The average retail price of Premium Motor Spirit (PMS), commonly known as petrol, rose sharply to N1,596.25 per litre in May, according to the latest data released by the National Bureau of Statistics (NBS).
The report highlights the continued increase in fuel costs across Nigeria, reflecting ongoing market adjustments and broader economic pressures affecting the downstream petroleum sector. Compared to previous months, the latest figure underscores the persistent burden of rising energy costs on households, businesses, and transportation operators nationwide.
Industry analysts note that higher petrol prices have contributed to increased transportation fares and operating expenses for small and medium-sized enterprises. Consequently, many consumers have been forced to adjust their spending patterns as fuel costs continue to impact the overall cost of living.
Furthermore, the NBS data suggests that fuel price variations remain evident across different states, influenced by factors such as distribution logistics, supply chain challenges, and regional demand levels. Despite efforts to stabilize the market, petrol prices have remained volatile since the deregulation of the downstream sector.
As Nigerians grapple with rising fuel expenses, stakeholders continue to call for measures that could improve supply efficiency, enhance local refining capacity, and ease pressure on consumers. The latest NBS figures therefore provide another indication of the significant role petrol prices play in shaping economic activities across the country.
