June 24 (THEWILL) — The average retail price of Premium Motor Spirit (PMS), popularly known as petrol, rose to ₦1,596.25 per litre in May 2026, highlighting the continued pressure of fuel costs on households and businesses despite signs of easing inflation.
According to the latest data released by the National Bureau of Statistics (NBS), the average pump price increased by 4.13 percent from ₦1,532.93 per litre recorded in April 2026. On a year-on-year basis, petrol prices surged by 55.31 percent compared with ₦1,027.76 per litre in May 2025.
The latest figures mean motorists are paying nearly ₦570 more per litre than they did a year ago, with the increase continuing to impact transportation, logistics and the cost of goods and services across the economy.
State-level data showed significant variations in fuel prices nationwide. Edo State 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.
In contrast, Adamawa posted the lowest average pump price at ₦1,469.83 per litre, while Katsina and Sokoto recorded ₦1,470.63 and ₦1,489.33 respectively.
Regional analysis revealed that the South-South had the highest average petrol price at ₦1,623.84 per litre, followed closely by the North-East at ₦1,622.76. The North-West recorded the lowest zonal average at ₦1,564.11 per litre.
The report also highlighted the scale of annual price increases in several states. Yobe recorded the highest year-on-year increase at 75.25 percent, followed by Gombe at 70.34 percent, Edo at 68.91 percent, Benue at 68.29 percent, and Taraba at 67.64 percent.
The continued rise in petrol prices underscores the lingering energy cost burden facing consumers and businesses. As fuel remains a major driver of transportation and distribution costs, elevated pump prices are expected to keep exerting pressure on household budgets and business operations in the months ahead.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
