BREAKING: FG pegs fuel pump price at N617 per litre

The Premium Motor Spirit (PMS) gasoline pump price in Nigeria has increased even more, from 537 to 617 naira per liter, according to the Nigerian National Petroleum Company Limited (NNPCL).
Recall that the Nation’s Apex Petrol station raised the price of petrol from N195 per litre to 537 per litre in May, one day after President Tinubu was brought into office.
In his inaugural address, Tinubu announced the elimination of gasoline subsidies, which led to the development.
The NNPC filling stations in Abuja experienced brief queues on Tuesday morning as a result of the new price. In particular, the one along the Murtala Mohammed Express road, Kado, was closed for a few hours as the Petrol attendants had to adjust their fuel pumps to reflect the new price of 617 naira.
Nigeria spent N3.6 trillion on fuel subsidies alone in the first half of 2023. The Federal Government estimates that stopping the payment of fuel subsidies will result in savings for the nation of almost N6.7 trillion.
The Nigeria Extractive Industries Transparency Initiative estimates that during the past 13 years, Nigeria has spent N13.7 trillion on fuel subsidies.