The Nigerian National Petroleum Company Limited (NNPCL) has recently implemented a further price hike for Petrol, also known as Premium Motor Spirit (PMS), raising it from 537 to 617 naira per litre. Reports indicate that NNPC filling stations, including the one situated along Murtala Mohammed Express road in Kado, temporarily closed to adjust their fuel pumps to reflect the new price. Additionally, NNPCL filling stations in Ushafa and the Durumi mega station in the Federal Capital Territory have also increased their pump prices. A customer confirmed purchasing petrol at the new rate, signaling the authenticity of the price adjustment. Earlier, President Tinubu announced the removal of fuel subsidy during his inauguration, which led to a significant price surge from 195 to 537 naira per litre. Notably, the discontinuation of fuel subsidy payments is projected to save the country nearly N6.7 trillion, with Nigeria having already spent a staggering N13.7 trillion on fuel subsidy over the past 13 years, as reported by the Nigeria Extractive Industries Transparency Initiative.
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