Petrol Price Rises 33% Year-on-Year Despite Monthly Dip – NBS

The National Bureau of Statistics (NBS) has revealed that the average retail price of Premium Motor Spirit (PMS), popularly known as petrol, increased by 33.02% year-on-year to N1,024.99 in July 2025, compared to July 2024.

However, on a month-to-month basis, petrol prices saw a slight decline of 1.22%, down from N1,037.66 per litre recorded in June 2025.

This data comes from the NBS’s Petrol Price Watch report for July 2025. The report highlights Jigawa State as having the highest average petrol price at N1,107.52 per litre. Lagos and Sokoto followed closely with average prices of N1,100.29 and N1,100.00 respectively.

In contrast, the lowest average prices were observed in Zamfara (N884.63), Yobe (N950.60), and Kogi (N986.67).

Regionally, the North West recorded the highest average petrol price at N1,035.85, while the North East reported the lowest at N1,017.65.

Meanwhile, market observations suggest that pump prices are continuing to fall, largely due to a drop in global crude oil prices. As of the latest data, crude oil was priced at $63.55 per barrel, with Brent crude at $67.69 per barrel.

Current pump prices ranged between N865 and N875 per litre in Lagos, and N890 to N910 per litre in Abuja.