The Nigerian National Petroleum Company Limited (NNPCL) has on Wednesday, May 31, announced the price increase of Premium Motor Spirit (PMS) from N195 per litre to 537 per litre.
According to the price template released to the public, Lagos State has the least price of N488 per litre, while Maiduguri and Damaturu have the highest pump prices of N577 per litre.
Ayokinews leanrt that most filling stations in the Federal Capital Territory, Abuja, had adjusted to the new pump price.
Also, pump prices have been adjusted in several states across the federation.
The current price jerk in PMS represents over 200% increase from the initial price.
This is coming barely two days after President Bola Ahmed Tinubu’s inaugural speech where he announced the removal of fuel subsidy.
The new development is expected to help Nigeria save up to N6.7 trillion naira.
Nigeria has spent N13.7 trillion on fuel subsidy in the last 13 years, according to Nigeria Extractive Industries Transparency Initiative.