According to the National Bureau of Statistics, the average retail price of a liter of gasoline increased from N1,051.47 in February to N1,288.54 in March.
This was stated in the bureau’s March Premium Motor Spirit (Petrol) Price Watch, which was made public in Abuja on Tuesday.
According to the report, the price of N1,288.54 in March was 22.55 percent higher than the price of N1,051.47 in February.
According to the research, the average retail price of gasoline rose by 2.13 percent from N1,261.65 in March 2025 to N1,288.54 in March 2026.
Anambra state paid the highest average retail price of N1,441.22 per liter, followed by Sokoto state at N1,377.55 and Borno state at N1,375.16, according to the state profiles report.
Lagos state, on the other hand, paid the lowest average retail price of N1,162.71, followed by Ogun state at N1,169.78 and Kaduna state at N1,193.40, according to the report.
According to zone-specific analysis, the South-West had the lowest average retail price in March at N1,232.46, while the North-East had the highest at N1,336.50.
Additionally, according to the NBS’s March Diesel Price Watch Report, consumers’ average monthly retail prices rose by 16.05%.
According to the report, the retail price went up from N1,420.17 per litre in February to N1,648.08 per litre in March.
“The price also went up by 3.05 percent year over year, from N1,599.30 per litre in March 2025 to an average of N1,648.08 in March 2026.”
According to an examination of state profiles, Ebonyi state had the highest average price of diesel in March at N2,262.29 per litre, followed by Akwa Ibom at N1,895.72 and Osun at N1,872.15.
Conversely, Kogi state scored the lowest price per litre at N1,383.40, followed by Katsina State at N1,438.25 and Enugu state at N1,480.06.
Additionally, the study by zone revealed that the North-Central Zone had the lowest price at N1,593.11 per litre, while the South-East had the highest price at N1,730.14 per litre.
Experts claim that the geopolitical unrest in the Middle East is a major factor in the monthly rise in gasoline and diesel prices.
Economist Mr. Opeyemi Alabi told the News Agency of Nigeria (NAN) that supply chains had been interrupted and Brent crude oil prices had increased dramatically as a result of the US-Iran confrontation.
He claims that the closure of the Strait of Hormuz and the conflict in Iran affected the world’s energy supply, with Nigeria already feeling the impacts in the form of rising fuel and diesel prices over the last two months.
Diesel now costs more than N2,000 per litre, while gasoline can fetch up to N1,600 in some regions of the nation. Transportation expenses are rising as a result of this spike, which is severely taxing both people and companies.
“If this trend continues, it will unavoidably result in higher inflation throughout Nigeria,” he stated.
