By Seun Ibiyemi
The average retail price of Premium Motor Spirit (PMS), commonly known as petrol, declined by 15.60 per cent year-on-year to ₦1,051.47 in February 2026, according to the latest Price Watch report.
The report, released for February 2026, showed that the average price paid by consumers dropped from ₦1,245.80 recorded in February 2025.
However, on a month-on-month basis, petrol prices recorded a slight increase of 1.62 per cent compared to ₦1,034.76 in January 2026.
A breakdown of state-by-state data revealed significant price variations across the country. Yobe State 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 State posted the lowest average price at ₦966.61, with Oyo and Kaduna States also among the lowest at ₦973.45 and ₦1,000.07 respectively.
Zonal analysis indicated that the North East recorded the highest average petrol price at ₦1,084.41, while the South West had the lowest average at ₦1,023.89.
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The report highlighted ongoing regional disparities in fuel pricing, despite the overall annual decline, reflecting differences in supply chain costs, distribution efficiency, and market dynamics across states.
Data for the report was gathered from over 10,000 respondents across fuel outlets in all 774 local government areas, with participation from more than 700 field staff to ensure accuracy and nationwide coverage.
