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 537 per litre.
According to a new price template disclosed by NNPLC on
Wednesday, 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 the nation’s capital, Abuja, had adjusted to the new pump price.
Similarly, pump prices had been adjusted across States.
For instance, in Benue State, the fuel price had been
adjusted to N537 per litre.
The price adjustment represents an over 200 per cent
increase.
The implication is that nearly all prices of goods and
services would drastically increase.
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.
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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