Nigeria's Petrol Prices Surge 55% in One Year

According to the National Bureau of Statistics (NBS), the average retail price of petrol in Nigeria rose by 55.31% from ₦1,027.76 in May 2025 to ₦1,596.25 in May 2026. The monthly report indicated a 4.13% increase from the previous month of April 2026, where the average price was ₦1,532.93.

Edo State had the highest average retail price for petrol at ₦1,722.91, followed by Bauchi State at ₦1,715.47 and Benue State at ₦1,698.57. In contrast, Adamawa, Katsina, and Sokoto States reported the lowest average prices at ₦1,469.83, ₦1,470.63, and ₦1,489.33, respectively.

The report also highlighted that the South-South zone had the highest average price at ₦1,623.84, while the North-West zone had the lowest at ₦1,564.11. The increase in petrol prices is attributed to the ongoing crisis involving the U.S. and Iran, which has led to the closure of the Strait of Hormuz and disrupted global crude oil trade.