The latest report by the National Bureau of Statistics (NBS) shows that the average retail price of petrol declined by 15% year-on-year in February 2026.
According to the PMS Price Watch Report for February 2026 released by the Bureau on Wednesday, said the average retail price paid by consumers for Petrol for February 2026 was ₦1,051.47, indicating a 15.60% decrease compared to the ₦1,245.80 recorded in February 2025.
The report said when compared with the average price value of the previous month (January 2026), the average retail price increased by 1.62% from ₦1,034.76.
It said on State profile analysis, Yobe State had the highest average retail price for Premium Motor Spirit (Petrol), at ₦1,134.73, while Sokoto and Akwa Ibom States were next, with ₦1,116.81 and ₦1,109.44, respectively.
Conversely, the report said Lagos, Oyo and Kaduna States had the lowest average retail prices for Premium Motor Spirit (Petrol), at ₦966.61, ₦973.45, and ₦1000.07, respectively.
On the Zonal profile, the North East Zone had the highest average retail price of ₦1,084.41, while the South West Zone had the lowest price of ₦1,023.89.
