The Nigerian National Petroleum Company Limited (NNPCL) has further jerked up pump prices of Petrol, known as Premium Motor Spirit (PMS) from 537 to 617 naira Per Litre.
Recall that in May a day after President Tinubu was sworn into Power the Nation’s Apex Petrol station increased the pump price of petrol from N195 per litre to 537 per litre.
The development followed the removal of Subsidy by President Tinubu in his inaugural speech.
Speaking in an interview on Tuesday, the National President of the Independent Petroleum Association of Nigeria (IPMAN), Elder Chinedu Okoronkwo, confirmed the development.
According to him, fuel prices will continue to fluctuate depending on market forces.
“That is the regime we are in with removing fuel subsidies. The prices will continue to fluctuate based on market forces and the changes in Dollar in the foreign exchange market. That is why we are pushing for an alternative to fuel”, he stated.
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.
The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NDMPRA) is yet to comment as of the time of filing this report.
