Petrol Up 55%, Diesel Soars 86%, Kerosene Climbs 37% In One Year — NBS

Nigerians continued to grapple with high energy costs in May 2026, as the prices of the country's major petroleum products remained significantly above their levels a year earlier, with diesel recording the sharpest increase, according to the latest Price Watch report released by the National Bureau of Statistics.

The report showed that the average retail price of Premium Motor Spirit (PMS), popularly known as petrol, rose to ₦1,596.25 per litre in May, compared with ₦1,027.76 recorded in the corresponding period of 2025, representing a 55.31 per cent year-on-year increase.

On a monthly basis, petrol prices also increased by 4.13 per cent from the ₦1,532.93 per litre recorded in April.

Diesel, officially known as Automotive Gas Oil (AGO), recorded the steepest rise among the three major petroleum products tracked by the bureau.

The average retail price climbed from ₦1,758.26 per litre in May 2025 to ₦3,277.47 per litre in May 2026, reflecting an 86.4 per cent increase over the one-year period.

The product also recorded the largest month-on-month increase, rising by 32.44 per cent from ₦2,474.69 per litre in April.

The NBS noted that the sharp increase in diesel prices carries significant implications for businesses, manufacturers and commercial transport operators, many of whom rely on diesel-powered generators because of inadequate electricity supply.

Household kerosene also remained considerably more expensive than it was a year ago, although it was the only major fuel to record a slight monthly decline.

According to the report, the average retail price of household kerosene stood at ₦2,971.94 per litre in May, compared with ₦2,175.29 in the same month last year, representing a 36.62 per cent annual increase.

However, the average price declined marginally by 0.17 per cent from ₦2,976.94 per litre recorded in April.

Similarly, the average retail price of household kerosene per gallon fell by 10.8 per cent month-on-month to ₦11,949.39, down from ₦13,396.23 in April.

Despite the monthly decline, the average price per gallon remained 40.88 per cent higher than the ₦8,482.22 recorded in May 2025.

State-by-state variation

The report also highlighted significant variations in fuel prices across states.

For diesel, Nasarawa State recorded the highest average retail price at ₦3,785.84 per litre, followed by Plateau at ₦3,576.40 and Ebonyi at ₦3,574.75.

The lowest average diesel prices were recorded in Kogi (₦2,823.85), Benue (₦2,961.33) and Kebbi (₦3,016.14).

For petrol, Edo State posted the highest average retail price at ₦1,722.91 per litre, followed by Bauchi (₦1,715.47) and Benue (₦1,698.57).

The lowest average petrol prices were recorded in Adamawa (₦1,469.83), Katsina (₦1,470.63) and Sokoto (₦1,489.33).

Household kerosene was most expensive in Sokoto State, where consumers paid an average of ₦3,984.09 per litre, followed by Jigawa (₦3,824.68) and Taraba (₦3,595.64).

The lowest kerosene prices were recorded in Bayelsa (₦2,018.79), Kogi (₦2,348.81) and Ekiti (₦2,511.31).

Regional outlook

Across the six geopolitical zones, the North-West recorded the highest average diesel price at ₦3,313.60 per litre, while the South-West posted the lowest zonal average at ₦3,227.55.

For petrol, the South-South recorded the highest average retail price at ₦1,623.84 per litre, while the North-West had the lowest at ₦1,564.11.

The North-West also emerged as the most expensive zone for household kerosene, with an average price of ₦3,343.12 per litre, ahead of the North-East at ₦3,004.30, while the South-South recorded the lowest zonal average at ₦2,777.76 per litre.

The latest figures underscore the continued pressure of fuel inflation on households and businesses, despite varying month-on-month price movements across the three major petroleum products.