The Premium Motor Spirit (PMS) pump price in Nigeria has increased from N537 to N617 per litre, according to the Nigerian National Petroleum Company Limited (NNPCL).
The increase, which became effective on Tuesday, is the second to occur in less than two months, according to TelevisionNigerian.
The NNPC raised the price of fuel from N195 per litre to N537 per litre in May, one day after President Bola Tinubu took office.
These price hikes come after the federal government under Tinubu stopped providing fuel subsidies.
According to information obtained by this newspaper, other stations will soon follow suit after the increase was noticed at NNPC filling stations in Abuja.
Nigeria spent N3.6 trillion on fuel subsidies alone in the first half of 2023. The Federal Government claims that stopping the payment of fuel subsidies will result in savings for the nation of nearly N6.7 trillion.
The Nigeria Extractive Industries Transparency Initiative estimates that over the past 13 years, Nigeria has spent N13.7 trillion on fuel subsidies.
