FINALLY, THE SUBSIDY HAS BEEN REMOVED AS THE NNPC SELLS GASOLINE IN ABUJA AT N537 PER LITER.

* In Lagos, N488; in Port Harcourt, N511.

Nigeria has officially increased the price at the pump in Abuja to N537 per litre as of Wednesday morning, ending the country’s subsidy on premium motor spirit (PMS), also known as gasoline.

In Lagos State, where NNPCL presently sells fuel at its station for N488 per litre,

Old Ota Road in Abule-Egba, Lagos sells for N511 per litre on Wednesday, while the NNPC Mega Station’s Lagos Bus Stop in Port Harcourt charges N511.

Pump prices at NNPC stations in Plateau State are currently #537 per liter.

After the contentious fuel subsidy, which cost approximately $10 billion a year, was eliminated, the national oil company’s modification has clarified pricing.

Since NNPC is currently Nigeria’s only source of gasoline, other marketers are now anticipated to follow in NNPC’s footsteps and raise their own pump prices this morning.

According to analysts, the fact that NNPC has implemented different pump pricing for various locations may indicate that not only has the subsidy ended, but also the inefficient price equalization process that made sure that the official price of gasoline was the same throughout Nigeria.

Although the FX conversion rate that NNPC used to determine the pump price is unknown, it may have been approximately N600/$.

In a lengthy meeting on the contentious issues of gasoline subsidies and fluctuating foreign exchange rates, President Bola Tinubu, who returned to Aso Rock on Tuesday afternoon, was joined by the CGEO of the NNPC and CBN governor Godwin Emefiele.

After Tinubu declared in his inaugural speech that subsidies were no longer in effect and that the CBN had been ordered to abolish the multiple exchange rates regime, this occurred.