The Premium Motor Spirit (PMS) pump price has been increased once more by the Nigerian National Petroleum Company Limited (NNPCL) from N537 to N617 per liter.
According to Gist Legit, the second increase in less than two months went into effect on Tuesday.
The NNPC raised fuel costs from N195 to N537 per liter in May, a day after President Bola Tinubu was confirmed.
The petroleum climb comes after the Tinubu-drove national government rejected fuel appropriation.
As of writing this article, various filling stations at NNPC filling stations in Abuja have increased pump price and others will apparently go along with them soon.
The Federal Government disclose that the country would save close to N6.7 trillion if it’s stopped paying fuel Subsidy as Nigeria spends N3.6 trillion naira on fuel Subsidy in the first quarter of 2023.
As per the Nigeria Extractive Industries Transparency Initiative, Nigeria has spends N13.7 trillion naira on fuel subsidiaries over last thirteen years.