The average prices of petrol and diesel in Nigeria have risen by 86.3 per cent in 2026, with both products reaching their highest average levels of the year by September 22, according to a latest fuel price trend report by PriceandPromo.

The report showed that the average price of Premium Motor Spirit, commonly known as petrol, climbed to ₦1,378 per litre, while Automotive Gas Oil, or diesel, rose to ₦1,899 per litre as of September 22.

Petrol recorded an 80.8 per cent increase from its January 13 baseline, while diesel posted a significantly higher 91.8 per cent increase over the same period. The combined average increase of 86.3 per cent is rounded to 86 per cent.

According to the report, fuel prices experienced a sharp increase in March before remaining relatively stable, although at elevated levels, between April and July. Prices then resumed their upward movement in August and September.

“The latest priceandpromo fuel price trend shows renewed upward movement following the relative stability observed between April and July,” the report stated.

The report attributed the renewed increase partly to heightened volatility in the international energy market, noting that Nigeria’s domestic fuel market remains exposed to changes in global energy costs.

The development comes as international oil markets have faced heightened volatility in 2026, with disruptions and geopolitical tensions affecting global energy markets.

The rising cost of petroleum products is significant for the Nigerian economy because petrol and diesel remain major inputs for transportation, logistics, power generation and the distribution of goods.

PriceandPromo warned that continued increases could put additional pressure on mobility and logistics costs, with potential knock-on effects on the cost of moving goods and services across the country.

Diesel recorded the steeper increase during the period under review. Its 91.8 per cent rise was 11 percentage points higher than the 80.8 per cent increase recorded by petrol.

The latest trend also highlights the continuing sensitivity of Nigeria’s downstream petroleum market to international energy-price movements, even as domestic refining capacity has expanded.

Data analysed by ThisDay from Nigerian Midstream and Downstream Petroleum Regulatory Authority monthly factsheets showed that Nigeria’s petrol consumption fell during the first eight months of 2026 as prices increased. Average daily consumption declined from about 60.2 million litres in January to 41.5 million litres in August.

The combination of higher fuel prices and weaker demand is likely to remain an important factor for households and businesses, particularly transport operators, manufacturers and other users that depend heavily on petroleum products.

For consumers, the latest price trend means that changes in fuel costs could continue to influence transportation fares, distribution expenses and the prices of goods across the economy.