Nigeria’s average retail petrol price rose sharply to N1,288.54 per litre in March, marking a 22.55 % increase from February, according to the latest figures released by the National Bureau of Statistics (NBS). The rise reflects the highest monthly price recorded since the bureau began publishing monthly averages in 2010.
The NBS data, released on Monday, shows the average price of petrol—commonly referred to locally as “gasoline”—climbed from N1,048.43 per litre in February to N1,288.54 per litre in March. The increase was driven primarily by higher international crude oil prices, a weakening naira, and adjustments to the government’s subsidy regime.
The Federal Ministry of Finance had previously announced a reduction in the fuel subsidy as part of broader fiscal consolidation measures. The policy shift, coupled with the depreciation of the naira against major currencies, lifted import costs for refined petroleum products. In addition, global oil markets experienced a rebound in Brent crude prices during the first quarter of 2024, adding pressure on domestic fuel costs.
The NBS report indicates that the surge in petrol prices is part of a broader trend affecting other refined petroleum products. Diesel, for instance, rose to an average of N1,040 per litre in March, up 18 % from February. Aviation turbine fuel and kerosene also posted noticeable increases.
Consumer groups have warned that the higher fuel cost could exacerbate inflationary pressures, particularly in transport and food categories that depend heavily on petroleum inputs. The Central Bank of Nigeria (CBN) has signaled that monetary policy may be adjusted if inflation remains above the 6‑9 % target range, though it has not yet indicated any immediate policy shift.
Industry analysts suggest that the price trajectory may persist if global oil prices stay elevated and if the naira continues to weaken. Some experts recommend that the government explore alternative energy incentives and consider targeted subsidies to cushion low‑income households from the impact of rising fuel costs.
The NBS will continue to publish monthly average fuel prices, providing a benchmark for policymakers, businesses, and consumers. Further releases are expected in April, which will clarify whether the March increase marks the start of a sustained upward trend or a temporary spike linked to short‑term market dynamics.
