By Abiodun Folarin
WorldStage– The average retail price paid by consumers for Premium Motor Spirit (PMS), popularly known as petrol, rose to N1,596.25 per litre in May 2026, representing a 55.31 per cent increase compared to N1,027.76 recorded in May 2025.
The latest PMS Price Watch report released on Wednesday by the National Bureau of Statistics (NBS) showed that, on a month-on-month basis, the average retail price increased by 4.13 per cent from N1,532.93 per litre in April 2026.
According to the report, Edo State recorded the highest average retail price for petrol at N1,722.91 per litre during the review period.
Bauchi and Benue states followed with average prices of N1,715.47 and N1,698.57 per litre, respectively.
In contrast, Adamawa, Katsina and Sokoto states recorded the lowest average retail prices at N1,469.83, N1,470.63 and N1,489.33 per litre, respectively.
Analysis by geopolitical zones showed that the South-South recorded the highest average retail price at N1,623.84 per litre, while the North-West posted the lowest average price of N1,564.11 per litre.
The NBS data highlights the continued upward movement in petrol prices across the country, despite noticeable variations among states and geopolitical zones. The trend reflects persistent cost pressures in the downstream petroleum sector and the evolving dynamics of Nigeria’s deregulated fuel market.
