KEY POINTS
- Petrol prices rose by 55.31% year-on-year, reaching an average of N1,596.25 per litre in May 2026, according to NBS.
- Edo, Bauchi, and Benue recorded the highest fuel prices, while Adamawa, Katsina, and Sokoto had the lowest.
- Rising depot costs, supply shortages, transportation expenses, and foreign exchange pressures continue to drive fuel price increases nationwide.
The average retail price of Premium Motor Spirit (PMS), popularly known as petrol, increased significantly in May 2026, rising by 55.31 per cent compared to the same period last year, according to the latest data released by the National Bureau of Statistics (NBS).
The report showed that Nigerians paid an average of N1,596.25 per litre for petrol in May 2026, compared to N1,027.76 per litre recorded in May 2025. The sharp increase highlights the growing burden of fuel costs on households and businesses across the country.
The latest figures come amid ongoing volatility in global energy markets, fueled by geopolitical tensions in the Middle East and disruptions affecting international energy supply chains.
Beyond the yearly increase, petrol prices also rose on a month-to-month basis. The NBS report revealed that the average retail price climbed by N63.32 per litre from N1,532.93 in April 2026 to N1,596.25 in May 2026.
This represents a 4.13 per cent increase within a single month, reflecting the persistent upward pressure on fuel costs across Nigeria.
The continuous rise in petrol prices has intensified concerns about increasing transportation expenses, higher logistics costs, and the broader impact on the prices of goods and services.
Edo, Bauchi, and Benue Record Highest Petrol Prices
A breakdown of state-by-state data showed considerable differences in petrol prices across the country.
Edo State recorded the highest average retail price in May 2026, with motorists paying N1,722.91 per litre.
Bauchi State followed closely with an average price of N1,715.47 per litre, while Benue State ranked third at N1,698.57 per litre.
The figures indicate that residents in these states faced some of the highest fuel costs nationwide during the month under review.
In contrast, some states recorded relatively lower petrol prices.
Adamawa State had the lowest average retail price at N1,469.83 per litre. Katsina followed with an average of N1,470.63 per litre, while Sokoto recorded N1,489.33 per litre.
Despite being among the least expensive locations for fuel purchases, petrol prices in these states remain significantly higher than levels recorded a year ago.
Analysis by geopolitical zones showed that the South-South region recorded the highest average petrol price in Nigeria during May 2026.
The region posted an average retail price of N1,623.84 per litre, making it the most expensive zone for fuel purchases.
Meanwhile, the North-West recorded the lowest zonal average price at N1,564.11 per litre.
The regional disparities reflect differences in supply chains, transportation costs, and distribution challenges across the country.
Industry stakeholders attributed the continued volatility in petrol prices to several factors, including rising depot prices, supply shortages, increased transportation expenses, and foreign exchange pressures.
The cost of importing and distributing petroleum products has remained high, while fluctuations in global crude oil and energy markets continue to affect domestic fuel pricing.
