The National Bureau of Statistics (NBS) released its November 2015 PMS data showing the average price of fuel across the country rose by 23% to N115.35 when compared with the N93.48 posted in October. This data confirms November as the month with the highest average petrol price paid by households and just behind May with N118.36. It also provides a moral boost to those pushing for subsidy removal as they have one more reason why subsidy should be removed.
The PMS data is a monthly release of the NBS and collate the prices Nigerians actually pay for fuel and is compared to the official pump price rate of N87. At N115.36, Nigerians paid on average about 32.5% more the official pump price. The data also shows Nigerian are even paying more for fuel when compared to the N96.10 displayed by the PPPRA as the expected open market price for fuel.
States that paid more
Akwa Ibom state has the unenviable record of being the state with the highest pump price of N187.5 followed by Abia and Cross River with N146.59 and N140.4 respectively. No state in November had a fuel price of N87. Lagos State which more than any other state mostly complies with the N87 pump price posted an average of N103.84 and 19% higher than the official price.
As fuel scarcity bites harder in Lagos and across states in the country, December may end up posting the highest price disparity between the official pump price and the average price it is actually being sold across the country.