By Oluwakemi Kindness
The National Bureau of Statistics (NBS) says Nigerians faced mounting energy costs in May as the average retail price of diesel surged by 86.4 per cent year-on-year to N3,277.47 per litre, the highest increase recorded among the country’s major petroleum products.
The NBS latest Price Watch report on Monday showed that diesel, also known as Automotive Gas Oil (AGO), rose from N1,758.26 per litre in May 2025 to N3,277.47 per litre in May 2026.
On a month-on-month basis, the product recorded an even sharper increase of 32.44 per cent from N2,474.69 per litre in April.
The steep rise underscores the growing burden on businesses, manufacturers and transport operators who rely heavily on diesel to power operations amid persistent energy challenges.
While diesel posted the sharpest increase, petrol and kerosene prices also remained significantly higher than a year ago, highlighting sustained fuel inflation across the economy.
The average retail price of Premium Motor Spirit (PMS), commonly known as petrol, climbed to N1,596.25 per litre in May, representing a 55.31 per cent increase from N1,027.76 recorded in the corresponding period of 2025.
Compared to April’s average price of N1,532.93 per litre, petrol rose by 4.13 per cent.
Household kerosene recorded the slowest annual increase among the three major fuels. The average retail price stood at N2,971.94 per litre in May, up 36.62 per cent from N2,175.29 per litre a year earlier. However, kerosene was the only fuel to record a monthly decline, easing slightly by 0.17 per cent from N2,976.94 per litre in April.
State-by-state data revealed significant variations in diesel prices across the country. Nasarawa recorded the highest average diesel price at N3,785.84 per litre, followed by Plateau at N3,576.40 and Ebonyi at N3,574.75. Kogi posted the lowest average price at N2,823.85 per litre.
The report highlights the continued pressure of rising fuel costs on households and businesses, with diesel’s sharp increase expected to further drive transportation, production and electricity expenses across the economy.
