The average retail price of Premium Motor Spirit (PMS), commonly known as petrol, rose by 55.31% year-on-year to N1,596.25 per litre in May 2026, up from N1,027.76 recorded in May 2025.
The figure was contained in the latest report released by the National Bureau of Statistics (NBS), which showed a significant upward pressure on fuel prices across the country.
The latest petrol price increase comes amid renewed strain on global commodity markets, driven by geopolitical tensions in the Middle East and disruptions to global energy supply chains.
On a month-on-month basis, the average price increased by N63.32, rising from N1,532.93 in April 2026 to N1,596.25 in May 2026.
This represents a 4.13% monthly increase in the average retail price of petrol, reflecting sustained pressure on household transport and energy costs nationwide.
The continued rise in fuel prices has further intensified concerns over inflationary pressures affecting transportation, logistics, and the cost of goods and services across Nigeria.
State-level data revealed significant variations in petrol prices across the federation, with Edo State recording the highest average retail price in May 2026 at N1,722.91 per litre.
Bauchi and Benue States followed closely, with average prices of N1,715.47 and N1,698.57 per litre respectively.
At the lower end of the scale, Adamawa State recorded the lowest average price at N1,469.83 per litre, followed by Katsina at N1,470.63 and Sokoto at N1,489.33 per litre.
Industry operators attributed the persistent volatility in petrol prices to a combination of higher depot charges, supply shortages, increased transportation costs, and foreign exchange pressures affecting importation and distribution.
Across the geopolitical zones, the South-South recorded the highest average petrol price in May 2026 at N1,623.84 per litre.
The North-West, by contrast, recorded the lowest zonal average at N1,564.11 per litre.
Petrol remains a key determinant of household expenditure in Nigeria due to its direct impact on transport fares, logistics costs, and the pricing of goods and services, making its sustained rise a significant concern for consumers and businesses alike.
