Nigeria’s inflationary pressure on transport fuels intensified further in April 2026 as the average retail price of Premium Motor Spirit (PMS), commonly known as petrol, surged to N1,532.93 per litre nationwide.
This was disclosed in the latest Premium Motor Spirit (Petrol) Price Watch report released by the National Bureau of Statistics.
According to the report, the average price of petrol increased significantly on both a monthly and annual basis, reflecting continued pressure within Nigeria’s downstream petroleum market following fuel subsidy removal and broader deregulation reforms.
The latest increase further highlights persistent energy cost pressures that continue to raise transportation, logistics, and production costs across the economy.
What the data is saying
The NBS report showed that petrol prices maintained an upward trajectory in April 2026, driven by:
- Rising global crude oil market volatility
- Exchange rate pressures
- Deregulated market pricing dynamics
- Higher distribution and logistics costs
- Increased operational expenses across the downstream sector
The nationwide average retail price of petrol reached:
- N1,532.93 per litre in April 2026
The data reflects sustained inflationary pressure in the energy segment despite earlier expectations of gradual price stabilisation.
More insights
The increase in petrol prices has continued to transmit cost pressures across multiple sectors of the Nigerian economy.
Key affected areas include:
- Transportation and haulage
- Food distribution networks
- Manufacturing operations
- Small business operating costs
- Household energy expenses
Analysts note that fuel prices remain one of the strongest contributors to:
- Food inflation
- Core inflation
- Logistics inflation
- Higher consumer prices nationwide
The latest rise also comes amid elevated diesel prices and continued pressure on foreign exchange markets, both of which affect petroleum importation and distribution costs.
What you should know
Nigeria’s downstream petroleum market has experienced major pricing shifts since the removal of fuel subsidies and the transition toward market-based pricing mechanisms.
Recent developments affecting fuel pricing include:
- Exchange rate liberalisation
- Crude oil price volatility
- Refining capacity constraints
- Import dependency pressures
- Distribution and supply chain inefficiencies
Although the commencement of operations at the Dangote Petroleum Refinery has raised expectations of improved domestic fuel supply over time, pricing dynamics remain heavily influenced by market conditions, foreign exchange costs, and broader energy sector reforms.
Economists have repeatedly warned that sustained increases in petrol prices could continue to exert upward pressure on inflation, business operating costs, and household purchasing power across the country.
