Nigerian Diesel Prices Experience Significant Yearly Decline in February 2026
The National Bureau of Statistics (NBS) has released comprehensive data showing a notable decrease in diesel prices across Nigeria during February 2026. According to the latest Price Watch report published on March 25, 2026, the average retail price paid by consumers for Automotive Gas Oil (commonly known as diesel) stood at N1,420.17 per litre.
This figure represents a substantial 5.39% reduction compared to the N1,501.05 per litre recorded during the same month in February 2025. The data provides crucial insights into Nigeria's evolving fuel market dynamics and consumer expenditure patterns.
Monthly Price Movement Shows Contrasting Trend
While the yearly comparison shows a positive decline, the month-on-month analysis reveals a different picture. The average retail price actually increased by 4.30% from N1,361.57 in January 2026 to the February figure of N1,420.17. This contrasting movement highlights the complex factors influencing fuel pricing in the Nigerian market.
State-by-State Analysis Reveals Price Disparities
The NBS report provides detailed breakdowns of diesel prices across Nigerian states, revealing significant regional variations in fuel costs:
Highest Diesel Prices by State:
- Lagos recorded the highest average retail price at N1,625.11 per litre
- Borno followed closely with N1,616.25 per litre
- Akwa Ibom ranked third at N1,587.19 per litre
Lowest Diesel Prices by State:
- Ogun recorded the most affordable diesel at N1,183.31 per litre
- Kogi followed with N1,220.00 per litre
- Anambra ranked third cheapest at N1,256.76 per litre
Top 10 States with Highest Diesel Prices
- Lagos: N1,625.11
- Borno: N1,616.25
- Akwa Ibom: N1,587.19
- Plateau: N1,563.54
- Sokoto: N1,554.64
- Taraba: N1,525.50
- Bauchi: N1,524.87
- Ondo: N1,496.97
- Adamawa: N1,492.92
- Gombe: N1,483.52
Top 10 States with Lowest Diesel Prices
- Ogun: N1,183.31
- Kogi: N1,220.00
- Anambra: N1,256.76
- Kaduna: N1,280.00
- Kwara: N1,310.58
- Katsina: N1,309.99
- Zamfara: N1,322.62
- Yobe: N1,335.85
- Bayelsa: N1,336.85
- Ekiti: N1,364.58
Zonal Analysis Shows Regional Price Patterns
The NBS data also breaks down diesel prices by geographical zones, revealing distinct regional patterns:
- North East Zone: Recorded the highest average diesel price at N1,496.49 per litre
- North Central Zone: Posted the lowest average price at N1,382.17 per litre
- South West Zone: Averaged N1,434.50 per litre
- South South Zone: Averaged N1,433.09 per litre
- North West Zone: Averaged N1,395.42 per litre
- South East Zone: Averaged N1,383.77 per litre
Recent Market Developments and Industry Context
The NBS report comes amid significant developments in Nigeria's diesel market. Earlier in March 2026, the Dangote Petroleum Refinery increased its ex-depot diesel price from N1,430 to N1,500 per litre on March 14, 2026. This adjustment prompted marketers and depot operators across the country to revise their prices upward.
Market data indicates that by March 16, 2026, several private depops had adjusted their diesel prices to approximately N1,700 per litre, with some locations selling slightly lower at around N1,650 per litre depending on supply conditions and geographical factors. For instance, at the Warri depot hub, AYM Shafa was reported to be selling diesel at N1,700 per litre.
The NBS Price Watch report for February 2026 provides valuable data for businesses, policymakers, and consumers navigating Nigeria's complex fuel market. The detailed state and zonal breakdowns offer insights into regional economic dynamics and transportation cost variations across the country.
