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Petrol Price Climbs 55.31% To N1,596/Litre In May 2026

The NBS reports that petrol price increased by 55.31% to N1,596.25 per litre in May 2026, with Edo recording the highest average price nationwide....

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Jun 25, 2026

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Petrol Price Climbs 55.31% To N1,596/Litre In May 2026

AI Insight:The sharp increase in petrol price spells economic hardship for Nigerians, particularly those on low incomes.

The National Bureau of Statistics (NBS) has reported a significant surge in the price of petrol in May 2026, with the average price increasing by 55.31% to N1,596.25 per litre. According to the NBS, Edo recorded the highest average price nationwide, at N1,662.50 per litre. This development is likely to exacerbate the economic challenges facing many Nigerians, who are already grappling with high inflation and a decline in purchasing power. The increase in petrol price is a result of various factors, including the volatility of global oil prices and the impact of the naira's depreciation on the cost of imports. As a result, the price of petrol is expected to remain high in the coming months, with far-reaching consequences for the economy and the well-being of ordinary Nigerians.