The average prices of petrol and diesel have increased by 86.3 per cent since January, with both products recording their highest average levels for 2026 by September 22, a new fuel price trend report by priceandpromo has shown.
According to the report, the average price of Premium Motor Spirit (PMS), otherwise known as petrol, rose to N1,378 per litre, while the price of Automotive Gas Oil (AGO), or diesel, climbed to N1,899 per litre.
The figures represent an 80.8 per cent increase in petrol prices from the January 13 baseline and a 91.8 per cent rise in diesel prices over the same period.
Diesel therefore recorded a steeper increase than petrol during the period under review, with the average rise in the prices of both products standing at 86.3 per cent.
The latest increase marks a reversal of the relative stability recorded in the domestic fuel market between April and July.
“The latest priceandpromo fuel price trend shows renewed upward movement following the relative stability observed between April and July,” the report stated.
It noted that petrol prices rose sharply in March before settling at elevated levels for several months, only to resume their upward movement in August and September.
“After the sharp March increase, fuel prices stabilised at higher levels through July before rising again in August and September,” the report added.
The report attributed the renewed increase partly to heightened volatility in the international energy market, warning that domestic fuel prices remained susceptible 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,” it said.
The latest price movement could have significant implications for the wider economy, particularly transportation, logistics and the distribution of goods.
Petrol and diesel remain major inputs for the movement of people and goods, meaning sustained increases in their prices could translate into higher operating costs for businesses and increased transportation expenses for consumers.
The report said fuel prices remained a key channel through which changes in energy costs could influence transportation and other consumer-related costs.
It also urged stakeholders to pay close attention to the renewed increase because of its potential effect on mobility and logistics.
“The renewed increase in both petrol and diesel is therefore an important market signal to watch, particularly for its potential implications for mobility, logistics costs and the wider cost of moving goods through the market,” the report stated.
The data showed that AGO recorded the sharper increase during the eight-month period. Its 91.8 per cent rise was 11 percentage points higher than the 80.8 per cent increase recorded for PMS.
With petrol and diesel prices reaching their highest average levels in the 2026 series by September 22, further movements in the international energy market could remain an important factor for domestic fuel prices and their broader economic impact.
Leave a Reply