The price of Premium Motor Spirit, in the early hours of Tuesday, again increased to about N617 per litre.

A visit to a Nigerian National Petroleum Company (NNPC) filling station in the Central area of Abuja by Daily Trust confirmed that the fuel price has been adjusted from N539 per litre.

“It is true, I just bought at N617 per liter,” another consumer confirmed to the platform

The immediate reason could not be ascertained but it is not unconnected to the recent projections by oil marketers that fuel price may hit N700 per litre soon.

NNPC filling stations in Abuja witnessed brief queues, particularly the one located along Murtala Mohammed Express road, Kado, which remained shut for some few hours as the Petrol attendants adjusted their fuel pumps to reflect the new price of 617 naira.

READ ALSO: June 12: I Feel Nigerians’ Pain Following Fuel Subsidy Removal – Tinubu

Recall that President Bola Ahmed Tinubu, during his inauguration, announced the removal of fuel subsidy which pushed fuel price from N195 per litre to 537 per litre.

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

However, 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.