Price of petrol rose by 55% in one year – NBS

The National Bureau of Statistics (NBS) has stated that the average retail price paid by consumers for Premium Motor Spirit (Petrol) in May 2026 was N1,596.25, representing a 55.31% increase from May 2025 (N1,027.76).

The NBS in its monthly report said comparing the average price value with that of the previous month (i.e., April 2026), the average retail price increased by 4.13% from N1,532.93.

In State profile analysis, it said Edo State had the highest average retail price for Premium Motor Spirit (Petrol), at N1,722.91. Bauchi and Benue States were next, with N1,715.47 and N1,698.57, respectively.

Conversely, Adamawa, Katsina and Sokoto States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N1,469.83, N1,470.63, and N1,489.33, respectively.

On the zonal profile, the South-South Zone had the highest average retail price of N1,623.84, while the North-West Zone had the lowest price of N1,564.11.

Daily Trust reports that the high price of the commodity was due to the US-Iran crisis which led to the closure of Strait of Hormuz, which disrupted global crude oil trade.

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