Nigeria Economic Update, Issue 21

According to the National Bureau of Statistics (NBS) April 2026 premium motor spirit (petrol) price watch report, the average retail price of premium motor spirit (petrol) in April 2026 was ₦1,532.93, up 23.69 percent from ₦1,239.33 in April 2025. Month-on-month, the April average rose 18.97 percent from ₦1,288.54 in March 2026. By state, Yobe recorded the highest average retail price at ₦1,599.05, followed closely by Edo (₦1,595.74) and Bauchi (₦1,589.07). The lowest averages were in Niger (₦1,403.89), Sokoto (₦1,404.16), and Katsina (₦1,406.28). Regionally, the South-South zone had the highest average retail price at ₦1,566.76, while the North-West zone recorded the lowest at ₦1,508.81. While rising prices are expected in the wake of the U.S.-Israel-Iran conflict, the sharp increase underscores Nigeria’s continued vulnerability to external oil market shocks despite its status as a major oil-producing nation. Besides, the current increase in PMS prices could erode the gains from the recent moderation in inflationary pressures. It could also further weaken household purchasing power by increasing the prices of goods and services, including transport fares. Thus, strengthening economic resilience will require ensuring that domestic refineries operate at optimal capacity, establishing and maintaining a strategic petroleum reserve, and attracting greater investment into the oil sector through infrastructure improvements and sustained efforts to curb crude oil theft and pipeline vandalism. In addition, targeted social protection measures should be expanded to support vulnerable households and cushion the adverse welfare effects of the price shock.

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