The National Bureau of Statistics (NBS) reports that since the beginning of June, the average price of fuel across the country had been pegged at N112.13 per litre.
The amount is about 30 per cent higher than the official pump price of N87 per litre.
The report also indicates that though there was a 5.3 per cent drop against previous month’s record high of N118.4, fuel prices had been on high pitch since this year, yielding an overall year-on-year increase of 7.3 per cent above 2014 average.
The segment of the market the NBS measured was not clear as most parts of the country witnessed price increase in the black market at between N300 and N500 per litre for some weeks in May.
This development might have given rise to marking the month as the average peak price since 2014
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