LIVE UPDATES
Pump prices for gasoline, also known as Premium Motor Spirit (PMS), have been abruptly increased by the Nigerian National Petroleum Company Limited (NNPCL) from N195 per litre to 537 per litre.
According to a new price template released by NNPLC on Wednesday, Maiduguri and Damaturu have the highest pump rates at N577 per liter, while Lagos State has the lowest price at N488 per litre.
The majority of gas stations in Abuja, the nation's capital, were said to have adjusted to the new pump pricing on Wednesday.
Pump prices have also been modified nationwide.
For instance, the price of fuel has been raised to N537 per litre in Benue State.
The price change indicates an increase of more than 200%.
The implication is that almost all product and service prices would significantly rise.
Only two days have passed since President Bola Ahmed Tinubu's inaugural speech, in which he announced the elimination of fuel subsidies.
Nigeria spent N3.6 trillion on fuel subsidies alone in the first half of 2023.
Almost N6.7 trillion will be saved by the nation if gasoline subsidies are stopped.
The Nigeria Extractive Industries Transparency Initiative estimates that during the past 13 years, Nigeria has spent N13.7 trillion on fuel subsidies.
