Petrol price hit N1,596.25 per litre in May — NBS

The National Bureau of Statistics says the average retail price of a litre of petrol increased from N1,027.76 in May 2025 to N1,596.25 in May 2026.

The NBS disclosed this in its Premium Motor Spirit Price Watch for May, released in Abuja on Wednesday.

It said the May 2026 price of N1,596.25 represented a 55.31 per cent increase over the N1,027.76 recorded in May 2025.

“Comparing the average price with the previous month of April, the average retail price increased by 4.13 per cent from N1,532.93.

“On state profile analysis, Edo recorded the highest average retail price at N1,722.91 per litre, followed by Bauchi at N1,715.47 and Benue at N1,698.57.

“Conversely, Adamawa recorded the lowest average retail price at N1,469.83, followed by Katsina at N1,470.63 and Sokoto at N1,489.33,” it said.

Analysis by geopolitical zone showed that the South-South recorded the highest average retail price in May at N1,623.84, while the North-West recorded the lowest at N1,564.11.

Experts have said the month-on-month increase in petrol prices was largely driven by geopolitical tensions in the Middle East.

They said the closure of the Strait of Hormuz disrupted global energy supplies and pushed Brent crude oil prices significantly higher. (NAN)

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