The average retail price of petrol in Nigeria fell by 15.6 per cent year-on-year in February 2026, official data showed, reflecting shifting market dynamics in the country’s downstream oil sector.

According to the National Bureau of Statistics, NBS, the average price of Premium Motor Spirit (PMS), commonly known as petrol, stood at ₦1,051.47 in February 2026, down from ₦1,245.80 recorded in February 2025.

On a month-on-month basis, however, prices edged higher, rising by 1.62 per cent from ₦1,034.76 in January 2026, indicating continued volatility in fuel costs despite the annual decline.

The data, compiled through a nationwide survey covering all 774 local government areas, was gathered from over 10,000 respondents across fuel outlets, with more than 700 field staff involved in the exercise, the bureau said.

State-level analysis showed significant regional disparities in fuel prices. Yobe recorded the highest average retail price at ₦1,134.73, followed by Sokoto at ₦1,116.81 and Akwa Ibom at ₦1,109.44.

In contrast, Lagos posted the lowest average price at ₦966.61, while Oyo and Kaduna recorded ₦973.45 and ₦1,000.07 respectively, underscoring uneven distribution and cost structures across the country.

At the zonal level, the North-East had the highest average petrol price at ₦1,084.41, while the South-West recorded the lowest at ₦1,023.89.

The latest figures come amid ongoing adjustments in Nigeria’s fuel market following the removal of petrol subsidies in 2023, a policy shift that has continued to influence pump prices and household expenditure patterns.

Despite the year-on-year decline, petrol prices remain elevated compared to pre-subsidy levels, contributing to broader inflationary pressures in Africa’s largest economy.

Fuel costs have a significant impact on transportation, food prices, and the overall cost of living, making petrol price movements a key indicator of economic conditions in Nigeria.

The NBS said its Petrol Price Watch report is published monthly and provides state-by-state and zonal breakdowns to track trends in consumer fuel pricnationwidetry.