According to data from the Nigerian Bureau of Statistics (NBS), the average retail price of Diesel paid by consumers increased by 25.24% YoY from N1403.96 per litre to N1758.26 in May 2025. This significant rise reflects the impact on diesel prices May 2025 and suggests ongoing fluctuations in the market.
On a month-on-month basis, there was an increase of 2.08% from N1722.45 in April 2025 to an average of N1758.26 in May 2025. Benue State (N2441.46), Adamawa State (N2350.32.32), and Plateau State (N2201.52) recorded the highest diesel prices in May, while Ondo State (N1318.40.00), Kogi State (N1360.00), and Anambra State (N1361.02) accounted for the lowest.
Zonally, the North Central Zone had the highest price of N1920.47 while the South West Zone had the lowest price of N1553.19 per litre. North-West residents paid N1,769.28, North-East N1,767.21, South-East N1,632.33, while the South-South region spent N1,857.19.
Global and Domestic Factors Driving Surge in Diesel Prices
The average price of diesel in Nigeria has been rising due to a combination of international and domestic factors. An increase in global crude oil prices has directly affected the cost of refined petroleum products like diesel owing to Nigeria’s still heavy reliance on imports owing to the inability of local refineries to meet nationwide demands for Diesel. The reintroduction of the 7.5% Value Added Tax (VAT) on diesel, has further added to the cost burden upon Nigerians.