Petrol price stood at N1,596.25 per litre in May: NBS
The National Bureau of Statistics (NBS) says the average retail price of a litre of petrol witnessed an increase from N1,027.76 in May 2025 to N1,596.25 in May 2026.
The NBS made this known in its premium motor spirit (petrol) Price Watch for May released in Abuja on Wednesday.
It said that the May, 2026 price of N1,596.25 represented a 55.31 per cent increase over the price of N1,027.76 recorded in May, 2025.
“Comparing the average price value with the previous month of April, the average retail price increased by 4.13 per cent from N1,532.93.
“On state profiles analysis, Edo paid the highest average retail price of N1,722.91 per litre, followed by Bauchi at N1,715.47 and Benue at N1,698.57.
“Conversely, Adamawa paid the lowest average retail price of N1,469.83 followed by Katsina at N1,470.63 and Sokoto at N1,489.33,” it said.
Analysis by 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 price was largely driven by geo-political tensions in the Middle East.
They said that the closure of the Strait of Hormuz disrupted global energy supplies and pushed Brent crude oil prices significantly higher.
(NAN)
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