…Petrol Price Rose By 23% In 30 Days—NBS
Crude oil prices surged above $111 per barrel on Tuesday following the United Arab Emirates’ (UAE) decision to exit the Organisation of the Petroleum Exporting Countries (OPEC).
THE WHISTLER reports that the UAE’s decision to exit OPEC was announced in a statement on Tuesday.
The UAE said the move, which takes effect from May 1, 2026, was based on the country’s national interest.
“This decision follows a comprehensive review of the UAE’s production policy and its current and future capacity and is based on our national interest and our commitment to contributing effectively to
meeting the market’s pressing needs,” UAE authorities said in a statement.
The UAE’s announcement has stirred uncertainty in the global crude oil market already grappling with nearly two months of war between Iran and the United States-Israel.
THE WHISTLER findings showed that crude oil prices surged by three percent to $99.68 and $111.40 per barrel for West Texas Intermediate and Brent crude, respectively.
Brent crude soared from less than $60 a barrel at the start of the year to as high as $119 at its peak during the conflict as Iran brought traffic through the Strait of Hormuz to a near halt and attacked energy facilities across the Gulf.
The price dipped gave up some of its earlier gains on Tuesday on news that the United Arab Emirates would leave Opec, but remained more than 2.5 per cent higher on the day.
“Markets have been latching on to any signs of peace talks, and the absence of that is raising fears that they are not going to happen,” said Jim Reid, head of macro research at Deutsche Bank.
This move higher in oil has also reignited bets that central banks will have to lift interest rates to contain the resulting wave of inflation, hitting bonds in the US, Europe and the UK. In the UK, where government debt has proven particularly vulnerable to the energy shock, the 10-year gilt yield rose 0.03 percentage points to reach 5 per cent for the first time since late March. Bond yields rise as prices fall.
The latest sell-off has also pushed longer-dated 30-year yields to around 5.7 per cent, within touching distance of their highest level this century.
“The longer the Strait is closed, the more it would have a negative impact on the global economy,” said Mohit Kumar, chief European economist at Jefferies.
Meanwhile the National Bureau of Statistics (NBS) has stated that the average retail price paid by consumers for Premium Motor Spirit (petrol) in March 2026 was ₦1,288.54, indicating a 22.55 per cent increase compared to ₦1,051.47 recorded in February 2026.
A report by the bureau also showed that the March price reflected a 2.13 per cent increase compared to the value recorded in March 2025 (₦1,261.65).
On state profile analysis, Anambra recorded the highest average retail price for petrol at ₦1,441.22, followed by Sokoto and Borno at ₦1,377.55 and ₦1,375.16, respectively.
Conversely, Lagos, Ogun and Kaduna recorded the lowest average retail prices at ₦1,162.71, ₦1,169.78 and ₦1,193.40, respectively.
On the zonal profile, the North-East recorded the highest average retail price at ₦1,336.50, while the South-West had the lowest at ₦1,232.46.
The report added that the average retail price of Automotive Gas Oil (diesel) paid by consumers increased by 3.05 per cent on a year-on-year basis, from ₦1,599.30 per litre recorded in March 2025 to ₦1,648.08 per litre in March 2026.
“On a month-on-month basis, an increase of 16.05 per cent was recorded from ₦1,420.17 in February 2026 to an average of ₦1,648.08 in March 2026. Looking at the variations in state prices, the top three states with the highest average price of the product in March 2026 include Ebonyi State (₦2,262.29), Akwa Ibom State (₦1,895.72) and Osun State (₦1,872.15).
“Furthermore, the top three lowest prices were recorded in the following states, namely Kogi State (₦1,383.40), Katsina State (₦1,438.25) and Enugu State (₦1,480.06). The zonal representation of the average price of Automotive Gas Oil (diesel) shows that the South-East recorded the highest price at ₦1,730.14, while the North-Central had the lowest at ₦1,593.11 compared to other zones.”
Also, the average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (cooking gas) increased by 12.60 per cent on a month-on-month basis, from ₦6,799.18 recorded in February 2026 to ₦7,655.73 in March 2026.
It stated that on a year-on-year basis, the price rose by 4.55 per cent from ₦7,322.49 in March 2025.
On state profile analysis, Kaduna recorded the highest average price for refilling a 5kg cylinder of cooking gas at ₦9,212.21, followed by Lagos (₦8,909.73) and Taraba (₦8,802.78). In contrast, Bauchi recorded the lowest price at ₦6,295.40, followed by Osun (₦6,457.35) and Ondo (₦6,598.10), respectively.
“In addition, analysis by zone showed that the North-West recorded the highest average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (cooking gas) at ₦8,137.81, followed by the North-East at ₦7,890.53, while the South-South recorded the lowest at ₦7,300.95.
“Also, the average retail price for refilling a 12.5kg cylinder of Liquefied Petroleum Gas (cooking gas) increased by 15.62 per cent on a month-on-month basis, from ₦16,997.94 in February 2026 to ₦19,652.83 in March 2026. On a year-on-year basis, this increased by 6.48 per cent from ₦18,456.24 in March 2025.”
On state profile analysis, Nasarawa recorded the highest average retail price for refilling a 12.5kg cylinder of cooking gas at ₦23,418.12, followed by Kaduna (₦23,030.52) and Akwa Ibom (₦22,816.74).
