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.
Recall that in May a day after President Tinubu was sworn into Power the Nation’s Apex Petrol station increased the fuel price from N195 per litre to 537 per litre.
The development was occasioned by Tinubu’s inaugural speech, where he said fuel subsidies would be removed.
On Tuesday morning in response to the new price, NNPC filling stations in Abuja witnessed brief queues, particularly the one located along Murtala Mohammed Express road, Kado remained shut for some few hours as the Petrol attendants has to adjust their fuel pumps to reflect the new price of 617 naira.
In the first half of 2023, Nigeria spent N3.6 trillion on fuel subsidy alone. According to the Federal Government 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.
However, the reason for this increase is yet unknown.
The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NDMPRA) is yet to comment on this development.