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🇳🇬 Nigeria /Economy & Trade

Petrol rose to N1,288.54 per litre in March, says NBS

From The Punch · (5m ago) English Critical tone

Summarized and contextualized by DistantNews.

TLDR

  • The average retail price of petrol in Nigeria rose by 22.55% from N1,051.47 in February to N1,288.54 in March.
  • Year-on-year, the price increased by 2.13% compared to March 2025, with Anambra, Sokoto, and Borno states recording the highest prices.
  • The average retail price of diesel also increased month-on-month by 16.05% to N1,648.08 per litre in March, with Ebonyi, Akwa Ibom, and Osun states having the highest prices.

Nigeria's economic landscape is facing renewed pressure as fuel prices continue their upward trajectory, with the National Bureau of Statistics (NBS) reporting a significant jump in the average retail price of petrol.

The March price of N1,288.54 represented a 22.55 per cent increase over the price of N1,051.47 recorded in February.

— National Bureau of StatisticsReporting the month-on-month increase in petrol prices.

The NBS data reveals that petrol prices climbed by over 22% in March compared to February, reaching an average of N1,288.54 per litre. This increase, while substantial, is also viewed in the context of a 2.13% rise year-on-year, indicating a persistent inflationary trend in essential commodities. States like Anambra, Sokoto, and Borno are bearing the brunt, paying considerably more than the national average.

Conversely, Lagos paid the lowest average retail price of N1,162.71, followed by Ogun at N1,169.78 and Kaduna state at N1,193.40.

— National Bureau of StatisticsDetailing states with the lowest average petrol prices.

Compounding these concerns, the price of diesel has also seen a sharp increase, rising by over 16% month-on-month to N1,648.08 per litre. The South-East region, in particular, is experiencing the highest diesel costs, with Ebonyi state recording the most expensive prices. These hikes in fuel costs inevitably translate to increased transportation expenses for both goods and individuals, further squeezing household budgets.

The retail price increased from a lower cost of N1,420.17 per litre recorded in February to a higher cost of N1,648.08 per litre in March.

— National Bureau of StatisticsStating the month-on-month increase in diesel prices.

Economists attribute these escalating prices largely to geopolitical tensions in the Middle East, specifically citing the US-Iran conflict and its impact on global supply chains and crude oil prices. The disruption in energy supply, including the closure of the Strait of Hormuz, has created ripple effects felt acutely in Nigeria. While the government may maintain that these fuels are subsidized, the reality at the pump suggests otherwise for many Nigerians, who are now paying prices that significantly impact their daily lives and the broader economy. This situation underscores the vulnerability of Nigeria's economy to global energy market fluctuations.

On the other hand, the lowest price was recorded in Kogi at N1,383.40 per litre, followed by Katsina State at N1,438.25 and Enugu at N1,480.06.

— National Bureau of StatisticsListing states with the lowest average diesel prices.
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Originally published by The Punch. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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