Nigerians continued to grapple with rising energy costs in May 2026, as the prices of petrol, diesel and household kerosene remained significantly higher than they were a year earlier, according to the latest Price Watch report released by the National Bureau of Statistics (NBS).
The report showed that diesel recorded the steepest annual increase, while petrol also posted a sharp rise. Kerosene recorded the slowest yearly increase and was the only product to register a slight month-on-month decline.
The average retail price of Premium Motor Spirit (PMS), commonly known as petrol, rose to N1,596.25 per litre in May 2026 from N1,027.76 in May 2025, representing a 55.31 per cent year-on-year increase. On a monthly basis, petrol prices increased by 4.13 per cent from N1,532.93 recorded in April.
Household kerosene sold for an average of N2,971.94 per litre in May, up 36.62 per cent from N2,175.29 in the corresponding period of 2025. However, the product recorded a slight monthly decline of 0.17 per cent from N2,976.94 in April.
The average retail price of kerosene per gallon also fell by 10.8 per cent month-on-month to N11,949.39, down from N13,396.23 in April. Despite the decline, the price remained 40.88 per cent higher than the N8,482.22 recorded in May 2025.
Diesel experienced the sharpest increase among the three major fuels. The average retail price of Automotive Gas Oil (AGO) climbed to N3,277.47 per litre in May 2026 from N1,758.26 a year earlier, representing an 86.4 per cent annual increase. On a monthly basis, diesel prices surged 32.44 per cent from N2,474.69 in April.
The persistent rise in diesel prices continues to place pressure on manufacturers, transport operators and businesses that depend on diesel-powered generators for electricity, increasing operating costs across multiple sectors of the economy.
According to the NBS, all three petroleum products remained considerably more expensive than they were a year ago, reflecting sustained fuel inflation and continued pressure on household and business spending.
State-by-state data showed significant price variations across the country. Nasarawa recorded the highest average diesel price at N3,785.84 per litre, followed by Plateau (N3,576.40) and Ebonyi (N3,574.75). The lowest diesel prices were recorded in Kogi (N2,823.85), Benue (N2,961.33) and Kebbi (N3,016.14).
For petrol, Edo recorded the highest average retail price at N1,722.91 per litre, followed by Bauchi (N1,715.47) and Benue (N1,698.57). The lowest prices were recorded in Adamawa (N1,469.83), Katsina (N1,470.63) and Sokoto (N1,489.33).
Household kerosene was most expensive in Sokoto, where it sold for an average of N3,984.09 per litre. Jigawa followed at N3,824.68, while Taraba recorded N3,595.64. The lowest prices were recorded in Bayelsa (N2,018.79), Kogi (N2,348.81) and Ekiti (N2,511.31).
Regional analysis also revealed differences in fuel prices. The North-West recorded the highest average diesel price at N3,313.60 per litre, while the South-West had the lowest at N3,227.55.
For petrol, the South-South recorded the highest average price at N1,623.84 per litre, while the North-West posted the lowest zonal average at N1,564.11.
The North-West also emerged as the most expensive region for household kerosene, with an average price of N3,343.12 per litre, followed by the North-East at N3,004.30. The South-South recorded the lowest zonal average at N2,777.76 per litre.
