The National Bureau of Statistics (NBS) has released new data showing that Nigerians paid less for petrol on a year-on-year basis in February 2026, even as prices edged slightly higher compared to January. The average retail price of Premium Motor Spirit (PMS) stood at ₦1,051.47 per litre, representing a 15.60 percent decline from ₦1,245.80 recorded in February 2025. However, on a month-on-month basis, prices rose by 1.62 percent from ₦1,034.76 in January 2026.
The NBS disclosed that the data was compiled through its February 2026 Price Watch report, based on surveys conducted across the 774 local government areas, covering over 10,000 respondents nationwide. The report reflects how petrol prices continue to vary significantly across states and regions despite Nigeria’s deregulated downstream market.
At the state level, Yobe recorded the highest average petrol price at ₦1,134.73 per litre, followed by Sokoto at ₦1,116.81 and Akwa Ibom at ₦1,109.44. Other high-priced states include Borno, Gombe, Adamawa, Ebonyi, and Abia, highlighting persistent cost pressures, particularly in northern and some eastern parts of the country.
Conversely, Lagos recorded the lowest average price at ₦966.61 per litre, with Oyo (₦973.45) and Kaduna (₦1,000.07) also ranking among the cheapest. Kogi, Bauchi, Enugu, Katsina, Ekiti, Imo, and Delta followed closely, indicating relatively better pricing conditions in these locations during the period under review.
Zonal analysis further showed that the North East recorded the highest average price at ₦1,084.41, while the South West had the lowest at ₦1,023.89. Other zones included the South East at ₦1,058.75, South South at ₦1,056.33, North West at ₦1,044.79, and North Central at ₦1,044.20, underscoring regional disparities in fuel pricing.
Meanwhile, recent market developments suggest continued volatility. The Nigerian National Petroleum Company Limited (NNPCL) recently raised pump prices to about ₦1,330 per litre in Lagos and ₦1,361 in Abuja, with similar increases recorded in other states. Analysts say such adjustments, driven by global crude oil trends and supply pressures, continue to shape petrol pricing dynamics across the country.