Abuja: The National Bureau of Statistics (NBS) has reported a significant rise in the average retail price of petrol, which increased from N1,288.54 in March to N1,532.93 per litre in April. This marks an 18.97 percent rise compared to the previous month.
According to News Agency of Nigeria, the NBS released its Premium Motor Spirit (Petrol) Price Watch for April, highlighting a year-on-year increase from N1,239.33 in April 2025 to N1,532.93 in April 2026, translating to a 23.69 percent growth. The report further detailed variations in state-level pricing, with Yobe recording the highest average petrol price at N1,599.05 per litre, followed by Edo and Bauchi. Conversely, Niger, Sokoto, and Katsina reported the lowest prices.
An analysis by region revealed the South-South as having the highest average retail petrol price in April at N1,566.76, while the North-West recorded the lowest at N1,508.81. In addition, the NBS’s Diesel Price Watch Report for April 2026 noted a 50.16 percent month-on-month increase in diesel prices, escalating from N1,648.06 in March to N2,474.69 in April. Year-on-year, diesel prices rose by 43.67 percent from N1,722.45 in April 2025 to N2,474.69 in April 2026.
Further state analysis indicated that Nasarawa had the highest average diesel price at N2,818.94 per litre, followed by Ebonyi and Taraba. The lowest prices were observed in Kebbi, Kogi, and Katsina. Regional analysis showed the North-East recorded the highest diesel prices at N2,603 per litre, while the North-West had the lowest at N2,409.34 per litre.
Experts attribute the increase in petrol and diesel prices to geopolitical tensions in the Middle East. The closure of the Strait of Hormuz has disrupted global energy supplies, resulting in a spike in Brent crude oil prices, which has, in turn, affected local fuel prices.