The cost of fuel pump increased from N87 per litre as of December 2015 to N165.77 by December 2021, showing an increase of 90.54 per cent. This is according to the Fuel Pump Price Per Litre – Average (PMS) data from the Central Bank of Nigeria. In 2021, the NNPC said fuel subsidy gulped N1.43tn, although there was no record for under-recovery in January. This means that the cost of fuel subsidy rose by 365.92 per cent within the six-year period. According to the oil firm, fuel subsidy gulped N210.38bn, N219.78bn, and N245.77bn in January, February, and March 2022 respectively.

Source: Punch May 08, 2022 15:31 UTC