The Nigerian National Petroleum Company Limited (NNPCL) has further jerked up pump prices of Petrol, known as Premium Motor Spirit (PMS) from 537 to 617 naira Per Litre.
The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump prices of Petrol, also known as Premium Motor Spirit (PMS), from 537 to 617 naira per liter.
Earlier in May, the day after President Tinubu took office, the country’s leading petrol station raised the fuel price from N195 per liter to 537 per liter.
This increase was a direct response to President Tinubu’s inaugural speech, in which he announced the removal of fuel subsidies.
Following the new price announcement on Tuesday morning, there were temporary queues observed at NNPC filling stations in Abuja. In particular, the station located along Murtala Mohammed Express road in Kado remained closed for a few hours as the petrol attendants adjusted their fuel pumps to reflect the new price of 617 naira.
In the first half of 2023 alone, Nigeria incurred a fuel subsidy cost of N3.6 trillion. The Federal Government has stated that discontinuing fuel subsidy payments could result in savings of nearly N6.7 trillion for the country.
Over the past 13 years, Nigeria has spent a total of N13.7 trillion on fuel subsidies, according to the Nigeria Extractive Industries Transparency Initiative.
Leave a comment