The Nigerian National Petroleum Company Limited,NNPCL, has jerked up pump prices of petrol, also known as Premium Motor Spirit (PMS) from N195 per litre to N537 per litre.
NNPCL made this disclosure in a new price template released on Wednesday, 31 May, 2023.
The price adjustment represents an over 200 percent increase and the implication is that nearly all prices of goods and services would drastically increase.
According to NNPCL new price template, Lagos State has the least price of N488 per litre, while Maiduguri and Damaturu have the highest pump prices of N577 per litre.
It was gathered on Wednesday that most filling stations in Lagos, had adjusted to the new pump price. Similarly, pump prices had been adjusted in Abuja, the nation’s capital as well as others States in the country
For instance, in Benue State, the fuel price had been adjusted to N537 per litre.
The development is coming barely two days after President Bola Ahmed Tinubu’s inaugural speech, where he said fuel subsidy would be removed.
In the first half of 2023, Nigeria spent N3.6 trillion on fuel subsidy alone.
The country will save close to N6.7 trillion if fuel subsidies payment is discontinued.
According to Nigeria Extractive Industries Transparency Initiative, Nigeria has spent N13.7 trillion on fuel subsidy in the last 13 years
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