Fuel prices up by N25 — NBS

By Emeka Anaeto,
 Economy Editor  Average price of fuel across the country in June was N112.13 per litre, National Bureau of Statistics, NBS, PMS Watch has shown.


  This is about N25 or about 30 percent higher than the official pump price of N87 per litre.  However, NBS did not state which segment of the market it measured as most parts of the country witnessed price surges in the black market (street hawkers) at between N300 and N500 per litre for some weeks in May, a development which may have resulted in marking the month as the average peak price since 2014, when the market research began.  The report released yesterday also indicates that though there was a 5.3 percent drop against previous month’s record high of N118.4, fuel prices have been on high pitch since this year, yielding an overall year-on-year increase of 7.3 percent above 2014 average.  Surprisingly, the state with the highest price was Bayelsa, a major oil producing state, at retail price of N155 per litre, up from N115 recorded in the previous month.  Measured against the national figure and trend, Bayelsa also presents a surprising position as it records fuel price far above national average and also moving up negatively against the price decline in the national average.  Some other states, which recorded highest average prices are Niger at N138.3; Kogi, N128.3 and Adamawa, N122.5. - See more at: http://www.vanguardngr.com