Nigeria’s fuel market has recorded another major spike as the average retail price of petrol climbed sharply to ₦1,288.54 per litre in March 2026, according to the latest data released by the National Bureau of Statistics (NBS).
The new figure represents a significant jump from ₦1,051.47 recorded in February, marking a 22.55 per cent increase within just one month.
The latest data was contained in the NBS Premium Motor Spirit (PMS) Price Watch report for March, released in Abuja, highlighting the continued volatility in Nigeria’s deregulated fuel market.
Beyond the month-on-month surge, the report also shows a year-on-year increase in petrol prices.
Compared to March 2025, when the average price stood at ₦1,261.65 per litre, the current figure reflects a 2.13 per cent rise, indicating a sustained upward trend despite fluctuations over the past year.
The rise in petrol prices has not been uniform across the country, with significant variations recorded across states.
According to the NBS, Anambra State recorded the highest average retail price at ₦1,441.22 per litre, followed by Sokoto at ₦1,377.55 and Borno at ₦1,375.16.
On the other hand, Lagos State recorded the lowest average price at ₦1,162.71 per litre, followed by Ogun at ₦1,169.78 and Kaduna at ₦1,193.40.
Zonal analysis further highlights regional disparities in fuel costs.
The North-East recorded the highest average petrol price at ₦1,336.50 per litre, while the South-West posted the lowest average at ₦1,232.46 per litre.
The surge in petrol prices is part of a broader trend affecting energy costs across the country.
The NBS report also showed that diesel prices rose significantly during the same period, increasing by 16.05 per cent from ₦1,420.17 per litre in February to ₦1,648.08 in March.
On a year-on-year basis, diesel prices also climbed by 3.05 per cent, reflecting continued pressure in Nigeria’s energy market.
Experts have attributed the recent spike in fuel prices to global geopolitical developments, particularly tensions in the Middle East that have disrupted supply chains and driven up crude oil prices globally.
According to economists, the ongoing crisis involving key oil-producing regions has affected the global energy supply, leading to increased costs that are now being felt in Nigeria’s domestic market.
The impact of these rising fuel prices is already being felt across multiple sectors of the Nigerian economy.
Transportation costs have surged, with commuters facing higher fares for both intra-city and inter-state travel.
For businesses, especially those reliant on logistics and supply chains, the increase in fuel prices translates into higher operating costs. These costs are often passed on to consumers, contributing to rising prices of goods and services.
This chain reaction is expected to further drive inflation, placing additional financial strain on households already grappling with economic challenges.
Reports indicate that petrol prices in some parts of the country have already exceeded ₦1,500 per litre, reflecting the disparity between official averages and actual market conditions in certain regions.
The situation highlights the broader implications of Nigeria’s fuel deregulation policy, which allows market forces to determine prices.
While the policy is intended to encourage competition and efficiency, it also exposes consumers to global price fluctuations.
Industry stakeholders argue that while deregulation is necessary for long-term sustainability, short-term shocks such as the current price surge require strategic interventions to cushion the impact on citizens.
Some experts have called for targeted subsidies or support mechanisms for vulnerable groups, particularly in transportation and small-scale businesses, to mitigate the immediate effects of rising fuel costs.
Others emphasize the need for increased domestic refining capacity, which could help stabilize prices by reducing reliance on imported petroleum products.
The development also underscores the importance of energy diversification, with calls for investment in alternative energy sources such as gas, solar, and electric mobility solutions.
For many Nigerians, however, the immediate concern remains affordability.
With petrol prices nearing record highs, the cost of living continues to rise, affecting daily activities and economic stability.
As the global energy landscape remains uncertain, analysts warn that fuel prices could continue to fluctuate in the coming months, depending on geopolitical developments and supply dynamics.
Ultimately, the latest NBS report serves as a stark reminder of the interconnected nature of global and local economies, where events far beyond Nigeria’s borders can have immediate and tangible impacts on everyday life.