The fuel pump price also known as the premium motor spirit has jerked up since the inauguration speech of the Nigerian President to remove fuel subsidy on May 29.
Nigeria being the largest producer of crude oil in Africa sells fuel at one of the cheapest rates on the continent. The subsidy has been a major economic intervention tool used by the government to relieve its citizens of the cost burden of fuel since the 70s.
Ever since then, the Nigerian population and other neighbouring countries have enjoyed a massive benefit from fuel subsidies by buying at a rate below the cost of production.
After the removal of the fuel subsidy, prices went up. Fuel pump prices went from 209 naira to an average of 534 naira in the North East region, while other regions also saw a hike in price.
Thoughts?
We won't share your email address. All fields are required.
