The Nigerian National Petroleum Company Limited (NNPCL) has recently announced another increase in the pump price of petrol, also known as Premium Motor Spirit (PMS).
The price has been raised from N537 to N617 per litre, marking the second increase in less than two months.
This decision comes after the removal of fuel subsidy by the federal government led by President Bola Tinubu.
The increase has already been observed at NNPC filling stations in Abuja, and it is expected that other stations will follow suit.
It is estimated that Nigeria has spent N13.7 trillion on fuel subsidy in the last 13 years, and discontinuing these payments could result in savings of close to N6.7 trillion.
Article updated 1 week ago. Content is written and modified by multiple authors.
