June 24 (THEWILL) — The average retail price of Premium Motor Spirit (petrol) rose by 55.31 percent year-on-year to N1,596.25 per litre in May 2026, according to the National Bureau of Statistics (NBS) latest report.
The figure was higher than N1,027.76 per litre recorded in May 2025. It also showed an increase of N568.49 year-on-year.
Compared with April 2026, the average price rose by N63.32 from N1,532.93, representing a 4.13 percent month-on-month increase.
Prices remained uneven across states and geopolitical zones, reflecting varied supply and distribution conditions.
The NBS said Edo State recorded the highest average price at N1,722.91 per litre, followed by Bauchi at N1,715.47 and Benue at N1,698.57.
Adamawa posted the lowest price at N1,469.83, followed by Katsina and Sokoto. The South-South zone recorded the highest zonal average at N1,623.84, while the North-West had the lowest at N1,564.11.
Industry operators linked the price rise to higher depot costs, supply shortages, transportation expenses, and foreign exchange pressures. Global oil market volatility and geopolitical tensions also added pressure.
The World Bank had earlier projected potential supply shocks in 2026, citing risks around key shipping routes such as the Strait of Hormuz, which handles a large share of global energy flows.
OPEC production reportedly fell sharply in March 2026, further tightening global supply and sustaining upward pressure on fuel prices.
Overall, the NBS data underscores persistent increases in petrol prices, which continue to raise household transport and business costs nationwide.
Consumers and businesses continue to feel the impact through higher logistics expenses and rising costs of goods and services.
Analysts say sustained pressure in global crude oil markets and local distribution inefficiencies could keep fuel prices elevated in the near term.
They also warn that exchange rate instability may further worsen import costs and price transmission across markets, driving inflationary pressures across the economy in the 2026 period.
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.
