Petrol price rises to N1,596.25 per litre, says NBS
The National Bureau of Statistics has reported a significant increase in the average retail price of petrol. The price jumped from N1,027.76 in May 2025 to N1,596.25 in May 2026. This marks a 55.31 per cent rise over the one-year period. Experts attribute the steady price increase to geopolitical tensions affecting global energy supplies.
TLDR
- NBS stated that the average petrol price rose from N1,027.76 in May 2025 to N1,596.25 in May 2026.
- The price increase from April to May 2026 was 4.13 per cent, moving from N1,532.93 to N1,596.25.
- Edo had the highest average retail price at N1,722.91, while Adamawa had the lowest at N1,469.83.
- The South-South region recorded the highest average price in May 2026 at N1,623.84; the North-West had the lowest at N1,564.11.
- Experts link the price hike to Middle East geopolitical tensions and the closure of the Strait of Hormuz, which disrupted global energy supplies.
