LAGOS – Average petrol prices in oil-rich Nigeria surged 22.55% in March from the previous month, data from the National Bureau of Statistics (NBS) showed on Wednesday, as the country grapples with persistent energy inflation.
The national average price for a liter of Premium Motor Spirit rose to N1,288.54 naira ($0.86), up from 1,051.47 naira in February, reflecting the continued impact of the government’s subsidy removal policy.
Price disparities remained stark across the federation. Lagos, the commercial capital, recorded the lowest average price at N1,162.71, while in the capital, Abuja, prices hovered around the North Central average of 1,258.34 naira.
The highest prices were documented in the southeast, with Anambra state averaging N ,441.22 per liter. The North East region saw the highest zonal average at N1,336.50.
The jump follows a six-month upward trend since prices hit a 2025 low of N970.59 in September. On a year-on-year basis, prices are up 2.13% from March 2025.
Energy costs in Africa’s largest oil producer have remained volatile as the government pushes for full deregulation of the downstream sector amid fluctuating global crude oil prices.
The recent spike has pressured household budgets and increased transportation costs, contributing to broader inflationary pressures that have sparked concerns from labor unions and economic analysts.
While the government expects increased supply from the Dangote refinery to stabilize the market, infrastructure bottlenecks and currency fluctuations continue to influence the pump price for millions of Nigerians.
