National Bureau of Statistics (NBS) has disclosed in its Price Watch report for March 2026, that the average retail price of premium motor spirit (PMS) also known as petrol rose to N1,288.54, representing a 2.13 per cent year-on-year increase from N1, 261.65 recorded in March 2025.

According to the NBS, on a month-on-month basis, the increase was more pronounced, with the average retail price rising by 22.55 per cent from N1,051.47 in February 2026.

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The NBS further reported significant disparities across states, as Anambra recorded the highest average retail price at N1,441.22, followed by Sokoto at N1,377.55 and Borno at N1,375.16. In contrast, Lagos (N1,162.71), Ogun (N1, 169.78), and Kaduna (N1,193.40) reported the lowest average retail prices.

“At the zonal level, the Northeast recorded the highest average retail price at N1,336.50, while the Southwest had the lowest at (N1, 232, 46).

“Although the upward trend in prices is partly attributable to global geopolitical tensions, including the United States-Israeli/Iran conflict, the magnitude of the increase reveals Nigeria’s persistent vulnerability to external oil market shocks despite its status as a crude oil producer,” the report read.

Strengthening economic resilience will require ensuring that domestic refineries operate at full capacity, establishing a strategic petroleum reserve, and scaling up investment in the oil sector through infrastructure improvements and decisive action against theft and vandalism.

In addition, targeted social protection measures are necessary to cushion the impact on vulnerable households and safeguard overall welfare.