NBS says petrol increased to N1,288 per litre in March

Nigeria's economy is once again feeling the pinch as the National Bureau of Statistics (NBS) reports a significant surge in the price of petrol and diesel. The average retail price for a litre of petrol climbed by a staggering 22.55% between February and March 2026, reaching N1,288.54. This follows a year-on-year increase of 2.13% compared to March 2025, indicating a sustained upward trend.

The impact is felt most acutely in certain states, with Anambra recording the highest average petrol price at N1,441.22 per litre. Conversely, Lagos, Ogun, and Kaduna offered some relief, albeit still at elevated prices. The situation is mirrored in the diesel market, where prices saw a 16.05% month-on-month increase, reaching N1,648.08 per litre in March. Ebonyi state reported the highest diesel price at N2,262.29 per litre.

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Petrol is now selling for as much as N1,600 in some parts of the country, while diesel has exceeded N2,000 per litre. This surge is driving up transportation costs and placing significant strain on both individuals and businesses.

Economists point to external factors as the primary drivers of this inflationary pressure. Opeyemi Alabi, speaking to the News Agency of Nigeria (NAN), highlighted the role of geopolitical tensions in the Middle East, specifically the conflict between the US and Iran. This conflict has disrupted global supply chains and significantly boosted Brent crude oil prices, with clear ripple effects now manifesting in Nigeria.

The closure of the Strait of Hormuz, a critical energy chokepoint, further exacerbates the situation, impacting global energy supplies. The consequences for Nigerians are stark: petrol is reportedly selling for as much as N1,600 per litre in some areas, and diesel exceeding N2,000. This surge in fuel costs inevitably drives up transportation expenses, placing immense strain on both individuals and businesses. If this trend continues, it is poised to fuel higher inflation across the nation, posing a significant challenge to economic stability.

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The US-Iran war had disrupted supply chains, and pushed Brent crude oil prices higher significantly.