*Brief queues surface at NNPC stations in Abuja
The Nigerian National Petroleum Company Limited (NNPCL) has once again raised the pump prices of Petrol, also known as Premium Motor Spirit (PMS), from N537 to N617 per litre. This comes after President Tinubu’s inauguration speech, where he announced the removal of fuel subsidies, triggering a previous price increase from N195 to N537 per litre in May.
Following the recent price adjustment, NNPC filling stations in Abuja experienced short queues, with the station located along Murtala Mohammed Express road, Kado, temporarily closing for a few hours to recalibrate their fuel pumps to reflect the new N617 per litre price.
The move to remove fuel subsidies has been driven by the high cost of subsidizing fuel prices. In the first half of 2023 alone, Nigeria spent N3.6 trillion on fuel subsidy. The Federal Government estimates that discontinuing fuel subsidies will result in savings close to N6.7 trillion.
Notably, Nigeria has expended a staggering N13.7 trillion on fuel subsidies over the last 13 years, according to the Nigeria Extractive Industries Transparency Initiative.
The developments in fuel pricing continue to impact citizens and the economy, raising concerns about the affordability and accessibility of fuel in the country.
