Report: Nigeria’s Petrol Price Dropped 15.6% Y-o-Y

The average retail price of petrol in Nigeria declined by 15.6 per cent year-on-year in February 2026, according to official figures released by the National Bureau of Statistics (NBS), signalling evolving dynamics in the country’s downstream oil market.

The NBS reported that the average price of the product stood at N1,051.47 in February 2026, compared to N1,245.80 in the corresponding period of 2025.

However, on a month-on-month basis, prices rose slightly by 1.62 per cent from N1,034.76 recorded in January 2026, highlighting persistent fluctuations in fuel costs despite the broader annual decline.

The bureau stated that the data was derived from a nationwide survey spanning all 774 local government areas, with over 10,000 respondents sampled across fuel stations. More than 700 field officials participated in the data collection process.

Breakdown by states revealed notable disparities in pricing across the country. Yobe recorded the highest average retail price at N1,134.73, followed by Sokoto at N1,116.81 and Akwa Ibom at N1,109.44.

On the other hand, Lagos posted the lowest average price at N966.61, while Oyo and Kaduna recorded N973.45 and N1,000.07 respectively, reflecting differences in supply chains and cost structures.

At the regional level, the North-East zone recorded the highest average price at N1,084.41, while the South-West had the lowest at N1,023.89.