Nigerians Face Rising Energy Costs As Diesel And Petrol Prices Surge Sharply NBS Report

Nigerians Face Rising Energy Costs as Diesel and Petrol Prices Surge Sharply NBS Report Nigerians are grappling with steep energy costs following a new report from the National Bureau of Statistics NBS, which shows a significant year-on-year increase in fuel prices across the country. The report reveals that diesel prices have surged by 86.4% over the past year, reaching an average of ₦3,277.47 per litre in May 2026, placing additional pressure on households, transport operators, and businesses already contending with high operating costs. According to the data, petrol prices rose by 55.31% year-on-year, averaging ₦1,596.25 per litre nationwide. The sharp increase reflects continued volatility in Nigeria’s downstream petroleum sector and the impact of broader economic pressures on fuel pricing. In contrast, household kerosene recorded a slight month-on-month decline of 0.17%, bringing the average price to ₦2,971.94 per litre. However, the marginal drop offers limited relief to households that rely on kerosene for cooking and lighting. The NBS report also highlights significant regional variations in fuel prices, with Nasarawa State and Edo State recording some of the highest average costs across the country. Analysts say these disparities reflect differences in transportation costs, supply chains, and local market conditions, which continue to influence retail fuel pricing nationwide. The sustained rise in fuel prices is expected to further impact inflation, transportation fares, and production costs, adding to the financial strain on households and businesses. Economists warn that energy price volatility remains a key challenge for Nigeria’s economic stability, particularly given its knock-on effects on food prices and general living costs.