Fuel Price

Despite the official sharp increase in pump price of fuel from N86.50 to N145 in May this year, the National Bureau of Statistics, NBS, has reported that pump prices were significantly above N145 in 28 states in the month of July 2016.

This came as the NBS report indicated that the national average pump price of fuel at N147.67/litre is still significantly higher than the standard price, though it also showed a marginal drop from N148.54/litre recorded in the preceding month of June.

According to the report, all oil producing states, except Edo, are on the top 10 states running on most expensive fuel price, with Bayelsa State in the lead at N165.71 per litre. Other states in the top 10 include Taraba, Akwa Ibom, Nasarawa, Kebbi, Abia, Cross River, Rivers, Benue and Kwara.

Average fuel prices in these states ranged from N148.33 to N162.78 per litre. Surprisingly, most states in the far North of the country recorded fuel prices below the standard N145/litre. The states include Katsina, Borno, Kaduna and Kano.
In fact, Kaduna recorded the lowest pump price at N142/liter. Other states that have enjoyed average pump prices lower than the standard price are Delta, Ondo, Osun and Oyo states.

Average pump price in Lagos is N145/litre, though some fuel services stations have lower their pump price to about N143/ litre but majority still sell N145-N146/ litre. However, some consumers claim that the fuel stations selling at lower than standard prices have adjusted their meters downwards to under-dispense, thereby recouping whatever loss they may have incurred in reduced pump price.

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