By Boluwatife Oshadiya | June 25, 2026
KEY POINTS
• Average petrol price rose to ₦1,596.25 per litre in May 2026, according to NBS
• Figure represents a 55.31% increase from May 2025 levels
• Edo, Bauchi and Benue recorded the highest average pump prices nationwide
MAIN STORY
The average retail price of Premium Motor Spirit (PMS), popularly known as petrol, climbed to ₦1,596.25 per litre in May 2026, representing a 55.31 per cent increase from ₦1,027.76 recorded in the corresponding period last year, according to new data from the National Bureau of Statistics.
The NBS, in its latest PMS Price Watch report, said the May figure also reflected a 4.13 per cent increase from the ₦1,532.93 average recorded in April 2026.
State-by-state analysis showed that 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, while Katsina and Sokoto followed at ₦1,470.63 and ₦1,489.33 respectively.
Across geopolitical zones, the South-South recorded the highest average petrol price at ₦1,623.84 per litre, while the North-West recorded the lowest average at ₦1,564.11.
The latest increase extends a trend of rising fuel costs seen in recent months. Industry analysts have linked the latest upward pressure to disruptions in global energy markets, including tensions in the Middle East and concerns over shipping routes such as the Strait of Hormuz, which have contributed to higher international crude oil prices.
THE ISSUES
The latest increase comes at a time when households and businesses are already grappling with elevated transportation, logistics and food costs. Higher petrol prices typically feed into broader inflationary pressures, increasing operating expenses for manufacturers, transport operators and service providers.
WHAT’S BEING SAID
“Comparing the average price with the previous month of April, the average retail price increased by 4.13 per cent from ₦1,532.93,” the National Bureau of Statistics stated in its May 2026 PMS Price Watch report.
Energy market analysts attributed the increase to geopolitical tensions in the Middle East and disruptions to global oil supply routes, which have supported higher crude oil prices and increased import-related costs.
WHAT’S NEXT
• Market participants will monitor global crude oil prices for signs of easing supply concerns
• The NBS is expected to release its June PMS Price Watch report next month
• Transport operators and manufacturers may review pricing structures if fuel costs remain elevated
BOTTOM LINE
The Bottom Line: Petrol prices remain one of the most important inflation drivers in Nigeria’s economy. Unless global oil prices retreat significantly or supply conditions improve, businesses and consumers may continue to face pressure from elevated energy and transportation costs.
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