Nigeria's Petrol Price Declines 15.6% Year-on-Year to ₦1,051.47 in February 2026
The average retail price of Premium Motor Spirit, commonly known as petrol, in Nigeria experienced a significant decrease of 15.6 percent year-on-year, dropping to ₦1,051.47 per litre in February 2026, as reported by the National Bureau of Statistics (NBS). This figure marks a notable reduction from the ₦1,245.80 recorded in February 2025, indicating a substantial easing of fuel costs over the twelve-month period.
Monthly Increase and Data Collection Methodology
Despite the annual decline, petrol prices saw a slight month-on-month increase of 1.62 percent, rising from ₦1,034.76 in January 2026 to the February figure. The NBS emphasized that this data was meticulously gathered from sample outlets across all 774 local government areas in Nigeria, encompassing the 36 states and the Federal Capital Territory. More than 10,000 respondents participated in the survey, with over 700 staff members involved in the comprehensive nationwide data collection exercise.
State-Level Price Disparities Highlight Regional Variations
State-level analysis revealed considerable disparities in petrol prices across the country. Yobe State recorded the highest average retail price at ₦1,134.73 per litre, followed closely by Sokoto State at ₦1,116.81 and Akwa Ibom State at ₦1,109.44. In contrast, Lagos State boasted the lowest average price at ₦966.61, with Oyo State at ₦973.45 and Kaduna State at ₦1,000.07. These figures underscore the regional differences in fuel distribution and access, influenced by factors such as transportation logistics and proximity to distribution centers.
Zonal Data and Market Observations
Zonal data further reflected this variation, with the North East region recording the highest average price at ₦1,084.41, while the South West had the lowest at ₦1,023.89. Analysts note that such differences are often linked to transportation costs, supply chain logistics, and the distance from major distribution hubs. The slight monthly increase in February suggests that price stability remains uncertain, despite the overall annual decline. Market observers highlight that petrol prices in Nigeria continue to be sensitive to supply conditions, exchange rate movements, and ongoing distribution challenges.
Impact on Living Costs and Economic Context
The NBS stated that the estimates were derived from household expenditure on fuel and the actual prices paid by consumers, with the process monitored by quality control officers using established guidelines to ensure accuracy. Petrol prices remain a key indicator of living costs in Nigeria, significantly affecting transportation, food prices, and general inflation. Changes in pump prices are closely watched by households and businesses due to their direct impact on daily expenses. The latest figures emerge amid ongoing adjustments in the downstream oil sector, with authorities seeking to stabilize supply and manage pricing structures. While the year-on-year drop may offer some relief to consumers, the month-on-month increase indicates that price pressures persist, highlighting the need for continued monitoring and policy interventions.
