Nigerians are in for more shocks as the Nigerian National Petroleum Company Limited (NNPCL) has further jerked up pump prices of the Premium Motor Spirit (PMS) also called Petrol, from the current price of N537 to N617 per litre
On Tuesday morning in response to the new price, following the latest development, the NNPC filling stations in Abuja witnessed brief queues, particularly the one located along Murtala Mohammed Express road, Kado remained shut for few hours as the Petrol attendants had to adjust their fuel pumps to reflect the new pump price.
There is no official communication yet on the sudden development as of the time of filling this report.
Available statistics showed that in the first half of 2023, Nigeria spent N3.6 trillion on fuel subsidy alone.
This according to the Federal Government FG 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.
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Recall that President Tinubu in his inaugural speech on May 29 this year declared that the fuel subsidy is gone.
This resulted in over 200 per cent of fuel pump price from N195 per litre to 537 per litre. Different States were given various pump prices then.
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