NNPC Announces Increase in Petrol price

The Nigerian National Petroleum Company Limited (NNPCL) on Tuesday, announced new pump prices for petrol often known as Premium Motor Spirit (PMS),

On Tuesday, NNPCL raised the price of petrol from 537 to 617 naira per litre.

After President Bola Tinubu ended the subsidy programme, CREEBHILLS cites Nation’s Apex Petrol station’s increase in fuel prices from N195 per litre to N537 per litre.

As a result of the increased price, there were brief lines at NNPC filling stations on Tuesday morning as the attendants had to change the petrol 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.

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