- NBS: Petrol Prices Hit N1,051 in February, Drops 15% Year-on-Year
The average retail price of Premium Motor Spirit (Petrol) in Nigeria rose slightly to N1,051.47 per litre in February 2026, according to the latest data from the National Bureau of Statistics (NBS).
The figures, released in the Bureau’s Premium Motor Spirit Price Watch on Friday, indicate a 1.62% increase from the N1,034.76 recorded in January. However, despite the monthly rise, petrol prices saw a significant 15.60% decreasecompared to the N1,245.80 average recorded in February 2025.
State-by-State Breakdown: Highs and Lows
The report highlighted a sharp disparity in fuel costs across the federation:
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Highest Prices: Residents in Yobe paid the most at N1,134.73 per litre, followed by Sokoto (N1,116.81) and Akwa Ibom (N1,109.44).
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Lowest Prices: Lagos recorded the cheapest petrol at N966.61 per litre, followed by Oyo (N973.45) and Kaduna(N1,000.07).
Regional Analysis: The North-East emerged as the most expensive zone for petrol at N1,084.41, while the South-Westrecorded the lowest average at N1,023.89.
Diesel Prices Surge 4% in One Month
While petrol saw a marginal increase, the cost of Diesel (Automotive Gas Oil) experienced a sharper climb. The average retail price paid by consumers rose by 4.30% month-on-month, jumping from N1,361.57 in January to N1,420.17 in February.
Diesel Market Trends:
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Year-on-Year: Despite the monthly spike, diesel prices are down 5.39% from the N1,501.05 recorded in February 2025.
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Top Prices by State: Lagos recorded the highest diesel price at N1,625.11, followed by Borno (N1,616.25).
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Lowest Prices by State: Ogun (N1,183.31) and Kogi (N1,220.00) offered the most affordable diesel rates.
The North-East again held the highest regional average for diesel at N1,496.49, while the North-Central zone was the lowest at N1,382.17.
