Petrol, Diesel Prices Surge in Nigeria, NBS Reports
The Nigerian economy is grappling with a significant increase in the retail price of petrol and diesel, according to the National Bureau of Statistics (NBS). The NBS released its June 2025 Petrol and Diesel Price Watch on Thursday, revealing alarming trends that could impact consumer spending and businesses.
In just one year, the average retail price of petrol soared by 38.32%, from N750.17 in June 2024 to N1,037.66 in June 2025. This sharp increase follows a more modest 0.96% rise between May and June 2025, when the average price inched up from N1,027.76 to N1,037.66 per litre.
Geographical disparities in prices were evident, with state profiles showing Jigawa, Ondo, and Lagos as the most affected, paying N1,107.52, N1,104.80, and N1,100.29 per litre, respectively. Conversely, Yobe, Kogi, and Imo recorded the lowest average retail prices at N950.60, N986.67, and N987.86 per litre.
Zonal analysis revealed that the North-West had the highest average retail price at N1,062.84 per litre, while the North-East Zone recorded the lowest at N1,020.15.
The NBS also painted a grim picture for diesel users, with the average retail price jumping to N1,813.81 per litre in June 2025. This aggregates an alarming 23.98% year-on-year increase from June 2024 and a 3.16% month-on-month rise from May 2025.
Benue, Adamawa, and Plateau topped the list for the highest average diesel prices at N2,541.46, N2,355.32, and N2,236.42 per litre, respectively. Contrastingly, Ondo, Anambra, and Kogi recorded the least prices at N1,365.71, N1,391.02, and N1,400.00 per litre.
Zone-wise, the South-South had the highest diesel price at N1,963.86 per litre, while the South-West recorded the lowest at N1,618.74 per litre.
These escalating fuel prices could spell trouble for Nigerian consumers and businesses, adding further pressure to an economy already battling inflation and stagnant wage growth. With no signs of imminent relief, stakeholders anxiously await government intervention or hopeful changes in market dynamics.
