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The Nigerian National Petroleum Company Limited (NNPCL) has further increased pump prices of Petrol, known as Premium Motor Spirit (PMS) from 537 to 617 naira Per Litre.
We gathered that NNPC filling stations increased their prices on Tuesday morning.
NNPC filling stations in Abuja witnessed brief queues, particularly the one located along Murtala Mohammed Express road, Kado remained shut for a few hours as the Petrol attendants adjusted their fuel pumps to reflect the new price of 617 naira.
Also NNPCL filling stations in Ushafa and one of its mega stations at Durumi, in the Federal Capital Territory, increased pump price.
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, during his inauguration, announced the removal of fuel subsidy which pushed fuel price from N195 per litre to 537 per litre.
According to reports, Nigeria spent N3.6 trillion on fuel subsidy alone in the first half of 2023. The Federal Government stated that the country will save close to N6.7 trillion if fuel subsidies payment is discontinued.
Nigeria has spent N13.7 trillion on fuel subsidy in the last 13 years, according to Nigeria Extractive Industries Transparency Initiative.