Fuel Prices Surge in Nigeria: March 2026 Report

In March 2026, the National Bureau of Statistics (NBS) reported a significant surge in fuel prices across Nigeria, with average petrol prices climbing to ₦1,288.54 per liter, marking a 22.55% increase month-on-month and a 2.13% rise year-on-year from ₦1,261.65 in March 2025. Diesel prices also saw an upward trend, reaching ₦1,648.08 per liter, a 16.05% monthly increase.

Anambra recorded the highest average petrol price at ₦1,441.22 per liter, while Lagos had the lowest at ₦1,162.71. Diesel prices varied significantly by state, with Ebonyi having the highest at ₦2,262.29 per liter.

The report highlighted regional variations in fuel prices, influenced by logistics costs and supply chain dynamics. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) noted that these fluctuations are a direct result of market dynamics and the deregulated pricing regime, raising concerns about increased transport fares and the potential impact on inflation.