By Seun Ibiyemi
The National Bureau of Statistics (NBS) says the average retail price of Premium Motor Spirit (PMS), popularly known as petrol, rose sharply from ₦1,051.47 per litre in February to ₦1,288.54 in March 2026.
The NBS disclosed this in its Petrol Price Watch for March released on Tuesday in Abuja.
According to the report, the March price represents a 22.55 per cent increase compared to the ₦1,051.47 recorded in February.
On a year-on-year basis, the average retail price of petrol also rose by 2.13 per cent from ₦1,261.65 recorded in March 2025 to ₦1,288.54 in March 2026.
A breakdown by states showed that Anambra recorded the highest average retail price of petrol at ₦1,441.22 per litre, followed by Sokoto at ₦1,377.55 and Borno at ₦1,375.16.
Conversely, Lagos recorded the lowest average retail price at ₦1,162.71 per litre, followed by Ogun at ₦1,169.78 and Kaduna at ₦1,193.40.
Zonal analysis showed that the North-East recorded the highest average retail price in March at ₦1,336.50 per litre, while the South-West had the lowest at ₦1,232.46.
Similarly, the NBS said the average retail price of diesel rose by 16.05 per cent month-on-month from ₦1,420.17 per litre in February to ₦1,648.08 in March.
The Diesel Price Watch Report also showed that on a year-on-year basis, diesel price increased by 3.05 per cent from ₦1,599.30 per litre recorded in March 2025.
State-by-state analysis showed that Ebonyi recorded the highest average diesel price at ₦2,262.29 per litre, followed by Akwa Ibom at ₦1,895.72 and Osun at ₦1,872.15.
On the other hand, Kogi recorded the lowest diesel price at ₦1,383.40 per litre, followed by Katsina at ₦1,438.25 and Enugu at ₦1,480.06.
The South-East recorded the highest zonal diesel price at ₦1,730.14 per litre, while the North-Central zone posted the lowest average price at ₦1,593.11 per litre.
Economic experts have attributed the sharp rise in petrol and diesel prices largely to escalating geopolitical tensions in the Middle East.
Mr Opeyemi Alabi, an economist, told newsmen that the ongoing U.S.-Iran conflict had disrupted global supply chains and significantly pushed up Brent crude oil prices.
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According to him, the war involving Iran and the disruption around the Strait of Hormuz have affected global energy supply, with Nigeria already experiencing the consequences through rising fuel costs.
“Petrol is now selling for as much as ₦1,600 in some parts of the country, while diesel has exceeded ₦2,000 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.
