The average retail price of Premium Motor Spirit (PMS), commonly known as petrol, rose to ₦1,596.25 per litre in May 2026, representing a 55.31 per cent increase compared to ₦1,027.76 recorded in the same period last year, according to the latest report by the National Bureau of Statistics.
The NBS, in its May 2026 PMS Price Watch report, also noted that petrol prices increased by 4.13 per cent month-on-month from ₦1,532.93 per litre recorded in April 2026.
Data from the report showed that petrol prices remained relatively stable for much of 2025, ranging between ₦970.59 and ₦1,061.35 per litre from September to November.
However, prices began to rise sharply in early 2026, climbing from ₦1,051.47 in February to ₦1,288.54 in March before reaching ₦1,596.25 in May.
At the state level, Edo State recorded the highest average petrol price at ₦1,722.91 per litre, followed by Bauchi State at ₦1,715.47 and Benue State at ₦1,698.57.
On the other hand, Adamawa State recorded the lowest average price at ₦1,469.83 per litre, while Katsina State and Sokoto State posted averages of ₦1,470.63 and ₦1,489.33 respectively.
Among the six geopolitical zones, the North-West recorded the lowest average petrol price at ₦1,564.11 per litre, while the South-South posted the highest average at ₦1,623.84.
Despite having the cheapest petrol prices, the North-West emerged as the region with the highest diesel costs. According to the NBS, diesel prices surged by 86.40 per cent year-on-year to ₦3,277.47 per litre nationally, more than double the average petrol price.
The North-West recorded the highest zonal diesel price at ₦3,313.60 per litre, placing additional pressure on businesses, farmers and households that depend heavily on diesel-powered equipment and transportation.
The statistics agency said the data was compiled from more than 10,000 respondents across selected outlets in all 774 local government areas of the country, covering the 36 states and the Federal Capital Territory.
(The Whistler)