The National Bureau of Statistics has said that the average retail price of a litre of petrol witnessed an increase from N1,051.47 in February to N1,288.54 in March.
The bureau said this in its Premium Motor Spirit (Petrol) Price Watch for March, released in Abuja on Tuesday.
It said that the March price of N1,288.54 represented a 22.55 per cent increase over the price of N1,051.47 recorded in February.
The report said that the average retail price of petrol also increased on a year-on-year basis from N1,261.65 recorded in March 2025 to N1,288.54 in March 2026, adding that it represented a 2.13 per cent.
On state profiles analysis, it said Anambra paid the highest average retail price of N1,441.22 per litre, followed by Sokoto at N1,377.55 and Borno at N1,375.16.
”Conversely, Lagos paid the lowest average retail price of N1,162.71, followed by Ogun at N1,169.78 and Kaduna state at N1,193.40,” it said.
Analysis by zone showed that the North-East recorded the highest average retail price in March at N1,336.50, while the South-West recorded the lowest at N1,232.46.
The NBS also said in its Diesel Price Watch Report for March that the average retail price paid by consumers increased by 16.05 per cent on a month-on-month basis.
It said that the retail price increased from a lower cost of N1,420.17 per litre recorded in February to a higher cost of N1,648.08 per litre in March.
”Also on a year-on-year basis, the price increased by 3.05 per cent from N1,599.30 per litre recorded in March 2025 to an average of N1,648.08 in March 2026.”
On state profiles analysis, it said that the highest average price of diesel in March was recorded in Ebonyi at N2,262.29 per litre, followed by Akwa Ibom at N1,895.72 and Osun at N1,872.15.
”On the other hand, the lowest price was recorded in Kogi at N1,383.40 per litre, followed by Katsina State at N1,438.25 and Enugu at N1,480.06.
”In addition, the analysis by zone showed that the South-East had the highest price at N1,730.14 per litre, while the North-Central Zone recorded the lowest price at N1,593.11 per litre.”
Experts say the increase in petrol and diesel prices on a month-on-month basis is largely driven by the geopolitical tensions in the Middle East.
Mr Opeyemi Alabi, an economist, told the News Agency of Nigeria (NAN) that the US-Iran war had disrupted supply chains and pushed Brent crude oil prices significantly higher.
According to him, the war in Iran and the closure of the Strait of Hormuz disrupted global energy supply, with clear ripple effects already visible in Nigeria through rising fuel and diesel prices witnessed in the past two months.
”Petrol is now selling for as much as N1,600 in some parts of the country, while diesel has exceeded N2,000 per litre. This surge is driving up transportation costs and placing significant strain on both individuals and businesses.
”If this trend persists, it will inevitably lead to higher inflation across Nigeria,” he said.
NAN
