Petrol, diesel prices jump 86% in 2026

From Adanna Nnamani, Abuja

The average prices of petrol and diesel have risen by 86 per cent in 2026, with both products reaching their highest average price levels for the year by September 22.

According to the latest fuel price trend report by priceandpromo, the average price of Premium Motor Spirit (PMS), popularly known as petrol, rose to N1,378 per litre, while Automotive Gas Oil (AGO), commonly known as diesel, increased to N1,899 per litre.

The figures represent an 80.8 per cent increase in petrol prices from the January 13 base, while diesel recorded a 91.8 per cent rise over the same period.

The combined average increase in the prices of the two products stood at 86.3 per cent, which the report rounded to 86 per cent.

The report said the latest price movement showed renewed upward pressure after a period of relative stability between April and July. It noted that petrol prices had risen sharply in March before stabilising at elevated levels through July, adding that prices began rising again 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 stated.

According to the report, the renewed increase occurred amid heightened volatility in the international energy market, leaving the domestic fuel market exposed 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 added.

The report noted that the increase in fuel prices could have wider implications for transportation, logistics and the distribution of goods, given the importance of petrol and diesel to economic activities.

It said fuel prices remained an important channel through which changes in energy costs could feed into transportation and other consumer costs.

The report further warned that the renewed increase in the prices of both products was a development to monitor because of its potential impact on the movement of people and goods.

“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,” it said.

The figures showed that diesel prices have risen faster than petrol prices in 2026, with AGO recording a 91.8 per cent increase compared with petrol’s 80.8 per cent rise over the period under review.

An economist and Development Expert, Aliyu IIlias, said the sustained increase in petrol and diesel prices could put additional pressure on transportation, logistics and the prices of goods, particularly if the upward trend persists. He said the impact would likely be more pronounced for businesses and households that rely heavily on road transportation, while urging policymakers to address factors driving volatility in the domestic fuel market.

According to him, “The sustained rise in fuel prices will put further pressure on transport costs, logistics and household purchasing power. Businesses will also face higher operating costs as the price of moving people and goods increases. If the trend persists, it could feed into the prices of goods and services and make it more difficult to bring down inflationary pressures in the economy.”

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