Average petrol price drops by 1.22% to N1,024.99/litre in July 2025, says  NBS

The National Bureau of Statistics (NBS) on Thursday disclosed that the average retail price paid by consumers for Premium Motor Spirit (Petrol) for July 2025 was N1024.99, a decrease of 1.22per cent from N1,037.66 in June 2025.

On a year-on-year basis, this indicates a 33.02per cent increase compared to the value recorded in July 2024, which was at N770.54.

NBS in its “Premium Motor Spirit (Petrol) Price Watch”  report  noted that  Jigawa state had the highest average retail price for Premium Motor Spirit (Petrol), at N1107.52.

According to the NBS, Lagos and Sokoto states were next, with N1100.29 and N1100.00, respectively. Conversely, Zamfara, Yobe, and Kogi States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N884.63, N950.60, and N986.67, respectively.

According to NBS, the North-West zone had the highest average retail price of N1035.85, while the North East Zone had the lowest price of N1017.65.

According to the NBS, the report demonstrates the continued volatility in fuel prices across the country, despite recent efforts to stabilise the downstream petroleum sector.

The average price of petrol rose to N1,037.66 in June 2025, marking a 38.32per cent year-on-year increase from N750.17 recorded in June 2024.

On a month-on-month basis, the price rose by 0.96per cent from N1,027.76 in May 2025.

NBS reports that Nigeria’s headline inflation rate slowed slightly to 21.88per cent in July 2025, marking a modest retreat from the previous month’s figure of 22.22per cent.

The data shows that, on a year-on-year basis, the headline inflation rate was 11.52per cent lower than the rate recorded in July 2024, which was at 33.40per cent.

On a month-on-month basis, the headline inflation rate in July 2025 was 1.99per cent, which was 0.31per cent higher than the rate recorded in June 2025, which was 1.68per cent.

According to the NBS, this means that in July 2025, the rate of increase in the average price level was higher than the rate of increase in the average price level in June 2025.

The percentage change in the average CPI for the twelve months ending July 2025 over the average for the previous twelve-month period was 25.65per cent, showing a 5.11per cent decrease compared to 30.76per cent recorded in July 2024.

In its July 2025 PMI report, CBN stated that selling prices rose at a slower rate, with output price inflation easing for the third month in a row to its lowest level since May 2023.