The average retail price of Premium Motor Spirit (PMS) across Nigeria increased to N1,288.54 per litre in March 2026, according to the latest Price Watch report released by the National Bureau of Statistics (NBS).
This represents a 2.13% year-on-year increase from N1,261.65 recorded in March 2025. On a month-on-month basis, the price jumped sharply by 22.55% from N1,051.47 in February 2026, reflecting significant volatility in the downstream oil sector.
Highest and Lowest Prices by State
There were notable regional differences in petrol prices during the month:
Highest prices: Anambra State led at N1,441.22 per litre, followed by Sokoto (N1,377.55) and Borno (N1,375.16). Other high-price states included Cross River, Yobe, and Katsina.
Lowest prices: Lagos recorded the cheapest average at **N1,162.71 per litre**, followed by Ogun (N1,169.78) and Kaduna (N1,193.40).
Zonal breakdown showed the North-East region with the highest average price at N1,336.50 per litre, while the South-West had the lowest at N1,232.46 per litre.
Recent Pump Price Adjustments
Since the March NBS data was collected, pump prices have continued to trend upward. As of late April 2026, the Nigerian National Petroleum Company Limited (NNPCL) raised prices at its retail outlets:
– Lagos: Increased to N1,320 per litre from N1,245.
– Abuja: Rose to N1,364 per litre from N1,295.
These adjustments followed a **N75 increase** in the Dangote Refinery’s ex-depot price to **N1,275 per litre** (from N1,200), driven by rising global crude oil prices, which have hovered above $110–$115 per barrel in recent weeks.
Market Context
The price movements reflect the direct impact of global oil price volatility, naira exchange rate fluctuations, and higher supply costs being passed on to consumers. Despite Dangote Refinery’s increased local production capacity, which has helped reduce import dependency, pump prices remain sensitive to international crude benchmarks and logistics expenses.
Many Nigerians continue to face higher transportation and living costs as a result. Industry stakeholders expect further pressure on prices in the coming months unless global oil prices moderate or additional domestic supply stabilises the market.
The NBS report for March offers a snapshot before the latest round of increases took full effect, underscoring the persistent challenge of fuel affordability for households and businesses across the country.
