Petrol price hit N1,596.25 per litre in May, NBS

The average retail price for a litre of petrol in Nigeria surged to N1,596.25 in May 2026, marking a significant 55.31% increase from the N1,027.76 recorded in May 2025. This data comes from the National Bureau of Statistics (NBS) Premium Motor Spirit Price Watch report for May.

On a month-to-month basis, the price also saw an increase of 4.13% compared to April 2026. State-level analysis reveals considerable variation, with Edo State experiencing the highest average retail price at N1,722.91 per litre. Bauchi followed closely at N1,715.47, and Benue recorded N1,698.57. Conversely, Adamawa State had the lowest average price at N1,469.83, with Katsina at N1,470.63 and Sokoto at N1,489.33.

Geographically, the South-South region reported the highest average petrol price in May at N1,623.84 per litre. The North-West region, however, recorded the lowest average at N1,564.11. Experts suggest that the persistent increase in petrol prices is largely influenced by geopolitical tensions in the Middle East, particularly disruptions to global energy supplies and a subsequent rise in Brent crude oil prices.