Petrol Price Jumps 55% YoY to N1,596/Litre in May 2026, NBS Reports

The average retail price of Premium Motor Spirit (petrol) rose 55.31% year-on-year to N1,596.25 per litre in May 2026, up from N1,027.76 in May 2025, according to the National Bureau of Statistics. Month-on-month, the price increased N63.32 per litre (4.13%) from N1,532.93 in April. Prices varied widely across states: Edo recorded the highest at N1,722.91/litre, while Adamawa had the lowest at N1,469.83/litre. The South-South zone posted the highest zonal average (N1,623.84/litre) and the North-West the lowest (N1,564.11/litre). Analysts attribute the rise to global oil supply shocks, geopolitical tensions in the Middle East, higher depot prices, forex pressures, and distribution costs. The increase adds to household transport and energy costs, coinciding with headline inflation rising to 15.93% in May (food inflation eased to 16.96%, core inflation rose to 16.82%).

This sustained fuel price surge directly impacts daily commuting costs, logistics expenses, and the price of goods and services, squeezing household budgets and small‑business margins.

Will you adjust your travel habits, consider fuel‑efficient vehicles, car‑pool, or revise your monthly budget to absorb the higher fuel cost?

SOURCE: https://nairametrics.com/2026/06/24/nbs-petrol-price-rises-55-to-n1596-per-litre-in-may/