The average prices of petrol and diesel in Nigeria have climbed by 86 per cent so far in 2026, with both products hitting their highest average levels of the year by September 22, according to the latest fuel price trend report by priceandpromo.
The report disclosed that the average price of Premium Motor Spirit, popularly called petrol, rose to ₦1,378 per litre by September 22, while automotive gas oil, commonly known as diesel, went up to ₦1,899 per litre.
Measured against the January 13 base, petrol recorded an increase of 80.8 per cent, while diesel rose by 91.8 per cent over the same period. The average of the two increases stands at 86.3 per cent, which rounds up to 86 per cent.
The report stated, “The latest priceandpromo fuel price trend shows renewed upward movement following the relative stability observed between April and July.
“Petrol rose to an average of ₦1,378 per litre by 22 September, while diesel increased to an average ₦1,899 per litre, the highest average price levels recorded for both products in the displayed 2026 series.”
According to the report, petrol prices rose sharply in March before staying relatively stable at elevated levels between April and July. “After the sharp March increase, fuel prices stabilised at higher levels through July before rising again in August and September,” it added.
The report attributed the renewed increase to heightened volatility in the international energy market, noting that the domestic market remains exposed to movements in global energy costs.
“The renewed increase comes amid heightened global energy-market volatility, highlighting the domestic market’s continued exposure to shifts in international energy costs,” the report added.
It indicated that the latest movement in fuel prices could have wider implications for transportation, logistics and the cost of distributing goods, given how central petrol and diesel are to economic activities.
The report also noted that fuel prices remain an important channel through which changes in energy costs can feed into transportation and other consumer costs.
It further cautioned that the renewed increase in both products is a development to monitor because of its potential implications for the movement of people and goods.
It said, “The renewed increase in both petrol and diesel is therefore an important market signal to watch, particularly for its potential implications for mobility, logistics costs and the wider cost of moving goods through the market.”
The report’s figures also show that diesel prices have risen faster than those of petrol, with automotive gas oil up by 91.8 per cent compared with an 80.8 per cent increase for Premium Motor Spirit.
