Nigeria’s most widely consumed transport fuel, Premium Motor Spirit, also known as Petrol, maintained a strong upward trajectory, as the average retail price paid by consumers rose to N1,596.25 per litre in May from N1,027.76 in the corresponding period last year, representing an annual increase of 55.31 per cent.
However, every month, the increase was comparatively moderate at 4.13 per cent from the N1,532.93 recorded in April, according to the latest Price Watch reports released by the National Bureau of Statistics (NBS).
Household kerosene, which remains an important cooking fuel for many families despite the growing adoption of Liquefied Petroleum Gas (LPG), recorded the slowest annual increase among the three fuels. The average retail price stood at N2,971.94 per litre in May, up 36.62 per cent from N2,175.29 recorded a year earlier.
Although still too high for many families, unlike diesel and petrol, kerosene prices showed signs of easing monthly, with the average retail price per litre declining marginally by 0.17 per cent from N2,976.94 in April.
But the average retail price per gallon dropped by a much steeper 10.8 per cent to N11,949.39 from N13,396.23 recorded in the previous month. Nevertheless, on a year-on-year basis, the average price per gallon was still 40.88 per cent higher than the N8,482.22 recorded in May 2025.
