Fuel price rose to N1,288.54 per litre last month, according to NBS.

The average retail price of a litre of petrol rose from N1,051.47 in February to N1,288.54 in March, according to the National Bureau of Statistics (NBS).

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This increase is outlined in the NBS's Premium Motor Spirit (Petrol) Price Watch for March, which was released in Abuja on Tuesday.

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The March price of N1,288.54 represents a 22.55 per cent increase over the price of N1,051.47 recorded in February, indicating a significant surge in petrol prices.

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On a year-on-year basis, the average retail price of petrol increased from N1,261.65 in March 2025 to N1,288.54 in March 2026, marking a 2.13 per cent increase.

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Anambra paid the highest average retail price of N1,441.22 per litre, followed closely by Sokoto at N1,377.55 and Borno at N1,375.16, according to the state profiles analysis.

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In contrast, Lagos paid the lowest average retail price of N1,162.71, followed by Ogun at N1,169.78 and Kaduna State at N1,193.40.

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By zone, the North-East recorded the highest average retail price in March at N1,336.50, while the South-West recorded the lowest at N1,232.46.

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The NBS also reported that the average retail price of diesel increased by 16.05 per cent on a month-on-month basis, rising from N1,420.17 per litre in February to N1,648.08 per litre in March.

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This increase is detailed in the NBS's Diesel Price Watch Report for March, which further notes that the price increased by 3.05 per cent on a year-on-year basis from N1,599.30 per litre in March 2025 to N1,648.08 in March 2026.

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Ebonyi recorded 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, according to the state profiles analysis.

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Conversely, the lowest price was recorded in Kogi at N1,383.40 per litre, followed by Katsina State at N1,438.25 and Enugu at N1,480.06.

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Zonal analysis revealed that the South-East had the highest price at N1,730.14 per litre, while the North-Central Zone recorded the lowest price at N1,593.11 per litre.

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Experts attribute the increase in petrol and diesel prices on a month-on-month basis to geopolitical tensions in the Middle East, which have disrupted supply chains and driven up Brent crude oil prices.

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Mr Opeyemi Alabi, an economist, noted that the US-Iran war and the closure of the Strait of Hormuz have disrupted global energy supply, leading to rising fuel and diesel prices in Nigeria.

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Petrol is now selling for as much as N1,600 in some parts of the country, while diesel has exceeded N2,000 per litre, driving up transportation costs and straining individuals and businesses.

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According to Mr Alabi, if this trend persists, it will inevitably lead to higher inflation across Nigeria.