Petrol Price Drops Slightly in July 2025, Still 33% Higher Year-on-Year – NBS

Abuja, Nigeria – The average retail price of Premium Motor Spirit (Petrol) paid by consumers in July 2025 was ?1,024.99 per litre, representing a 1.22% decrease from ?1,037.66 in June 2025, according to the National Bureau of Statistics (NBS).

However, on a year-on-year basis, petrol prices rose by 33.02%, up from ?770.54 in July 2024.

The figures were contained in the NBS report titled “Premium Motor Spirit (Petrol) Price Watch – July 2025”, released on Thursday.

State-by-state breakdown

The report revealed wide disparities across states:

• Highest prices: Jigawa (?1,107.52), Lagos (?1,100.29), and Sokoto (?1,100.00).
• Lowest prices: Zamfara (?884.63), Yobe (?950.60), and Kogi (?986.67).

By geopolitical zones, the North-West recorded the highest average retail price at ?1,035.85, while the North-East had the lowest at ?1,017.65.

The NBS noted that the figures highlight the continued volatility in fuel prices nationwide, despite policy efforts aimed at stabilising the downstream petroleum sector.

June 2025 recap

In June 2025, the average petrol price stood at ?1,037.66, reflecting a 0.96% rise compared to ?1,027.76 in May 2025, and a 38.32% year-on-year increase from ?750.17 in June 2024.

Inflation update

Alongside the petrol report, the NBS also released inflation figures for July 2025.

• Headline inflation rate: 21.88% (down from 22.22% in June 2025).
• Year-on-year: 11.52% lower than 33.40% in July 2024.
• Month-on-month: 1.99% in July, higher than 1.68% in June.

The data indicates that while inflation moderated on a year-on-year basis, prices continued to rise at a faster pace month-to-month.

Meanwhile, the Central Bank of Nigeria (CBN), in its July 2025 Purchasing Managers’ Index (PMI) report, stated that selling prices increased at a slower rate, with output price inflation easing for the third consecutive month to its lowest level since May 2023.