#petrol

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.

Depot prices for Premium Motor Spirit (PMS), or petrol, have decreased across various terminals in Lagos, with Rain Oil leading the reduction by cutting prices by N18 per litre. Additionally, diesel prices have also seen a significant drop, falling by up to N70 per litre. This adjustment in prices comes as petroleum marketers respond to changing supply dynamics in Nigeria's downstream oil market, according to Vanguard Business.