Nigeria petrol price jumps 55% as fuel costs surge in Africa and Asia

Nigeria’s average retail price for Premium Motor Spirit rose to ₦1,596.25 per litre in May 2026, a 55.31 % increase from May 2025 and 4.13 % higher than April. Edo recorded the highest state price at ₦1,722.91 per litre, while Adamawa posted the lowest at ₦1,469.83. Diesel surged 86.4 % year‑on‑year to N3,277.47 per litre, and household kerosene remained elevated at N2,971.94 per litre.

In India, fuel prices held steady on 24‑25 June 2026, with petrol ranging from ₹98 to ₹115 per litre across major cities and diesel from ₹86 to ₹103 per litre, reflecting elevated crude prices linked to West Asia tensions.

A McKinsey report warned that rising jet‑fuel crack spreads could push global airfares up 20‑25 % in 2026, as refinery constraints and geopolitical disruptions tighten supply.

Nigeria also exported N105 billion worth of petrol to Togo in the first quarter of 2026, alongside significant volumes of gas oil and kerosene, sparking debate over regional fuel trade dynamics.