The Nigerian National Petroleum Company Limited (NNPCL) has jerked up pump prices of petrol, also known as Premium Motor Spirit (PMS) from N195 per litre to 537 per litre.
According to a new price template disclosed by NNPLC on Wednesday, Lagos State has the least price of N488 per litre, while Maiduguri and Damaturu have the highest pump prices of N577 per litre.
On Wednesday that most filling stations in the nation’s capital, Abuja, have adjusted to the new pump price.
Similarly, pump prices have been adjusted across States.
For instance, in Benue State, the fuel price has been adjusted to N537 per litre.
The price adjustment represents an over 200 per cent increase.
The implication is that nearly all prices of goods and services would drastically increase.
The development is coming barely two days after President Bola Ahmed Tinubu’s inaugural speech, where he said fuel subsidy would be removed.
In the first half of 2023, Nigeria spent N3.6 trillion on fuel subsidy alone.
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.