Petrol, Diesel Prices Surge 86% in 2026, Hit Yearly Highs — Report

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 price levels for the year by September 22, according to the latest fuel price trend report by PriceandPromo.

The report showed that the average price of Premium Motor Spirit, popularly 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.

The figures represent an 80.8 per cent increase in petrol prices from the January 13 baseline used in the report, while diesel recorded a significantly higher 91.8 per cent increase over the same period. Together, the average increase for the two products stood at 86.3 per cent, which the report rounded to 86 per cent.

PriceandPromo said the latest figures reflected a renewed upward movement following a period of relative stability between April and July.

According to the report, petrol prices rose sharply in March before remaining at elevated levels through July, after which prices began increasing again in August and September. The renewed increase was linked to heightened volatility in the international energy market, with the report noting that Nigeria’s domestic fuel market remains exposed to changes in global energy costs.

The development could add further pressure to transportation and logistics costs across the country. Petrol and diesel remain major inputs for the movement of people and goods, while diesel is also widely used by businesses and other users operating generators and diesel-powered equipment.

PriceandPromo warned that sustained increases in fuel prices could feed into the wider cost of moving and distributing goods and services. The figures also show that diesel prices have risen faster than petrol prices so far in 2026. AGO recorded a 91.8 per cent increase from the January 13 baseline, compared with an 80.8 per cent increase for PMS.

The latest trend comes amid continued volatility in global oil markets. Earlier in September, Reuters reported that Nigerian petrol prices had climbed to around ₦1,400 per litre in Lagos and Abuja, while some stations in northern Nigeria were charging as much as ₦1,500. Diesel prices in some locations had also exceeded ₦2,000 per litre.

With both products reaching their highest average levels in the PriceandPromo 2026 series by September 22, further movements in global energy prices could remain an important factor for Nigerian consumers, businesses and the wider economy.