The National Bureau of Statistics (NBS) has reported a slight increase in the average retail price of petrol across the country, rising from N1,034.76 in January to N1,051.47 in February.
According to its Premium Motor Spirit (Petrol) Price Watch released in Abuja, the February figure represents a 1.62 percent month-on-month increase.
However, on a year-on-year basis, petrol prices declined significantly. The February 2026 average of N1,051.47 reflects a 15.60 percent drop compared to N1,245.80 recorded in February 2025.
“The February price of N1,051.47 represents a 15.60 per cent decrease over the price of N1,245.80 recorded in February 2025.
“On state profiles analysis, Yobe paid the highest average retail price of N1,134.73 per litre, followed by Sokoto at N1,116.81 and Akwa Ibom at N1,109.44.
“Conversely, Lagos paid the lowest average retail price of N966.61 followed by Oyo at N973.45 and Kaduna at N1000.07,” the report stated.
Regionally, the North-East recorded the highest average petrol price at N1,084.41, while the South-West had the lowest at N1,023.89.
In its Diesel Price Watch for February, the bureau also noted a 4.30 percent increase in diesel prices on a month-on-month basis, rising from N1,361.57 in January to N1,420.17 in February.
Despite this increase, diesel prices declined by 5.39 percent year-on-year, down from N1,501.05 in February 2025.
State-by-state data showed that Lagos recorded the highest diesel price at N1,625.11 per litre, followed by Borno at N1,616.25 and Akwa Ibom at N1,587.19.
“On the other hand, the lowest price was recorded in Ogun at N1,183.31 per litre, followed by Kogi at N1,220.00 and Anambra at N1,256.76.
“In addition, the analysis by zone showed that the North-East had the highest price at N1,496.49 per litre, while the North-Central Zone recorded the lowest price at N1,382.17 per litre,” the report added.
The figures highlight ongoing fluctuations in fuel prices across Nigeria, reflecting regional disparities and broader market dynamics.
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