N617 Per Litre: NNPC Hikes Petrol Prices, Queues Resurface

We Felt Tinubu’s Subsidy Removal Has Ended This Pain, Nigerians in queues at filling stations lament

 

Nigerians are in for more shocks as the Nigerian National Petroleum Company Limited (NNPCL) has further jerked up pump prices of the Premium Motor Spirit (PMS) also called Petrol, from the current price of N537 to N617 per litre.

READ ALSO: Tariff Hike Imminent As Nigeria’s Electricity Subsidy Hits N2.8 Trillion

Nigeria’s Inflation Hit 22.79% In June

No One Has Ever Done This, Guiness World Records On ‘Human Milk Factory’

Meet The Mangis, Family Of Nine Who Shares Same Birthday

With Immediate Effect, Olubadan Suspends Egungun Festival

On Tuesday morning in response to the new price, following the latest development, the NNPC filling stations in Abuja witnessed brief queues, particularly the one located along Murtala Mohammed Express road, Kado remained shut for few hours as the Petrol attendants had to adjust their fuel pumps to reflect the new pump price.

FILE: A man fills an automobile with fuel sold on the black market as others queue to buy fuel on a major road in Lagos, Nigeria, on Thursday, April 7, 2016.

There is no official communication yet on the sudden development as of the time of filling this report

Available statistics showed that in the first half of 2023, Nigeria spent N3.6 trillion on fuel subsidy alone.

This according to the Federal Government FG 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.

Recall that President Tinubu in his inaugural speech on May 29 this year declared that the fuel subsidy is gone.

This resulted in over 200 per cent of fuel pump price from N195 per litre to 537 per litre. Different States were given various pump prices then.

Subsidy removal: Nigeria’s petrol daily consumption figure reduces by 35%

 

Related posts

Leave a Comment