Petrol Price Hits New High Despite Global Oil Drop – NBS Reports

The National Bureau of Statistics (NBS) has revealed that the average retail price of Premium Motor Spirit (PMS), popularly known as petrol or fuel, rose by 33.02 per cent year-on-year to ₦1,024.99 per litre in July 2025 compared to the same period in 2024.

Despite the annual increase, the report showed a marginal decline on a month-on-month basis. Petrol prices dropped by 1.22 per cent when compared with June 2025, which recorded an average of ₦1,037.66 per litre.

According to the NBS “Petrol Price Watch” for July, Jigawa State recorded the highest average price nationwide at ₦1,107.52 per litre.

Lagos followed closely at ₦1,100.29, while Sokoto also sold at an average of ₦1,100.00 per litre.

At the other end of the spectrum, Zamfara residents paid the lowest average retail price of ₦884.63 per litre, followed by Yobe at ₦950.60 and Kogi at ₦986.67.

North West Records Highest Zonal Price

According to the NBS report, the zonal breakdown indicated that the North West had the highest average retail price at ₦1,035.85 per litre, while the North East zone recorded the lowest at ₦1,017.65.

Drop in Global Oil Prices Affects Local Market

Meanwhile, independent checks confirmed that the price of petrol is gradually dropping across major cities due to a reduction in global crude oil prices.

As of Monday, data from the international oil price tracker showed crude oil trading at $63.55 per barrel, while Brent crude stood at $67.69.

However, the retail pump price in Lagos currently ranges between ₦865 and ₦875 per litre, while residents of Abuja pay slightly higher between ₦890 and ₦910