President Tinubu's government has implemented another increase in petrol prices. The Nigerian National Petroleum Company Limited (NNPCL) recently raised the pump price of Premium Motor Spirit (PMS) from N537 to N617 per litre.
As a result of this increase, NNPC filling stations experienced higher prices, leading to short queues, particularly at the station located along Murtala Mohammed Express road, Kado in Abuja. The attendants needed to adjust their fuel pumps to reflect the new price of N617.
This price hike comes after President Tinubu's earlier decision to remove fuel subsidies during his inauguration, which caused the initial rise in fuel prices from N195 to N537 per litre.
In the first half of 2023 alone, Nigeria reportedly spent a substantial N3.6 trillion on fuel subsidies. To alleviate this financial burden, the Federal Government emphasized that discontinuing fuel subsidy payments could potentially save the country close to N6.7 trillion.
Over the past 13 years, Nigeria has spent a staggering N13.7 trillion on fuel subsidies, according to the Nigeria Extractive Industries Transparency Initiative.
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