Petrol Prices Drop 15.6% Despite Monthly Volatility
The National Bureau of Statistics reports that average retail petrol prices fell by 15.6 per cent year-on-year by February 2026. Data confirms the average cost reached ₦1,051.47, down from ₦1,245.80 in February 2025. This annual decline suggests a slight cooling in the downstream oil sector since the shock of the 2023 subsidy removal. Yet, the price remains high compared to historic norms. Households still struggle under the weight of elevated fuel costs.
Monthly trends tell a different story. Prices climbed by 1.62 per cent between January and February 2026. This marginal uptick highlights persistent volatility in the market. Supply chains and distribution logistics continue to exert pressure on pump prices. A drop on an annual basis offers cold comfort when monthly costs trend upward. Stability remains elusive for the average consumer.
Regional disparities reveal a deeply fractured market. Residents in the North-East pay the highest rates, with Yobe leading at ₦1,134.73. Conversely, the South-West remains the most affordable zone, with Lagos prices averaging ₦966.61. These variations reflect the uneven nature of Nigeria’s infrastructure and supply network. Geography dictates the cost of basic survival in this economy.
Fuel prices act as a master variable for the broader economy. Transportation and food costs track closely with movements at the pump. When petrol prices fluctuate, inflation follows suit. Despite the recent annual dip, the cost of living remains tethered to these volatile energy markets. Policy makers must address these distribution inefficiencies to truly ease the burden on households.
The Bureau gathered this data through a rigorous survey of over 10,000 respondents. Seven hundred field staff tracked prices across all 774 local government areas. This granularity provides a clear picture of the national landscape. Data accuracy is essential, but it cannot substitute for effective policy. The market needs more than just measurement to function properly.
Nigeria’s downstream sector continues to navigate a difficult transition. Removing subsidies shifted the burden of pricing from the state to the market. This change promised efficiency but delivered persistent uncertainty. Without a more stable supply chain, fuel price volatility will likely persist. Lower annual averages mean little if weekly bills remain unpredictable.