The Nigerian National Petroleum Company Limited (NNPCL) has again increased the pump price of Premium Motor Spirit (PMS) from N537 to N617 per litre.
The increase, which was the second in less than two months took effect on Tuesday, Daily Report Nigeria reports.
The NNPC raised fuel prices from N195 per liter to N537 per liter in May, a day after President Bola Tinubu was sworn in.
The petrol hike comes after the Tinubu-led federal government scrapped fuel subsidy.
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Subsidy Removal: Only Tinubu, Not NNPC, Has Power to Fix Fuel Prices in Nigeria
As of press time, a number of filling stations at NNPC filling stations in Abuja have increased pump prices and others will seemingly join them soon.
The Federal Government explained that the country would save close to N6.7 trillion if it stopped paying fuel subsidy as Nigeria spent N3.6 trillion naira on fuel subsidy alone in the first quarter of 2023.
According to the Nigeria Extractive Industries Transparency Initiative, Nigeria has spent N13.7 trillion naira on fuel subsidies in the last thirteen years.
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