By Toyin Saheed
Many filling stations in Ilorin the Kwara State capital closed down this morning following an announcement today by the Nigerian National Petroleum Company Limited (NNPCL) over further increases in pump prices of Premium Motor Spirit (PMS) also known as petrol from 537 to 617 naira Per Litre.
Sobi FM reports that many filling stations including independent and major marketers, which include Bovas, NNPC and others shut down their branches.
Out Correspondent further reports that some of the independent stations have changed their pump price to 580 while some are selling 600 per litre.
The pump price was raised from N537/litre to N617/litre at some filling stations operated by the Nigerian National Petroleum Company Limited in Abuja on Tuesday.
Independent oil marketers confirmed the increase in the cost of the commodity, as they stated that any shift in price by NNPCL stations was an indication of a rise in the pump price of PMS.
“This is because NNPCL is still the major importer of petrol into Nigeria currently, though other marketers are gradually importing the commodity. The price this (Tuesday) morning at some NNPCL stations is N617/litre,” the Secretary, of the Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja, Mohammed Shuaibu, told newsmen.
In the first half of 2023, Nigeria spent N3.6 trillion on fuel subsidies 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 subsidies in the last 13 years, according to Nigeria’s Extractive Industries Transparency Initiative.
