The average prices of petrol and diesel in Nigeria have surged by 86.3 per cent in 2026, with both products reaching their highest average levels for the year by September 22, according to the latest fuel price trend report by PriceandPromo.
The report showed that the average price of Premium Motor Spirit (PMS), popularly known as petrol, climbed to N1,378 per litre, while Automotive Gas Oil (AGO), or diesel, rose to N1,899 per litre as of September 22.
Compared with their January 13 base prices, petrol recorded an 80.8 per cent increase, while diesel surged by 91.8 per cent, putting the combined average increase for both products at 86.3 per cent.
The report described the latest movement as a renewed upward trend following a period of relative stability between April and July.
“Petrol rose to an average of N1,378 per litre by 22 September, while diesel increased to an average N1,899 per litre, the highest average price levels recorded for both products in the displayed 2026 series,” the report stated.
According to PriceandPromo, petrol prices witnessed a sharp increase in March before stabilising at elevated levels through July. Prices, however, began climbing again in August and continued their upward trajectory into September.
“After the sharp March increase, fuel prices stabilised at higher levels through July before rising again in August and September,” the report noted.
The latest surge comes amid increased volatility in the international energy market, with the report warning that Nigeria’s domestic fuel market remains vulnerable 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,” it stated.
The development is expected to intensify pressure on transportation, logistics and the cost of distributing goods and services, as petrol and diesel remain critical inputs for businesses and households.
The report noted that changes in fuel prices could continue to feed into transportation and other consumer costs, particularly through the movement of people and goods across the country.
It described the renewed increase in both products as a significant market signal requiring close monitoring because of its potential impact on mobility and logistics expenses.
Notably, diesel recorded a steeper increase than petrol, rising by 91.8 per cent compared with the 80.8 per cent increase recorded by PMS.
