Breaking: NNPCL Further Increases Fuel Pump Price [DETAILS]

The Nigerian National Petroleum Company Limited (NNPCL) has raised the price of gasoline, also referred to as Premium Motor Spirit (PMS), at the pump from N537 to N617 per litre.

According to TelevisionNigerian, the price hike, which became effective on Tuesday, is the second one to occur in a span of less than two months.

The Nigerian National Petroleum Corporation (NNPC) raised the price of gasoline from N195 per litre to N537 per litre in May, one day after President Bola Tinubu was sworn into office.

These price hikes are a direct result of the removal of the fuel subsidy by the federal government led by Tinubu.

According to the information obtained by this newspaper, the increase can already be seen at NNPC filling stations in Abuja, and it is expected that other stations will soon follow suit.

Just on fuel subsidies, Nigeria spent 3.6 quadrillion naira during the first half of the year 2023. If payments for fuel subsidies are stopped, the Federal Government estimates that the nation will save close to N6.7 trillion.

The Nigeria Extractive Industries Transparency Initiative estimates that over the course of the past 13 years, Nigeria has spent a total of N13.7 trillion on fuel subsidies.