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The average retail price of Premium Motor Spirit (petrol) paid by consumers in March 2026 was ₦1,288.54, representing a 22.55% increase from ₦1,051.47 recorded in February 2026, according to the National Bureau of Statistics (NBS).
According to the NBS, the March 2026 price was 2.13% higher than the March 2025 price (₦1,261.65). The NBS, in a report, revealed that Anambra State recorded the highest average retail price for petrol at ₦1,441.22, followed by Sokoto and Borno at ₦1,377.55 and ₦1,375.16, respectively.
Lagos, Ogun and Kaduna recorded the lowest average retail prices at ₦1,162.71, ₦1,169.78 and ₦1,193.40, respectively. A geographical zone analysis revealed that the North-East recorded the highest average retail price at ₦1,336.50, while the South-West had the lowest at ₦1,232.46.
The NBS also revealed that the average retail price of Automotive Gas Oil (diesel) paid by consumers increased by 3.05% year-on-year, from ₦1,599.30 per litre in March 2025 to ₦1,648.08 per litre in March 2026.
“On a month-on-month basis, an increase of 16.05% was recorded from ₦1,420.17 in February 2026 to an average of ₦1,648.08 in March 2026. Looking at the variations in state prices, the top three states with the highest average price of the product in March 2026 include Ebonyi State (₦2,262.29), Akwa Ibom State (₦1,895.72) and Osun State (₦1,872.15),” the report read in part.
“Furthermore, the top three lowest prices were recorded in the following states, namely Kogi State (₦1,383.40), Katsina State (₦1,438.25) and Enugu State (₦1,480.06). The zonal representation of the average price of Automotive Gas Oil (diesel) shows that the South-East recorded the highest price at ₦1,730.14, while the North-Central had the lowest at ₦1,593.11 compared to other zones.”
The average retail price for gas refills also rose in the period under review. The average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (cooking gas) increased by 12.60% on a month-on-month basis, from ₦6,799.18 recorded in February 2026 to ₦7,655.73 in March 2026.
On a year-on-year basis, the price rose by 4.55% from ₦7,322.49 in March 2025.
In the state profile analysis, Kaduna recorded the highest average price for refilling a 5kg cooking gas cylinder at ₦9,212.21, followed by Lagos (₦8,909.73) and Taraba (₦8,802.78). While Bauchi recorded the lowest price at ₦6,295.40, followed by Osun (₦6,457.35) and Ondo (₦6,598.10), respectively.
“In addition, analysis by zone showed that the North-West recorded the highest average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (cooking gas) at ₦8,137.81, followed by the North-East at ₦7,890.53, while the South-South recorded the lowest at ₦7,300.95.
“Also, the average retail price for refilling a 12.5kg cylinder of Liquefied Petroleum Gas (cooking gas) increased by 15.62% on a month-on-month basis, from ₦16,997.94 in February 2026 to ₦19,652.83 in March 2026. On a year-on-year basis, this increased by 6.48% from ₦18,456.24 in March 2025.”
The NBS, in its state profile analysis, revealed that Nasarawa recorded the highest average retail price for refilling a 12.5kg cooking gas cylinder at ₦23,418.12, followed by Kaduna (₦23,030.52) and Akwa Ibom (₦22,816.74). the lowest average price was recorded in Bauchi at ₦15,738.50, followed by Osun (₦16,143.38) and Ondo (₦16,495.25), respectively.
The prices of refined petroleum products have risen steeply since the conflict in the Middle East began on February 28, 2026. The ongoing escalation involving Iran, Israel, and the United States has raised fears of supply disruptions in key oil transit routes like the Strait of Hormuz, through which a large share of global crude oil passes
