted that Nigeria's headline inflation rate stood at 2.88% month-on-month in January 2026, compared to 0.54% in December 2025.