The average retail price of Premium Motor Spirit (PMS), popularly known as petrol, increased by 55.31 per cent year-on-year to N1,596.25 per litre in May 2026, according to the latest data released by the National Bureau of Statistics (NBS).
The figure represents a significant increase from the average price of N1,027.76 per litre recorded in May 2025, underscoring the continued rise in energy costs across the country.
The NBS report showed that petrol prices increased on both yearly and monthly bases during the review period.
On a year-on-year basis, the average retail price rose by N568.49 per litre from N1,027.76 in May 2025 to N1,596.25 in May 2026.
Similarly, on a month-on-month basis, petrol prices increased by N63.32 per litre from N1,532.93 recorded in April 2026.
This represents a 4.13 per cent increase between April and May, reflecting sustained pressure on transportation and household energy expenses.
Industry stakeholders attributed the persistent rise in petrol prices to higher depot costs, supply constraints, increased transportation expenses and foreign exchange pressures affecting fuel importation and distribution.
The latest increase comes amid renewed volatility in global commodity markets driven by geopolitical tensions in the Middle East and disruptions across international energy supply chains.
In its April outlook, the World Bank warned that global oil markets could face significant supply challenges in 2026, with crude oil output expected to decline during the second quarter.
The projection was linked to concerns surrounding the Strait of Hormuz, a critical global energy corridor responsible for a substantial share of worldwide oil and gas shipments and vulnerable to geopolitical instability.
Recent industry data also showed that crude oil production by the Organisation of Petroleum Exporting Countries declined by 27.5 per cent to 20.79 million barrels per day in March 2026, one of the sharpest output reductions recorded in decades.
The combination of lower production levels, supply-chain disruptions and geopolitical uncertainty has continued to push energy prices higher globally, with corresponding effects on domestic fuel costs.
At the state level, petrol prices varied considerably across the country.
Edo State recorded the highest average retail price in May at N1,722.91 per litre.
Bauchi and Benue states followed with average prices of N1,715.47 and N1,698.57 per litre, respectively.
On the other hand, Adamawa State recorded the lowest average petrol price at N1,469.83 per litre.
Katsina and Sokoto states followed with average prices of N1,470.63 and N1,489.33 per litre, respectively.
The variations reflect differences in supply availability, transportation costs and local market conditions across various parts of the country.
Analysis by geopolitical zones showed that the South-South region recorded the highest average petrol price in May.
The zone posted an average retail price of N1,623.84 per litre, while the North-West recorded the lowest zonal average at N1,564.11 per litre.
Petrol remains a major component of household spending due to its direct impact on transportation, logistics and the prices of goods and services nationwide.
The latest fuel price increase comes as inflationary pressures persist across the economy.
According to the NBS, Nigeria’s headline inflation rate rose slightly to 15.93 per cent in May 2026 from 15.69 per cent in April.
Food inflation moderated to 16.96 per cent year-on-year, compared to 24.55 per cent recorded in May 2025.
On a monthly basis, food inflation slowed to 2.98 per cent from 3.63 per cent in April.
Core inflation, which excludes farm produce and energy prices, stood at 16.82 per cent year-on-year, while the monthly rate increased to 1.94 per cent from 1.03 per cent in April.
The latest NBS figures indicate that rising fuel costs remain a significant contributor to inflationary pressures, increasing operating expenses for businesses and reducing purchasing power for households across the country.
