Tuesday, April 28, 2026 - The National Bureau of Statistics has said that the average retail price of a litre of petrol witnessed an increase from N1,051.47 in February to N1,288.54 in March.
The bureau said this in its Premium Motor Spirit (Petrol)
Price Watch for March, released in Abuja on Tuesday.
It said that the March price of N1,288.54 represented a
22.55 per cent increase over the price of N1,051.47 recorded in February.
The report said that the average retail price of petrol also
increased on a year-on-year basis from N1,261.65 recorded in March 2025 to
N1,288.54 in March 2026, adding that it represented a 2.13 per cent.
On state profiles analysis, it said Anambra paid the highest
average retail price of N1,441.22 per litre, followed by Sokoto at N1,377.55
and Borno at N1,375.16.
”Conversely, Lagos paid the lowest average retail price of
N1,162.71, followed by Ogun at N1,169.78 and Kaduna state at N1,193.40,” it
said.
Analysis by zone showed that the North-East recorded the
highest average retail price in March at N1,336.50, while the South-West
recorded the lowest at N1,232.46.
The NBS also said in its Diesel Price Watch Report for March
that the average retail price paid by consumers increased by 16.05 per cent on
a month-on-month basis.
It said that the retail price increased from a lower cost of
N1,420.17 per litre recorded in February to a higher cost of N1,648.08 per
litre in March.
”Also on a year-on-year basis, the price increased by 3.05
per cent from N1,599.30 per litre recorded in March 2025 to an average of
N1,648.08 in March 2026.”
On state profiles analysis, it said that the highest average
price of diesel in March was recorded in Ebonyi at N2,262.29 per litre,
followed by Akwa Ibom at N1,895.72 and Osun at N1,872.15.
”On the other hand, the lowest price was recorded in Kogi at
N1,383.40 per litre, followed by Katsina State at N1,438.25 and Enugu at
N1,480.06.
”In addition, the analysis by zone showed that the
South-East had the highest price at N1,730.14 per litre, while the
North-Central Zone recorded the lowest price at N1,593.11 per litre.”
Experts say the increase in petrol and diesel prices on a
month-on-month basis is largely driven by the geopolitical tensions in the
Middle East.
Mr Opeyemi Alabi, an economist, told the News Agency of
Nigeria (NAN) that the US-Iran war had disrupted supply chains and pushed Brent
crude oil prices significantly higher.
According to him, the war in Iran and the closure of the
Strait of Hormuz disrupted global energy supply, with clear ripple effects
already visible in Nigeria through rising fuel and diesel prices witnessed in
the past two months.
”Petrol is now selling for as much as N1,600 in some parts
of the country, while diesel has exceeded N2,000 per litre. This surge is
driving up transportation costs and placing significant strain on both
individuals and businesses.
”If this trend persists, it will inevitably lead to higher
inflation across Nigeria,” he said.
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