The Nigerian National Petroleum Company Limited (NNPCL) has increased the price of petrol, or Premium Motor Spirit (PMS), from N195 per litre to N537 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 N580 per litre.
Wednesday, Obasanjonews24 learned that the majority of gas stations in the nation’s capital, Abuja, had acclimated to the new pump price.
Similarly, state outlet prices had been adjusted.
In Benue State, for example, the petroleum price was adjusted to N537 per litre.
The price adjustment represents an increase of over 200 percent.
The implication is that prices for nearly all products and services would skyrocket.
The news comes just two days after President Bola Ahmed Tinubu’s inaugural address, in which he announced the elimination of petroleum subsidies.
Nigeria spent N3.6 trillion solely on petroleum subsidies during the first half of 2023.
The nation will save close to N6.7 trillion if fuel subsidies are eliminated.
According to Nigeria Extractive Industries Transparency Initiative, Nigeria has spent N13,7 trillion on petroleum subsidies over the past 13 years.
