Fuel costs climbed significantly across Nigeria in March, according to data released by the National Bureau of Statistics (NBS), reflecting continued pressure on household and business expenses.
The bureau’s Premium Motor Spirit (Petrol) Price Watch showed that the average price of petrol increased from ₦1,051.47 per litre in February to ₦1,288.54 in March. This represents a 22.55 per cent month-on-month jump.
On a yearly comparison, petrol prices also rose slightly, moving from ₦1,261.65 in March 2025 to ₦1,288.54 in March 2026, a 2.13 per cent increase.
Across states, Anambra recorded the highest average pump price at ₦1,441.22 per litre, followed by Sokoto at ₦1,377.55 and Borno at ₦1,375.16. Lagos recorded the lowest at ₦1,162.71, with Ogun and Kaduna also among the cheapest states.
The NBS noted that the South-West recorded the lowest regional average at ₦1,232.46, while the North-East posted the highest at ₦1,336.50.
Diesel prices also followed an upward trajectory. The report showed an increase from ₦1,420.17 per litre in February to ₦1,648.08 in March, a 16.05 per cent rise within one month.
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Year-on-year, diesel rose from ₦1,599.30 in March 2025 to ₦1,648.08 in March 2026, reflecting a 3.05 per cent increase.
Ebonyi topped the list of highest diesel prices at ₦2,262.29 per litre, followed by Akwa Ibom and Osun. Kogi recorded the lowest price, with Katsina and Enugu also among the more affordable states.
Regionally, the South-East had the highest diesel average at ₦1,730.14 per litre, while the North-Central recorded the lowest at ₦1,593.11.
Explaining the price increases, economist Opeyemi Alabi linked the trend to global energy market disruptions, particularly tensions affecting crude oil supply routes.
He noted that instability involving the US-Iran situation and disruptions around the Strait of Hormuz have pushed global oil prices higher, with knock-on effects on domestic fuel costs.
He warned that rising petrol and diesel prices are already increasing transport and production costs, with potential to further drive inflation if the trend continues.