The average retail price of Premium Motor Spirit, popularly known as petrol, increased by 55.31 per cent year-on-year to ₦1,596.25 per litre in May 2026, according to the latest report released by the National Bureau of Statistics.
The figure represents a sharp rise from the ₦1,027.76 per litre recorded in May 2025 and comes amid renewed pressure on global commodity markets caused by geopolitical tensions in the Middle East and disruptions to international energy supply chains.
Compared with April 2026, the average pump price rose by ₦63.32 per litre from ₦1,532.93, representing a 4.13 per cent month-on-month increase.
The continued increase has placed additional pressure on household transport and energy costs across the country.
State-by-state data showed significant variations in petrol prices. Edo recorded the highest average retail price at ₦1,722.91 per litre, followed by Bauchi at ₦1,715.47 and Benue at ₦1,698.57.
Adamawa posted the lowest average price at ₦1,469.83 per litre, while Katsina and Sokoto recorded ₦1,470.63 and ₦1,489.33 per litre respectively.
Industry operators attributed the persistent price fluctuations to higher depot prices, supply shortages, rising transportation costs and foreign exchange pressures affecting fuel importation and distribution.
Regional analysis showed that the South-South recorded the highest average petrol price among the six geopolitical zones at ₦1,623.84 per litre, while the North-West posted the lowest zonal average at ₦1,564.11 per litre.
The report noted that petrol prices remain a major contributor to household spending because of their direct impact on transport, logistics and the cost of goods and services.