The Nigerian National Petroleum Company Limited (NNPCL) on Tuesday has announced new pump prices of Petrol, otherwise known as Premium Motor Spirit (PMS)
NNPCL has further increased the petrol price from 537 to 617 naira Per Litre on Tuesday
DAILY GIST recalls that Nation’s Apex Petrol station had increased the fuel price from N195 per litre to 537 per litre following the end of subsidy regime by President Bola Tinubu
On Tuesday morning in a response to the new price, NNPC filling stations witnessed brief queues as the Petrol attendants has to adjust their fuel pumps to reflect the new price of 617 naira.
In the first half of 2023, Nigeria spent N3.6 trillion on fuel subsidy alone. According to the Federal Government 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.
More details to follow….