Nigeria: petrol price rises to N1,288.54 per litre in March, says NBS
via Punch Nigeria2 min read
The National Bureau of Statistics NBS reported that the average retail price of petrol in Nigeria increased by 22.55 percent from N1,051.47 in February to N1,288.54 in March. On a year-on-year basis, the price rose by 2.13 percent from N1,261.65 in March 2025 to N1,288.54 in March 2026. Anambra state recorded the highest average retail price at N1,441.22 per litre, while Lagos had the lowest at N1,162.71. The North-East zone experienced the highest average price at N1,336.50, and the South-West recorded the lowest at N1,232.46. Similarly, the average retail price of diesel increased by 16.05 percent month-on-month, from N1,420.17 per litre in February to N1,648.08 in March. Year-on-year, diesel prices rose by 3.05 percent from N1,599.30 in March 2025 to N1,648.08 in March 2026. Ebonyi state registered the highest average diesel price at N2,262.29 per litre, while Kogi had the lowest at N1,383.40. The South-East zone had the highest diesel price at N1,730.14, and the North-Central zone recorded the lowest at N1,593.11. Economist Mr. Opeyemi Alabi attributed these increases to geopolitical tensions in the Middle East, specifically mentioning the US-Iran war and the closure of the Strait of Hormuz, which have disrupted global energy supply chains and driven up Brent crude oil prices. He noted that these rising fuel costs are increasing transportation expenses and putting pressure on individuals and businesses, potentially leading to higher inflation across Nigeria.
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This summary was AI-generated from a story originally published by Punch Nigeria.
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