Update: NBS Reports Substantial Hike in Petrol Price to N1,532.93 Per Litre

A significant increase has been observed in the average retail price of petrol in Nigeria, rising from N1,288.54 in March to N1,532.93 in April, according to the latest report by the National Bureau of Statistics. This represents an 18.97 percent increase over the previous month. On a year-on-year basis, the price has escalated by 23.69 percent compared to the N1,239.33 recorded in April 2025. The report further revealed that consumers in Yobe State paid the highest average price for petrol at N1,599.05 per litre, closely followed by Edo State at N1,595.74 and Bauchi State at N1,589.07. Conversely, Niger State recorded the lowest average price at N1,403.89 per litre, with Sokoto and Katsina states following closely behind at N1,404.16 and N1,406.28 respectively. The South-South region recorded the highest average price for petrol at N1,566.76 per litre, while the North-West zone had the lowest average cost at N1,508.81 per litre. Additionally, the National Bureau of Statistics reported a sharp increase in the price of diesel, with the average retail price surging by 50.16 percent on a month-on-month basis. The price of diesel moved from N1,648.06 per litre in March to N2,474.69 in April, representing a 43.67 percent increase on a year-on-year basis. State-by-state data showed that Nasarawa State recorded the highest average price for diesel at N2,818.94 per litre, followed by Ebonyi State at N2,754.06 and Taraba State at N2,704.76. The North-East region had the highest average price for diesel at N2,603.00 per litre, while the North-West region had the lowest average price at N2,409.34 per litre. Energy experts attribute the increase in petrol and diesel prices to compounding geopolitical tensions in the Middle East, which have caused volatility in global energy supplies and pushed international Brent crude oil benchmarks higher.