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Fuel price still high in some states – NBS

By Emeka Anaeto, Economy Editor

DESPITE the relative  stability in fuel supply across the country, National Bureau of Statistics, NBS, nationwide research report shows that pump price was N104.5 per litre on the national average, still significantly higher than the official rate of N87.

The report, entitled Premium Motor Spirit (Petrol) Price Watch, for August 2015, however showed a sustained decline in the average price for the past three months.

July average was N107.35, while June was N112.13 per litre.

However, the steady decline under the current regime is yet to drop below lowest average rate of N93 per litre, recorded in February this year under the former regime, in the oil industry.

The highest national average recorded this year was in May, towards end of ex-President Goodluck Jonathan’s regime when it was N118.36 per litre due to acute scarcity caused by petroleum marketers’ disagreement over unpaid subsidy claims.

Bayelsa State, a leading oil producing location very close to oil export and import terminals as well as refineries, has sustained its unenviable record of the highest fuel price in the country at N132.4 per litre. In July it was highest in the country at N152.9.

The second highest average fuel price was recorded in Yobe State, with N119.63 per litre followed by Sokoto with N113.75 per litre.

The only state closest to the official pump price is Oyo, with N88.13 average, followed by Kano with N92.57 and Abuja, N94.6 per litre.
In July the Department of Petroleum Resources, DPR, set up a task force to supervise and monitor the sale of petrol in some depots, against the reports that most petrol stations were selling fuel at prices significantly above the official price due to a hike in ex-depot prices.

DPR had summoned the stakeholders in the fuel distribution chain (Pipelines and Products Marketing Company, PPMC; Petroleum Products Pricing Regulatory Authority, PPPRA; Major Oil Marketers Association of Nigeria, MOMAN; Depots and Petroleum Products Marketers Association, DAPPMA and the Independent Petroleum Marketers Association of Nigeria, IPMAN) and conveyed its displeasure at the illegal sale of petrol above the stipulated prices.


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