ABUJA, Nigeria (VOICE OF NAIJA)-The National Bureau of Statistics has reported that the average retail price of a litre of petrol rose from N1,027.76 in May 2025 to N1,596.25 in May 2026.
The bureau disclosed this in its Premium Motor Spirit Price Watch for May, released in Abuja on Wednesday.
According to the NBS, the May 2026 price of N1,596.25 represented a 55.31 per cent increase compared to the N1,027.76 recorded in the corresponding period of 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.
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“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.
The report further showed that, by geopolitical zones, the South-South recorded the highest average retail price in May at N1,623.84 per litre, while the North-West posted the lowest average price at N1,564.11 per litre.
Experts attributed the month-on-month increase in petrol prices to escalating geopolitical tensions in the Middle East.
They noted that the closure of the Strait of Hormuz disrupted global energy supply chains, resulting in a sharp rise in Brent crude oil prices.
(NAN)