The Premium Motor Spirit (PMS) pump price has been increased by the Nigerian National Petroleum Company Limited (NNPCL) from 537 to 617 naira per liter.
In the early hours of Tuesday, NNPC filling stations increased their prices.
NNPC filling stations in Abuja had brief queues especially the one along Murtala Mohammed Express route. Kado remained closed for a few hours as the Petrol attendants updated their petrol pumps to reflect the new price of 617 naira.
Pump prices have been increased at NNPCL filling stations in Ushafa and one of its mega stations in Durumi, both located in the Federal Capital Territory.
A customer who confirmed this development to Daily Trust simply said “It is true, I just bought at N617 per liter.”
Recall that President Tinubu announced the removal of the petrol subsidy during his inauguration, which increased the price of fuel from N195 per liter to N537 per litre.
In the first half of 2023, Nigeria reportedly spent N3.6 trillion on fuel subsidy alone. According to the Federal Government, discontinuing the payment of fuel subsidies will result in savings for the country of over N6.7 trillion.
The Nigeria Extractive Industries Transparency Initiative estimates that during the past 13 years, Nigeria has spent N13.7 trillion on fuel subsidy.
Ada Peter
