According to Nairametrics, the average retail price of Premium Motor Spirit, or petrol, increased by 55.31% year-on-year, reaching N1,596.25 per litre in May 2026.

Filling stations in Nigeria, including MRS, AA Rano, and NIPCO, have decreased petrol prices following a reduction in the ex-depot price by Dangote Refinery to N1,075 per litre. This price cut has provided relief to consumers across the country.

Nigerian motorists could see cheaper petrol once the country's domestic refining industry becomes stronger, more competitive and financially sustainable, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Petrol currently sells at about N1,310 to N1,350 per litre in many parts of Nigeria, after prices rose from previous levels. The regulator's comments link future fuel affordability to the growth and viability of local refining capacity.

Despite a significant drop in crude oil prices to $73 per barrel, petrol prices in Nigeria continue to remain high, with consumers hoping for a reduction below N1,000 per litre.

The Nigerian National Petroleum Company Limited (NNPCL) has reduced its premium motor spirit pump price for the second time in less than two weeks, lowering it from N1,210 to N1,150 per litre. This adjustment was confirmed by a market survey conducted by DAILY POST.

Global oil prices have decreased to levels not seen since before the US-Iran war, leading to expectations for lower petrol prices, according to Daily Trust. Despite this drop, fuel prices in Nigeria continue to exceed N1,000, raising concerns about the slow transmission of global market changes to local consumers and businesses.