BREAKING: Tinubu approves increase in fuel pump price

For the second time since his assumption of office as President and Commander-In-Chief, Bola Ahmed Tinubu has approved the increase in fuel pump price.

The increment has been effected by the Nigerian National Petroleum Company Limited (NNPCL) from the current N537 to N617 per litre of fuel.

Most filling stations on Tuesday have adjusted their pump price.

In Abuja, there were no queues at filling stations as well as there is no panic buying that is usually noticed with adjustment of fuel pump price.

This is the second time Tinubu is increasing the price of fuel since taking over the governance in less than two months.

During his inaugural speech, he pronounced the removal of fuel subsidy when a litre of PMS was being sold for N195 per litre which led to a skyrocketed price of 537 per litre.

According to reports, Nigeria spent N3.6 trillion on fuel subsidy alone in the first half of 2023. The Federal Government stated that 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.