NNPCL Further Increases Fuel Pump Price to N617

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol, known as Premium Motor Spirit (PMS), from N537 to N617 per litre.

Reports revealed that the increase, which took effect on Tuesday, is the second in less than two months.

In May, a day after President Bola Tinubu was sworn into office, the NNPC increased the fuel price from N195 per litre to N537 per litre.

These increases follow the Tinubu-led federal government’s removal of fuel subsidy.

This newspaper learnt that the increase has been observed at NNPC filling stations in Abuja, with other stations to join in soon.

In the first half of 2023, Nigeria spent N3.6 trillion on fuel subsidy alone. According to the Federal Government, the country 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.