Nigeria's Petrol Price Falls 15.6% Year-on-Year in February

According to the National Bureau of Statistics (NBS), Nigeria's average retail price of petrol dropped by 15.6% year-on-year in February 2026, standing at ₦1,051.47 compared to ₦1,245.80 in February 2025. Despite this annual decline, the price increased by 1.62% on a month-to-month basis from January 2026, where it was ₦1,034.76.

The report highlights ongoing fluctuations in fuel costs, which persist despite the broader annual decline. The data, derived from a nationwide survey covering 774 local government areas and involving 10,000 respondents across 700 fuel stations, reveals significant price disparities across the country.

Yobe recorded the highest average retail price at ₦1,134.73, followed by Sokoto at ₦1,116.81 and Akwa Ibom at ₦1,109.44. Conversely, Lagos had the lowest average price at ₦966.61, with Oyo and Kaduna recording prices of ₦973.45 and ₦1,000.07, respectively.

The report indicates that the northeast zone had the highest average price at ₦1,084.41, while the southwest had the lowest at ₦1,023.89.