The average retail price of petrol in Nigeria surged to N1,596.25 per litre in May 2026, marking a staggering 55.31 per cent increase compared with N1,027.76 recorded in the same month last year, according to the National Bureau of Statistics (NBS).
The NBS disclosed this in its Premium Motor Spirit (PMS) Price Watch report for May, released on Wednesday in Abuja. The figure also represents a 4.13 per cent month-on-month rise from N1,532.93 in April 2026.
A state-by-state breakdown showed that Edo recorded the highest average retail price at N1,722.91 per litre, followed by Bauchi (N1,715.47) and Benue (N1,698.57). Conversely, Adamawa recorded the lowest at N1,469.83, with Katsina and Sokoto trailing at N1,470.63 and N1,489.33, respectively.
By geopolitical zones, the South‑South posted the highest average price of N1,623.84, while the North‑West recorded the lowest at N1,564.11.
Industry experts attributed the sustained price hike to geopolitical tensions in the Middle East, particularly the closure of the Strait of Hormuz, which has disrupted global energy supplies and pushed Brent crude prices significantly higher.