Nigeria's Petrol Prices Surge to N1,288.54 per Litre

According to the National Bureau of Statistics (NBS), the average retail price of petrol in Nigeria rose to N1,288.54 per litre in March 2026, reflecting a 22.55% increase from February's N1,051.47. Year-on-year, the price increased by 2.13% from N1,261.65 in March 2025.

Anambra state recorded the highest average retail price at N1,441.22 per litre, followed by Sokoto at N1,377.55 and Borno at N1,375.16. Conversely, Lagos had the lowest average price at N1,162.71, followed by Ogun at N1,169.78 and Kaduna at N1,193.40.

The North East region had the highest average petrol price at N1,336.50, while the South West had the lowest at N1,232.46. Diesel prices also saw a significant increase, averaging N1,420.17 per litre, a 16.05% rise from February.

Ebonyi recorded the highest diesel price at N2,262.29 per litre. Economist Mr. Opeyemi Alabi attributed these increases to geopolitical tensions in the Middle East affecting global oil supply chains, which could lead to higher inflation across Nigeria.