Fuel
Pump price of fuel jerked from N537 to N617 naira per litre
The Nigerian National Petroleum Company Limited, NNPCL, on Tuesday, has approved a jump in pump price of petrol, also known as Premium Motor Spirit (PMS) from 537 to 617 naira Per Litre.
NNPC filling stations have immediately reflected the increase in fuel pump price early on Tuesday morning.
It was observed that NNPC filling stations in Abuja witnessed brief queues, while some actually shut down for some few hours, most likely to reflect the increase in pump price to new price of 617 naira per litre.
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.
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