Petrol Prices in Nigeria Rise 22.55% in March 2026 on Hormuz Closure

By Adedapo Adesanya

The National Bureau of Statistics (NBS) has said that the average retail price of a litre of Premium Motor Spirit (PMS), otherwise known as petrol, rose by 22.55 per cent or N237.07 per litre to N1,288.54 in March 2026 from N1,051.47 in February.

In the Premium Motor Spirit (Petrol) Price Watch for March released on Tuesday, the NBS said on a year-on-year basis, the average retail price of fuel also increased by 2.13 per cent from N1,261.65 recorded in March 2025.

This surge in fuel prices could be linked to global disruptions brought on by the US-Israel war on Iran, which triggered the closure of the Strait of Hormuz and sent prices of crude oil above $100 per barrel.

While the country was not heavily hit by the impact, it felt the ripple effect of crude prices increasing, particularly as Dangote Refinery imported crude from other markets to cover for local feedstock shortfalls.

The data noted that by state, Anambra recorded the highest average retail price of N1,441.22 per litre, followed by Sokoto at N1,377.55 and Borno at N1,375.16.

However, the price was cheapest in Lagos at N1,162.71, followed by Ogun at N1,169.78 and Kaduna state at N1,193.40.

By zone, it was most expensive in the North East at N1,336.50 last month, while the South-West recorded the lowest at N1,232.46.

A look at the Diesel Price Watch Report for March showed that the average retail price paid by users rose by 16.05 per cent on a month-on-month basis to N1,648.08 per litre from N1,420.17 per litre a month earlier.

“On state profiles analysis, the highest average price of diesel in March was recorded in Ebonyi at N2,262.29 per litre, followed by Akwa Ibom at N1,895.72 and Osun at N1,872.15.

“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,” parts of the report said.