Petrol Price Climbs Above N1,500 Nationwide

Nigeria’s average retail petrol price rose sharply to N1,532.93 per litre in April 2026, according to the latest Premium Motor Spirit Price Watch report released by the National Bureau of Statistics.

The report showed that inflationary pressure within the downstream petroleum sector intensified during the month as fuel prices recorded strong increases on both monthly and yearly bases.

The latest increase reflects sustained market pressure within Nigeria’s deregulated petroleum industry and continued challenges linked to foreign exchange volatility, supply costs and distribution expenses.

According to the NBS report, the average retail price of Premium Motor Spirit increased by 18.97 per cent month-on-month in April 2026.

Year-on-year data showed that petrol prices rose by 23.69 per cent compared with the N1,239.33 average recorded in April 2025.

The nationwide average price also increased significantly from N1,288.54 per litre recorded in March 2026 to N1,532.93 in April.

The development further intensified pressure on transportation costs, logistics operations and production expenses across multiple sectors of the economy.

Data released by the statistics agency revealed significant price disparities across states and geopolitical zones.

Yobe recorded the highest average retail price at N1,599.05 per litre during the month under review.

Edo followed closely with an average price of N1,595.74 per litre, while Bauchi recorded N1,589.07 per litre.

In contrast, Niger State posted the lowest average retail price at N1,403.89 per litre.

Sokoto and Katsina also ranked among states with relatively lower average fuel prices, recording N1,404.16 and N1,406.28 per litre respectively.

Regional analysis showed that the South-South geopolitical zone recorded the highest average retail price nationwide at N1,566.76 per litre.

The North-West recorded the lowest zonal average at N1,508.81 per litre during the same period.

The NBS report attributed the broad variation in fuel prices across states and regions to differences in supply chain efficiency, transportation costs, infrastructure conditions and proximity to supply depots.

Analysts stated that pricing patterns continue to reflect the wider effects of deregulation reforms introduced within Nigeria’s downstream petroleum market.

Market-driven pricing mechanisms, foreign exchange pressures and rising operational costs have continued to shape petrol pricing across the country since subsidy removal and deregulation measures took effect.

The wide pricing gap between states also reflects persistent infrastructure limitations, uneven distribution networks and varying levels of competition among fuel marketers nationwide.

Industry stakeholders noted that rising fuel prices continue to affect household purchasing power and increase operating costs for businesses heavily dependent on transportation and energy consumption.

Transport operators and manufacturers have repeatedly expressed concerns over the impact of sustained increases in petrol prices on operating expenses and overall economic activity.

Analysts also noted that higher fuel prices are expected to sustain inflationary pressure across several sectors of the economy, particularly transportation, food supply chains and manufacturing.

The latest NBS figures come amid ongoing adjustments within Nigeria’s energy market as operators continue to adapt to deregulated pricing structures and fluctuating exchange rates.

Economic observers stated that the continued rise in fuel prices may further pressure consumer spending and business profitability if supply costs remain elevated over the coming months.

Market participants also noted that fuel distribution costs, depot pricing variations and logistics challenges remain major contributors to regional price differences across the country.

The increase in average petrol prices has also intensified concerns over rising living costs as households and businesses adjust to higher transportation and energy expenses.

Analysts added that the downstream petroleum sector remains highly sensitive to exchange rate movements and international supply conditions, which continue to influence domestic fuel pricing trends.

The NBS report underscores the continuing volatility within Nigeria’s energy market and the broader economic impact of deregulation reforms on consumers and businesses nationwide.

Industry operators are expected to continue monitoring supply dynamics, foreign exchange conditions and distribution costs as key determinants of fuel prices in the months ahead.