The average retail price of Premium Motor Spirit (PMS), commonly known as petrol, declined to ₦1,024.99 per litre in July 2025, according to the latest Petrol Price Watch Report released by the National Bureau of Statistics (NBS) yesterday.
The figure represents a 1.22% month-on-month drop from ₦1,037.66 per litre in June 2025. However, on a year-on-year basis, petrol prices rose by 33.02%, compared to ₦770.54 per litre in July 2024.
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The NBS data highlighted significant regional variations. Jigawa State recorded the highest average pump price at ₦1,107.52, followed closely by Lagos (₦1,100.29) and Sokoto (₦1,100.00).
Conversely, the lowest prices were observed in Zamfara (₦884.63), Yobe (₦950.60), and Kogi (₦986.67) (NBS, 2025).
Across geo-political zones, the North-West recorded the highest average price at ₦1,035.85, while the North-East had the lowest at ₦1,017.65.
The report underscored the volatility of fuel pricing in Nigeria, despite government measures to stabilize the downstream petroleum sector.
In terms of inflation, the NBS also reported that Nigeria’s headline inflation rate eased to 21.88% in July 2025, down from 22.22% in June 2025.
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This marks a modest decline but still reflects elevated consumer price pressures. On a year-on-year basis, the July 2025 figure was 11.52% lower than the 33.40% recorded in July 2024 (Channels TV, 2025).
Month-on-month, inflation rose by 1.99% in July 2025, higher than 1.68% in June 2025, showing that while the overall pace of inflation slowed year-on-year, short-term price increases remain strong.
The report further indicated that the 12-month average Consumer Price Index (CPI) ending July 2025 stood at 25.65%, a decline from 30.76% in July 2024.
Meanwhile, the Central Bank of Nigeria’s July 2025 PMI survey noted that selling price inflation continued to ease, with output price inflation falling to its lowest level since May 2023.
Source: https://punchng.com/petrol-price-hit-n1024-99-per-litre-in-july-2025-nbs/
Image Credit: BusinessDay
