The National Bureau of Statistics (NBS) released its July 2025 Premium Motor Spirit (Petrol) Price Watch report on Thursday, revealing a slight decrease in fuel prices across the country.
According to the report, the average retail price paid by consumers for Premium Motor Spirit (Petrol) was N1024.99, representing a 1.22% decrease from N1,037.66 in June 2025.
Despite the decrease, the price still indicates a 33.02% increase compared to the value recorded in July 2024, which was N770.54.
The report highlights significant regional variations in fuel prices across the country.
Jigawa state had the highest average retail price for Premium Motor Spirit (Petrol) at N1107.52, followed closely by Lagos and Sokoto states with N1100.29 and N1100.00, respectively.
On the other hand, Zamfara, Yobe, and Kogi states had the lowest average retail prices at N884.63, N950.60, and N986.67, respectively.
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.
Meanwhile, Nigeria’s headline inflation rate slowed slightly to 21.88% in July 2025, marking a modest retreat from the previous month’s figure of 22.22%.
The data shows that on a year-on-year basis, the headline inflation rate was 11.52% lower than the rate recorded in July 2024, which was at 33.40%.
However, on a month-on-month basis, the headline inflation rate in July 2025 was 1.99%, which was 0.31% higher than the rate recorded in June 2025.
The report’s findings have significant implications for the Nigerian economy.
Despite efforts to stabilize the downstream petroleum sector, fuel prices continue to be volatile.
The Central Bank of Nigeria’s (CBN) July 2025 Purchasing Managers’ Index (PMI) report noted 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.
Author
Leave a comment