Fuel cost soared to N1,596.25 per litre last month, according to the National Bureau of Statistics.

The National Bureau of Statistics has reported a significant rise in the average retail price of petrol, from N1,027.76 per litre in May 2025 to N1,596.25 in May 2026, according to its Premium Motor Spirit Price Watch for May released in Abuja on Wednesday.

n

This price increase of N1,596.25 represents a 55.31 per cent surge compared to the N1,027.76 recorded in May 2025, highlighting a substantial jump in the cost of petrol over the past year.

n

In comparison to the previous month of April, the average retail price of petrol saw a 4.13 per cent increase from N1,532.93, indicating a steady upward trend in prices.

n

A state-by-state analysis revealed that Edo had the highest average retail price at N1,722.91 per litre, closely followed by Bauchi at N1,715.47 and Benue at N1,698.57, making them the top three states with the most expensive petrol.

n

On the other hand, Adamawa recorded the lowest average retail price of N1,469.83 per litre, with Katsina and Sokoto following closely at N1,470.63 and N1,489.33, respectively, making them the states with the most affordable petrol prices.

n

A geopolitical zone analysis showed that the South-South region had the highest average retail price in May at N1,623.84, while the North-West region had the lowest at N1,564.11, highlighting regional disparities in petrol prices.

n

Experts attribute the monthly increase in petrol prices to geopolitical tensions in the Middle East, which have disrupted global energy supplies and driven up Brent crude oil prices significantly.

n

The closure of the Strait of Hormuz, in particular, has been cited as a major factor contributing to the surge in petrol prices, as it has impacted the global supply of energy and led to higher costs for consumers.