Nigeria’s Petrol Price Drops to ₦1,024.99/Litre in July 2025
The National Bureau of Statistics (NBS) has reported a slight decrease in the average retail price of Premium Motor Spirit (Petrol) in Nigeria, from ₦1,037.66 in June 2025 to ₦1024.99 in July 2025. This 1.22% decrease in price is a welcome respite for Nigerian consumers who have been grappling with the recent volatility in fuel prices.
According to the NBS, the price drop is a modest relief compared to the 33.02% increase recorded in July 2024, when the average price of petrol was ₦770.54. The North-West zone had the highest average retail price of ₦1035.85, while the Northeast Zone had the lowest price of ₦1017.65.
States with the highest average retail prices include Jigawa, with ₦1107.52, Lagos, with ₦1100.29, and Sokoto, with ₦1100.00. Conversely, Zamfara, Yobe, and Kogi States had the lowest average retail prices, at ₦884.63, ₦950.60, and ₦986.67, respectively.
The report notes that despite recent efforts to stabilize the downstream petroleum sector, fuel prices continue to fluctuate across the country. The NBS also reported a 38.32% year-on-year increase in the average price of petrol, from ₦750.17 in June 2024 to ₦1037.66 in June 2025.
In a separate report, the NBS announced a slight decrease in inflation rates, with the headline inflation rate slowing to 21.88% in July 2025, down from 22.22% in June 2025. This marks a 11.52% decrease compared to the 33.40% recorded in July 2024.
The Central Bank of Nigeria (CBN) has also reported 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. This development suggests that efforts to stabilize the economy and reduce inflation may be yielding positive results. However, Nigerian consumers will likely continue to monitor fluctuations in fuel prices and inflation rates closely.
