By Ayomide Otitoju
The average retail price of Premium Motor Spirit (PMS), commonly known as petrol, stood at ₦1,024.99 per litre in July 2025, according to the latest “Petrol Price Watch” released by the National Bureau of Statistics (NBS).
The figure represents a 1.22 per cent decline from the ₦1,037.66 recorded in June 2025. However, on a year-on-year basis, petrol prices rose by 33.02 per cent compared to ₦770.54 in July 2024.
A breakdown by state shows Jigawa recorded the highest average retail price at ₦1,107.52, followed by Lagos at ₦1,100.29 and Sokoto at ₦1,100.00. The lowest average prices were recorded in Zamfara (₦884.63), Yobe (₦950.60), and Kogi (₦986.67).
By geopolitical zones, the North-West posted the highest average petrol price at ₦1,035.85, while the North-East recorded the lowest at ₦1,017.65.
The NBS noted that the data reflects continued volatility in fuel prices despite recent efforts to stabilise the downstream petroleum sector.
On inflation, the bureau reported that Nigeria’s headline inflation rate eased to 21.88 per cent in July 2025, down from 22.22 per cent in June. This represents an 11.52 percentage point drop from 33.40 per cent recorded in July 2024.
Month-on-month, headline inflation rose to 1.99 per cent in July, slightly higher than the 1.68 per cent recorded in June, indicating that price levels continued to rise, though at a slower annual pace.
The average Consumer Price Index (CPI) for the 12 months ending July 2025 increased by 25.65 per cent, a 5.11 percentage point decline compared to 30.76 per cent in the corresponding period of 2024.
Meanwhile, the Central Bank of Nigeria (CBN), in its July 2025 Purchasing Managers’ Index (PMI) report, noted that selling prices rose at a slower pace, with output price inflation easing for the third consecutive month to its lowest level since May 2023.
