NNPC Raises Petrol Prices to N617 per Litre

The Nigerian National Petroleum Company Limited (NNPCL) has raised the prices of Petrol, also known as Premium Motor Spirit (PMS), from 537 to 617 naira per litre. This increase follows President Tinubu’s inauguration and his statement about the removal of fuel subsidies.

On Tuesday morning, NNPC filling stations in Abuja experienced brief queues, particularly at the station along Murtala Mohammed Express road in Kado, which remained closed for a few hours while the petrol attendants adjusted the fuel pumps to reflect the new price of 617 naira.

In the first half of 2023, Nigeria spent N3.6 trillion on fuel subsidies alone. The Federal Government estimates that the country could save close to N6.7 trillion by discontinuing fuel subsidy payments.

According to the Nigeria Extractive Industries Transparency Initiative, Nigeria has spent a total of N13.7 trillion on fuel subsidies in the last 13 years.

The increase in petrol prices and the discontinuation of fuel subsidies are significant developments in Nigeria’s energy sector. These changes are expected to have implications for consumers, transportation costs, and the overall economy. It remains to be seen how these adjustments will impact the livelihoods of Nigerians and the country’s energy policies moving forward.

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