The average retail price of Premium Motor Spirit (PMS), commonly known as petrol, rose to N1,037.66 in June 2025, marking a 38.32% year-on-year increase from N750.17 recorded in June 2024.
On a month-on-month basis, the price rose by 0.96% from N1,027.76 in May 2025.
This information is contained in the latest “Premium Motor Spirit (Petrol) Price Watch” released by the National Bureau of Statistics (NBS) on Thursday.
The data further shows that Jigawa state had the highest average retail price for PMS at N1107.52.
The NBS reported that Ondo and Lagos States recorded the next highest average retail prices for Premium Motor Spirit (petrol) in June 2025, at N1,104.80 and N1,100.29, respectively.
Conversely, Yobe, Kogi, and Imo States posted the lowest average prices, at N950.60, N986.67, and N987.86, respectively.
A zonal analysis revealed that the North-West recorded the highest average retail price at N1,062.84, while the North-East had the lowest at N1,020.15. The North-Central zone averaged N1,021.83, and the South-East stood at N1,043.18 for the same period.
According to the NBS, the report demonstrates the continued volatility in fuel prices across the country, despite recent efforts to stabilise the downstream petroleum sector.
What you should know
Earlier in July, Dangote Refinery announced a further reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N840 to N820 per litre.
This marks the second price cut by the Lagos-based refinery in just nine days, signaling a strategic move to ease fuel costs and stabilize downstream market prices.
- The NBS data shows that on a year-on-year basis, the headline inflation rate was 11.97% lower than the rate recorded in June 2024, which was at 34.19%.
- The NBS noted that, on a month-on-month basis, the headline inflation rate in June 2025 stood at 1.68%, representing an increase of 0.15 percentage points from the 1.53% recorded in May 2025.
- This indicates that the average price level rose at a faster rate in June compared to May 2025.
- The percentage change in the average Consumer Price Index (CPI) for the 12 months ending June 2025, compared to the previous 12-month period, was 26.58%—a 3.42 percentage point decline from the 30.00% recorded in June 2024.
In its earlier released Purchasing Managers’ Index (PMI) report for June 2025, CBN raised concerns that the continued rise in input costs across major sectors may trigger a new round of consumer price inflation, as businesses struggle to absorb cost pressures.
