Petrol, diesel prices rise 86% in eight months – Report

According to the most recent fuel price trend report published by priceandpromo, the average prices of petrol and diesel have experienced a substantial increase of 86 per cent throughout 2026, with both commodities attaining their peak average price levels for the year by September 22.

The report indicated that the average price of Premium Motor Spirit, commonly referred to as petrol, reached N1,378 per litre by September 22, whereas automotive gas oil, typically known as diesel, climbed to N1,899 per litre.

This reflects an 80.8 per cent increase in petrol pricing from the January 13 baseline, while diesel demonstrated a 91.8 per cent elevation over the identical timeframe. The combined average increase across both products amounts to 86.3 per cent, which approximates to 86 per cent.

According to the report, "The current priceandpromo fuel price trend analysis reveals a resumption of upward price movement, succeeding the comparative steadiness that prevailed between April and July.

“Petrol rose to an average of N1,378 per litre by 22 September, while diesel increased to an average N1,899 per litre, the highest average price levels recorded for both products in the displayed 2026 series.”

According to the report, petrol prices had increased sharply in March before remaining relatively stable at elevated levels between April and July. “After the sharp March increase, fuel prices stabilised at higher levels through July before rising again in August and September,” it added

The renewed increase came amid heightened volatility in the international energy market, according to the report, which noted that the domestic market remained exposed to movements in global energy costs.

“The renewed increase comes amid heightened global energy-market volatility, highlighting the domestic market’s continued exposure to shifts in international energy costs,” the report added.

The report demonstrated that recent fluctuations in fuel prices could exert substantial consequences across transportation, logistics, and commodity distribution expenses, considering the critical role of petrol and diesel in economic operations.

The report emphasized that fuel prices functioned as a significant mechanism through which variations in energy expenditures could transmit into transportation and additional consumer expenses.

The report additionally cautioned that the subsequent elevation in both commodities represents a phenomenon warranting careful observation due to its prospective ramifications for the movement of individuals and merchandise.

It stated, "The subsequent elevation in both petrol and diesel therefore constitutes a significant market indicator to observe, particularly regarding its prospective ramifications for mobility, logistics expenditures, and the comprehensive expense of transporting merchandise through commercial channels."

The report's data illustrate that the elevation in diesel prices has surpassed that of petrol, with AGO increasing by 91.8 per cent in comparison to PMS's 80.8 per cent elevation.