Nigerians are now to buy Premium Motor Spirit (PMS), better known as petrol at a cost of between
N488-N557 depending on the part of the country it is being dispensed.
This price hike from an average cost of N184 was effected by the Nigerian National Petroleum Company Limited (NNPCL) reflecting about 200% increment.
The development followed the announcement by President Bola Tinubu during his inaugural address on Monday that fuel subsidy was ‘gone’.
In the new price regime, prices have now been adjusted upward from between N189 to N194 to N537 per litre in Abuja and other North-central States.
For Lagos and other South-west states, a litre of fuel now sells for between N488 and N500 per litre.
In the South-east, the price will range from N515 to N520, while in the North-west, the price of the product was raised to N540. In the North-east, it moved from N199 to N557 per litre.
For the South-south, it is now from N511 to N525 per litre. Nigeria’s subsidy budget of N3.6 trillion for this year, expires in June, 2023.