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The average retail price of Premium Motor Spirit, commonly known as petrol, rose by 55.31% year-on-year to N1,596.25 per litre in May 2026, from N1,027.76 recorded in May 2025.
According to the latest report from the National Bureau of Statistics, the figure was higher than the N1,027.76 per litre recorded in May 2025.
The latest petrol price data comes amid renewed pressure on global commodity markets, driven by geopolitical developments in the Middle East and disruptions to global energy supply chains.
Compared with April 2026, the average price increased by N63.32 per litre from N1,532.93.
The month-on-month increase represented a 4.13% rise in the average retail price of petrol.
