The average price Nigerians paid for Premium Motor Spirit (PMS) climbed to N1,037.66 per litre in June 2025, reflecting a 38.32% increase from N750.17 recorded in the same period last year, according to fresh data from the National Bureau of Statistics (NBS).
The agency’s latest Petrol Price Watch report, released Thursday, also revealed a modest 0.96% month-on-month rise compared to N1,027.76 in May 2025.
The figures reaffirm persistent price volatility in the downstream petroleum sector, despite recent interventions and marginal ex-depot price adjustments by domestic refiners.
Regional Price Disparities
Among the 36 states and the Federal Capital Territory, Jigawa recorded the highest average price per litre at N1,107.52. Ondo (N1,104.80) and Lagos (N1,100.29) closely followed as the next most expensive locations for petrol in June.
In contrast, consumers in Yobe, Kogi, and Imo paid some of the lowest prices during the month—N950.60, N986.67, and N987.86, respectively.
A zonal breakdown showed that the North-West led with the steepest average regional pump price at N1,062.84, while the North-East zone posted the lowest average at N1,020.15. The South-East, meanwhile, recorded an average price of N1,043.18, and the North-Central zone stood at N1,021.83.
Market Efforts and Broader Economic Indicators
Earlier in July, Dangote Petroleum Refinery reduced its ex-depot PMS price for the second time in nine days—cutting it from N840 to N820 per litre. The refinery’s back-to-back reductions were seen as efforts to ease cost burdens and inject stability into the turbulent market.
Despite such moves, downstream players and analysts suggest that macroeconomic conditions—especially FX availability and crude-linked importation costs—continue to shape pump prices more than domestic supply strategies.
In a related development, the NBS noted that Nigeria’s headline inflation eased to 22.22% in June, down from 22.97% in May. However, month-on-month data revealed that the consumer price index rose by 1.68%—a slight uptick from the 1.53% recorded in the previous month.
Year-on-year, inflation dropped sharply from 34.19% in June 2024 to 22.22% in June 2025, reflecting a 11.97 percentage point decline. The 12-month average CPI change stood at 26.58%, easing from 30.00% over the previous comparable period.
Still, concerns persist. The Central Bank of Nigeria, in its June 2025 Purchasing Managers’ Index (PMI), warned that rising production and input costs could trigger fresh inflationary pressure, especially if businesses pass costs down to consumers.
