The National Bureau of Statistics (NBS) says the average retail price of Premium Motor Spirit (petrol) rose from N1,051.47 in February to N1,288.54 in March.
This is contained in the NBS Premium Motor Spirit (Petrol) Price Watch for March, released on Tuesday in Abuja.
The bureau said the March price represents a 22.55 per cent increase compared to February’s figure of N1,051.47.
On a year-on-year basis, the average retail price increased by 2.13 per cent from N1,261.65 recorded in March 2025 to N1,288.54 in March 2026.
State-by-state analysis showed that Anambra recorded the highest average petrol price at N1,441.22 per litre, followed by Sokoto at N1,377.55 and Borno at N1,375.16.
Conversely, Lagos recorded the lowest average price at N1,162.71, followed by Ogun at N1,169.78 and Kaduna at N1,193.40.
Zonal analysis indicated that the North-East recorded the highest average petrol price at N1,336.50, while the South-West had the lowest at N1,232.46.
In its Diesel Price Watch Report for March, the NBS said the average retail price of diesel rose by 16.05 per cent month-on-month, from N1,420.17 per litre in February to N1,648.08 in March.
On a year-on-year basis, diesel prices increased by 3.05 per cent from N1,599.30 per litre in March 2025 to N1,648.08 in March 2026.
The report showed that Ebonyi recorded the highest diesel price at N2,262.29 per litre, followed by Akwa Ibom at N1,895.72 and Osun at N1,872.15.
Kogi recorded the lowest diesel price at N1,383.40 per litre, followed by Katsina at N1,438.25 and Enugu at N1,480.06.
Zonal analysis showed that the South-East had the highest diesel price at N1,730.14 per litre, while the North-Central recorded the lowest at N1,593.11.
Meanwhile, energy experts have attributed the recent increase in petrol and diesel prices to geopolitical tensions in the Middle East.
An economist, Opeyemi Alabi, told the News Agency of Nigeria (NAN) that the ongoing tensions involving the U.S. and Iran had disrupted global supply chains and pushed up Brent crude oil prices.
According to him, the conflict and the closure of the Strait of Hormuz have affected global energy supply, with ripple effects already evident in Nigeria through rising fuel prices.
He noted that petrol now sells for as high as N1,600 in some parts of the country, while diesel has exceeded N2,000 per litre, increasing transportation costs and putting pressure on households and businesses.
Alabi warned that sustained increases could further drive inflation across the country.
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