New NBS figures reveal sharp rise in fuel costs, with Edo residents paying the highest pump prices nationwide……
The cost of petrol continued its upward climb in May 2026, with Nigerians paying significantly more at filling stations than they did a year ago, according to new data released by the National Bureau of Statistics (NBS).
The latest figures show that the average retail price of Premium Motor Spirit (PMS), popularly known as petrol, rose to N1,596.25 per litre in May 2026, representing a 55.31 percent increase compared to the N1,027.76 recorded during the same period in 2025.
The increase highlights the growing financial burden on households and businesses already grappling with rising transportation and living costs.
On a month-to-month basis, petrol prices also recorded another jump. The average price climbed by N63.32 per litre from N1,532.93 in April 2026, translating to a 4.13 percent increase within a single month.
Analysts say the latest rise reflects a combination of domestic and international pressures, including disruptions in global energy markets, foreign exchange challenges, higher distribution costs, and supply-related concerns within the downstream petroleum sector.
Recent geopolitical tensions in the Middle East have also contributed to uncertainty in global crude oil markets, placing additional pressure on fuel pricing across several countries, including Nigeria.
A breakdown of the NBS report revealed significant differences in petrol prices across states.
Edo State recorded the highest average retail price in May at N1,722.91 per litre. Bauchi followed closely with N1,715.47, while Benue residents paid an average of N1,698.57 per litre.
At the other end of the spectrum, Adamawa recorded the lowest average price at N1,469.83 per litre. Katsina and Sokoto followed with average prices of N1,470.63 and N1,489.33 respectively.
The report also showed variations across Nigeria’s geopolitical zones. The South-South emerged as the region with the highest average petrol price, recording N1,623.84 per litre during the month.
Meanwhile, the North-West posted the lowest regional average at N1,564.11 per litre.
Industry stakeholders attribute the persistent fluctuations in petrol prices to increasing depot costs, transportation expenses, foreign exchange volatility, and ongoing supply chain challenges affecting the movement of petroleum products nationwide.
With fuel remaining a critical component of transportation, logistics, and commercial activities, the continued rise in pump prices is expected to have a ripple effect on the cost of goods and services across the country.
For millions of Nigerians, the latest figures underscore the reality that fuel costs remain one of the biggest drivers of everyday expenses, influencing everything from transportation fares to food prices and business operations.
