The national average retail price of Premium Motor Spirit, PMS, otherwise known as petrol increased year-on-year, YoY, by 33.02 percent to N1,024.99 in July 2025 compared to the value in the corresponding period of 2024.
On a month-on-month, MoM basis, the average retail price decreased by 1.22 percent from N1,037.66 per litre in June 2025.
The National Bureau of Statistics, NBS, report on Premium Motor Spirit, (Petrol) Price Watch for July 2025, disclosed that Jigawa state topped the price chart for the product at N1,107.52, followed by Lagos and Sokoto states with N1,100.29 and N1,100.00 per litre respectively.
However, Zamfara, Yobe and Kogi states emerged with the lowest average retail prices for the product at N884.63, N950.60 and N986.67 respectively, according to the NBS report.
On zonal profile analysis, the North West zone had the highest average retail price of N1,035.85, while the North East zone had the lowest price of N1,017.65.
Meanwhile, checks by Vanguard confirmed that the price of petrol has continued to drop due to reduction in crude oil prices. According to data obtained from the oil price website yesterday, crude oil price stood at $63.55 while Brent crude stood at $67.69 per barrel.
However, the current price of the product in Lagos was between N865 and N875 per litre, while the price in the Federal capital territory, Abuja was between N890 and N910 per litre.
