The latest National Bureau of Statistics (NBS) Premium Motor Spirit (PMS) Price Watch for March 2026 reveals significant variations in petrol prices across Nigeria, with some states recording relatively lower pump prices despite sustained volatility in the downstream oil market.
Although fuel prices remained elevated nationwide, the report highlights ten states where motorists paid the least for petrol in March.
Even so, many of these states posted sharp increases compared to February, reflecting persistent inflationary pressure and continued market adjustments following deregulation.
Fuel pricing trends have remained shaped by several factors, including the effects of subsidy removal, distribution and transportation costs, and supply chain dynamics in the downstream sector.
While prices remain under pressure, some state governments have responded with measures such as transport palliatives, budgetary interventions and growing investments in compressed natural gas (CNG) alternatives to ease the burden on residents.
March’s pricing data also comes against a backdrop of heightened global uncertainty, with geopolitical tensions adding fresh pressure to energy markets.
The ongoing crisis in the Middle East has contributed to higher crude oil prices, raising inflation concerns worldwide, while instability around the Strait of Hormuz — a critical route for global oil shipments — has deepened fears over supply disruptions.
For an import-dependent market like Nigeria, such developments often feed directly into domestic fuel costs, pushing up transportation expenses and broader living costs. Historically, periods of global oil market tension have also intensified inflationary pressures in emerging economies, and current trends suggest those risks remain in play.
Plateau ranks number 10 on the list of states with the cheapest fuel price at N1,252.45 per litre in March 2026, up from N1,051.73/litre in February. However, the price was lower than N1,450.80/litre recorded in March 2025, suggesting some year-on-year easing.
The state government under Governor Caleb Mutfwang has acknowledged the heavy burden of fuel costs on farmers and transporters, especially in an agrarian economy. It’s the N914.8 billion 2026 Appropriation Bill, with 62% allocated to capital expenditure, is positioned as part of broader efforts to stimulate recovery, improve infrastructure and soften living costs.
