The National Bureau of Statistics (NBS) today released its July 2025 Premium Motor Spirit (Petrol) Price Watch report, which indicated that the average retail price paid by consumers for Premium Motor Spirit (Petrol) was N1024.99, representing a 1.22% decrease from N1,037.66 they paid for the same volume in the preceding month.
According to the report, despite the month-on-month decrease in the commodity’s price, a year-on-year comparison showed that in the month under review July 2025, the fuel price per litre was 33.02% higher than N770.54 per litre the consumers paid in July 2024.
A further analysis of the statistics agency’s report reflected that on regional basis, Jigawa State consumers paid the highest average retail price for petrol at N1107.52 in July this year, followed closely by Lagos and Sokoto states’ buyers that paid N1100.29 and N1100.00 per litre respectively for the commodity in July this year.
Conversely, buyers of petrol in Zamfara, Yobe, and Kogi states paid the lowest average retail prices per litre at N884.63, N950.60, and N986.67, respectively.
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The North-West zone recorded the highest average retail price of N1035.85, while the North East Zone had the lowest price of N1017.65.
The report’s findings have significant implications for the Nigerian economy, showing that despite efforts to stabilize the downstream petroleum sector, fuel prices continue to be volatile.
Meanwhile, the just published Consumer Price Index (CPI) report by the statistics agency for July showed that Nigeria’s headline inflation rate slowed slightly to 21.88%, marking a slight dip from the previous month’s figure of 22.22%.
The data shows that on a year-on-year basis, the headline inflation rate however dipped by 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.
