The average retail price of Premium Motor Spirit, commonly known as petrol, rose by 55.31% year-on-year to N1,596.25 per litre in May 2026, from N1,027.76 recorded in May 2025.

According to the latest report from the National Bureau of Statistics, the figure was higher than the N1,027.76 per litre recorded in May 2025.

The latest petrol price data comes amid renewed pressure on global commodity markets, driven by geopolitical developments in the Middle East and disruptions to global energy supply chains.

Compared with April 2026, the average price increased by N63.32 per litre from N1,532.93.

The month-on-month increase represented a 4.13% rise in the average retail price of petrol.

The increase reflects continued pressure on household transport and energy costs across the country.

State-level data showed wide variations in average petrol prices, with Edo State recording the highest price during the month.

Edo State recorded the highest average retail petrol price at N1,722.91 per litre.

Bauchi and Benue followed with average prices of N1,715.47 and N1,698.57 per litre, respectively

Adamawa recorded the lowest average price at N1,469.83 per litre, followed by Katsina at N1,470.63 and Sokoto at N1,489.33.

Industry operators attributed the continued volatility in petrol prices to higher depot prices, supply shortages, rising transportation costs, and foreign exchange pressures affecting importation and distribution expenses.

The South-South recorded the highest average petrol price among Nigeria’s geopolitical zones in May 2026.

The South-South recorded an average retail price of N1,623.84 per litre.

The North-West recorded the lowest zonal average at N1,564.11 per litre.

Petrol prices remain a major driver of household spending because of their effect on transport, logistics, and the cost of goods and services. (Channels TV)