The average retail price of Premium Motor Spirit (PMS), commonly known as petrol, in Nigeria rose 33.02% year-on-year to N1,024.99 per litre in July 2025, up from the previous year, according to the National Bureau of Statistics (NBS) Petrol Price Watch report. On a month-on-month basis, prices dipped slightly by 1.22% from N1,037.66 in June 2025.
The NBS report highlighted regional disparities, with Jigawa State recording the highest price at N1,107.52 per litre, followed by Lagos at N1,100.29 and Sokoto at N1,100.00. Zamfara, Yobe, and Kogi had the lowest prices at N884.63, N950.60, and N986.67, respectively. By zone, the North West had the highest average at N1,035.85, while the North East recorded the lowest at N1,017.65.
Vanguard checks confirmed a downward trend in petrol prices, driven by falling global crude oil prices, with Brent crude at $67.69 and crude oil at $63.55 per barrel. In Lagos, petrol sold for N865–N875 per litre, while in Abuja, prices ranged from N890–N910. This decline aligns with Nigeria’s economic context, including a 67.12% surge in capital importation to $5.64 billion in Q1 2025, though challenges like naira volatility (N1,560/$1 in the parallel market) and 21.88% inflation in July persist.
