Petrol, Diesel Prices Surge 86% in 2026 as Fuel Costs Hit New Highs

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

Petrol, also known as Premium Motor Spirit, rose to an average of N1,378 per litre, while diesel, or Automotive Gas Oil, climbed to N1,899 per litre. The figures represent increases of 80.8 per cent for petrol and 91.8 per cent for diesel from their January 13 base prices.

The latest figures mark another sharp movement in the downstream petroleum market after a period of relative stability. Priceandpromo said petrol prices surged in March before holding at elevated levels between April and July, only to resume their upward trend in August and September.

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

Diesel recorded the larger increase during the period, rising by 91.8 per cent compared with petrol’s 80.8 per cent. The combined average increase of the two products stood at 86.3 per cent, which rounds to 86 per cent.

The latest fuel price movement could put additional pressure on transportation, logistics and the cost of distributing goods across the country. Both petrol and diesel remain widely used in moving people and goods, as well as powering businesses and other economic activities.

Priceandpromo said the renewed increase should be closely monitored because of its potential effect on mobility and logistics costs. Higher fuel expenses can also feed into the wider cost of moving goods through the market, adding to pressure on businesses and consumers.

With petrol now averaging N1,378 per litre and diesel at N1,899 per litre, the latest figures highlight the continued sensitivity of Nigeria’s fuel market to global energy price movements and the potential impact on household and business costs.