Nigeria's average retail price of Premium Motor Spirit climbed to ₦1,596.25 per litre in May 2026, marking a 55.31 per cent increase compared with the ₦1,027.76 per litre recorded in the same month a year earlier, according to the National Bureau of Statistics.
The NBS disclosed the figures in its PMS Price Watch for May, released in Abuja on Wednesday. Month-on-month, the average pump price rose by ₦63.32 from the ₦1,532.93 recorded in April 2026, representing a 4.13 per cent increment.
Analysts have linked the continued upward pressure on domestic fuel costs to geopolitical instability in the Middle East, particularly the US-Iran conflict, which disrupted key global oil supply routes and drove up the landing cost of refined petroleum products. Nigeria's deregulated downstream market means international crude price movements translate directly into adjustments at the pump.
State-level data showed wide pricing disparities across the country. Edo State posted the highest average retail price at ₦1,722.91 per litre, with Bauchi and Benue recording ₦1,715.47 and ₦1,698.57 respectively. At the other end, Adamawa had the lowest state average at ₦1,469.83, followed by Katsina at ₦1,470.63 and Sokoto at ₦1,489.33.
Across Nigeria's geopolitical zones, the South-South recorded the highest average retail price at ₦1,623.84 per litre, while the North-West posted the lowest zonal average at ₦1,564.11.
The sustained rise in pump prices has added to the cost burden on households, particularly through elevated transport fares, food distribution costs, and generator fuel expenses, with ripple effects on the broader consumer price environment.