April 29, (THEWILL) — The National Bureau of Statistics (NBS) has reported a sharp increase in the average retail price of Premium Motor Spirit (PMS), popularly known as petrol, with consumers paying an average of ₦1,288.54 per litre in March 2026.
According to the NBS Petrol Price Watch released on Wednesday, the March figure represented a steep 22.55 per cent increase compared to the ₦1,051.47 average recorded in February 2026, highlighting renewed pressure on fuel prices nationwide.
The report further showed that the average petrol price increased by 2.13 per cent on a year-on-year basis from ₦1,261.65 recorded in March 2025.
The latest data points to growing volatility of the international economy as crises over the Strait of Hormuz continue to downplay diplomatic efforts to resolve the US- Israeli coalition against Iran.
On a state-by-state basis, Anambra emerged as the most expensive state to purchase petrol in March, recording an average retail price of ₦1,441.22 per litre.
Sokoto State followed with an average price of ₦1,377.55, while Borno State recorded ₦1,375.16 per litre.
The NBS report indicated that the high prices in these states may be linked to transportation costs, distance from coastal depots, insecurity in some supply corridors, and distribution bottlenecks affecting fuel movement.
Conversely, Lagos State recorded the lowest average petrol price nationwide at ₦1,162.71 per litre.
Ogun State followed with ₦1,169.78, while Kaduna State recorded ₦1,193.40 per litre, placing the states among the least expensive PMS markets in the country.
Industry analysts attributed the relatively lower prices in Lagos and Ogun to their proximity to petroleum depots, access to coastal infrastructure, and reduced logistics costs.
A zonal analysis released by the NBS showed that the North East recorded the highest average petrol price among the six geopolitical zones at ₦1,336.50 per litre.
The South East followed with ₦1,315.26, while the North West posted ₦1,302.30 per litre.
The South South recorded ₦1,293.59, North Central ₦1,258.34, while the South West had the lowest zonal average at ₦1,232.46 per litre.
An analysis of the 12-month trend released by the bureau showed that petrol prices experienced major fluctuations within the past year.
The average PMS price stood at ₦1,261.65 in March 2025 before declining steadily to ₦1,027.76 in May 2025 and further to ₦970.59 in September 2025.
However, prices began rising again from the last quarter of 2025, reaching ₦1,052.31 in October, ₦1,061.35 in November, and ₦1,048.63 in December.
In January 2026, the average price stood at ₦1,034.76 before climbing to ₦1,051.47 in February and surging sharply to ₦1,288.54 in March.
Economic experts warned that the latest increase in petrol prices could trigger fresh inflationary pressures, higher transportation fares, and rising operational costs for businesses and households.
The increase is also expected to affect food distribution costs and the prices of essential goods and services, especially in regions already facing high logistics expenses.
The NBS Petrol Price Watch is a monthly publication that tracks the average retail prices paid by consumers for petroleum products across Nigeria’s states and geopolitical zones.
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