Petrol Price Hits N1,288 Per Litre in March — NBS

By Abah Margaret

The National Bureau of Statistics (NBS) says the average retail price of Premium Motor Spirit (petrol) rose from N1,051.47 in February to N1,288.54 in March.

The bureau disclosed this in its Premium Motor Spirit (Petrol) Price Watch for March released in Abuja on Tuesday.

According to the report, the March price represents a 22.55 per cent increase compared to the previous month.

On a year-on-year basis, petrol price also rose slightly from N1,261.65 recorded in March 2025 to N1,288.54 in March 2026, representing a 2.13 per cent increase.

State breakdown

The report showed that 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.

Lagos recorded the lowest price at N1,162.71, followed by Ogun at N1,169.78 and Kaduna at N1,193.40.

By geopolitical zone, the North-East recorded the highest average price at N1,336.50, while the South-West recorded the lowest at N1,232.46.

Diesel price also rises

The NBS also reported that the average retail price of Automotive Gas Oil (diesel) increased by 16.05 per cent month-on-month, rising from N1,420.17 in February to N1,648.08 in March.

On a year-on-year basis, diesel price rose by 3.05 per cent from N1,599.30 in March 2025 to N1,648.08 in March 2026.

Ebonyi State recorded the highest diesel price at N2,262.29 per litre, followed by Akwa Ibom at N1,895.72 and Osun at N1,872.15.

Kogi recorded the lowest price at N1,383.40, followed by Katsina at N1,438.25 and Enugu at N1,480.06.

By zone, the South-East recorded the highest diesel price at N1,730.14 per litre, while the North-Central recorded the lowest at N1,593.11.

Expert reacts

An economist, Opeyemi Alabi, attributed the rising fuel and diesel prices to global geopolitical tensions, particularly disruptions in oil supply chains.

He said the conflict in the Middle East and instability around the Strait of Hormuz had pushed Brent crude prices higher, with ripple effects already being felt in Nigeria.

Alabi noted that fuel price increases are driving up transportation costs and could worsen inflation if the trend continues.