The Nigerian National Petroleum Company Limited (NNPCL) has raised petrol pump prices, also known as Premium Motor Spirit (PMS), from N195 to 537 per litre.
According to a new price template released by NNPLC on Wednesday, Lagos State has the lowest pump price at N488 per litre, while Maiduguri and Damaturu have the highest at N577 per litre.
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The majority of filling stations in the nation’s capital, Abuja, were adjusted to the new pump price on Wednesday.
Pump prices have also been adjusted across the country.
In Benue State, for example, the fuel price has been reduced to N537 per litre.
The price adjustment is a more than 200 percent increase.
The implication is that nearly all goods and services’ prices would skyrocket.
The news comes just two days after President Bola Ahmed Tinubu’s inaugural address, in which he stated that fuel subsidies would be phased out.
Nigeria spent N3.6 trillion on fuel subsidies alone in the first half of 2023.
If fuel subsidies are no longer paid, the country will save approximately N6.7 trillion.
According to the Nigeria Extractive Industries Transparency Initiative, Nigeria has spent N13.7 trillion on fuel subsidies over the last 13 years.
