Nigeria’s petrol prices plunge 15.6% YoY to record low
National Bureau of Statistics NBS
Abdullateef Fowewe
Nigeria’s average retail price for Premium Motor Spirit (Petrol) fell to ₦1,051.47 in February 2026, the National Bureau of Statistics (NBS) announced Wednesday, representing the lowest level since the 2023 subsidy removal and offering respite for households and businesses.
The NBS report stated, “The average retail price paid by consumers for Premium Motor Spirit (Petrol) for February 2026 was ₦1,051.47, indicating a 15.60% decrease compared to the value recorded in February 2025 (₦1,245.80).”
On a monthly basis, “the average retail price increased by 1.62% from ₦1,034.76” in January 2026.
The South West zone posted the cheapest regional average at ₦1,023.89, while the North East topped the list at ₦1,084.41.
A steady 12-month decline from early 2025 highs exceeding ₦1,200 per litre, fueled in part by Dangote Refinery’s February gantry reductions to ₦774 per litre.
