Average Fuel Prices Across States Are Creeping Up; Possible Implications

Nairametrics| Last week the National Bureau of Statistics released its monthly PMS/Petrol price watch. The price watch takes an average of fuel prices across all states in Nigeria and is a critical benchmark for predicting the prices of goods and services across the country. Along with the exchange rate, the PMS price watch are perhaps the two most influential factors in determining the direction of consumer prices in the country.

The latest data shows PMS prices are taking a nasty new turn. According to data from the NBS, the average PMS price for March was N149.4 per litre, slightly lower than the N149.8 recorded in February 2017. Despite the drop, the average price for March is still above the N146 average recorded between May 2016 and December 2016. In fact, the national average as been trending upwards since January 2017.

A cursory look at the data point to a few worrying signs

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