The Nigerian National Petroleum Company Limited (NNPCL) has implemented another increase in the pump prices of Petrol, also known as Premium Motor Spirit (PMS), raising it from 537 to 617 naira per litre.
Reports indicate that NNPC filling stations adjusted their prices on Tuesday morning, resulting in brief queues at some stations. One NNPC filling station along Murtala Mohammed Express road in Kado, Abuja, remained closed temporarily as fuel attendants calibrated their pumps to reflect the new price of 617 naira.
Other NNPC filling stations, such as those in Ushafa and Durumi, also raised their pump prices.
A customer confirmed the price increase, stating, “It is true, I just bought at N617 per liter.”
Previously, President Tinubu announced the removal of fuel subsidy during his inauguration, which led to the increase in fuel price from N195 to 537 naira per litre.
According to reports, Nigeria’s fuel subsidy expenditure alone amounted to N3.6 trillion in the first half of 2023. The Federal Government has stated that discontinuing fuel subsidy payments could result in savings of approximately N6.7 trillion. Over the past 13 years, Nigeria has reportedly spent N13.7 trillion on fuel subsidies, as per the Nigeria Extractive Industries Transparency Initiative.