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Fuel Price Increased by 33% in July – NBS

It has been revealed that the national average retail price of Premium Motor Spirit (PMS), commonly known as petrol, rose by 33.02% year-on-year (YoY) to N1,024.99 in July 2025 compared to the same period in 2024.
This is according to a report by the National Bureau of Statistics (NBS).
On a month-on-month (MoM) basis, the average retail price decreased by 1.22% from N1,037.66 per litre recorded in June 2025.
According to the NBS Petrol Price Watch report for July 2025, Jigawa State recorded the highest average retail price at N1,107.52, followed by Lagos and Sokoto at N1,100.29 and N1,100.00 per litre respectively.
Conversely, Zamfara, Yobe, and Kogi states recorded the lowest prices at N884.63, N950.60, and N986.67 per litre respectively.
The report also showed that the North West zone recorded the highest average price at N1,035.85, while the North East zone had the lowest at N1,017.65.
Meanwhile, market checks indicated that petrol prices have continued to drop due to falling crude oil prices. Data obtained yesterday showed crude oil at $63.55 per barrel, while Brent crude stood at $67.69 per barrel.
Current pump prices were reported at N865–N875 per litre in Lagos and N890–N910 per litre in Abuja.
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NNPC profit crashes 80%, fall to ₦185bn from ₦905bn

The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a massive decline in its profit after tax, which fell from ₦905 billion in June to ₦185 billion in July, marking a sharp 79.6% drop.

Details of the company’s monthly financial and operational report, released late Thursday, show that revenue in July stood at ₦4.41 trillion, lower than the ₦4.57 trillion recorded in June.

According to historical data, NNPC posted a profit of ₦926 billion in April and ₦1.05 trillion in May, before sliding to ₦905 billion in June. The July result represents the company’s weakest performance in recent months, despite a slight rise in production.

The report also highlighted statutory payments of ₦7.97 trillion between January and June 2025, underscoring the company’s continued contribution to government revenue.

On infrastructure, NNPC said the Ajaokuta-Kaduna-Kano (AKK) and Obiafu-Obrikom-Oben (OB3) gas pipeline projects are progressing, with completion levels at 96% and 83% respectively.

The 113-kilometre portion of the OB3 pipeline has already been commissioned and is transporting about 300 million standard cubic feet of gas per day (mmscf/d) from producers including AHL (250 mmscf/d), Platform, Chorus, and Xenergi (50 mmscf/d).

Upstream operations were reported to be stable, with pipeline availability maintained at 100%.

The company also disclosed that additional subcontractors have been mobilised to speed up the mainline works on the AKK project, while a revised strategy has been adopted to fast-track completion of the OB3 River Niger Crossing.

Despite the profit slump, NNPC said it remains focused on sustaining crude oil and condensate production, enhancing facility uptime, and strengthening collaboration with stakeholders to improve operational efficiency.

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BREAKING: NNPCL Reduces Fuel Price

On Thursday, the Nigerian National Petroleum Company Limited reduced the pump price of premium motor spirit.

Daily Post reports that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.

This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.

The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.

“It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.

This comes after it was reported that a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.

The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.

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Dangote Refinery Reportedly Increases Fuel Price

Dangote Refinery increased its ex-depot price of Premium Motor Spirit to N850 per litre from N820.

The National President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, disclosed in an interview on Friday.

This fresh increase represents a N30 hike in the ex-depot price of petrol.

“The new ex-depot price of petrol at the refinery is N850 per litre,”Maigandi said.

He also confirmed that the plant has resumed the sale of petrol products after its suspension last week.

The implication is that petroleum product marketers and retailers will have to pay more to get petrol products from the 650,000-barrel-per-day refinery.

Meanwhile, between last weekend and Monday this week, petroleum marketers, including the Nigerian National Petroleum Company Limited, had increased their pump price to N955 per litre in Abuja before decreasing to N900.

Other filling stations like Ranoil, AA Rano, and Empire Energy currently dispense petrol between N950 and N955 per litre in Abuja.

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