Consumers of Premium Motor Spirit, also known as gasoline, may have to spend roughly N8.4 trillion between July and December 2023 if the Federal Government stops subsidizing PMS in June, according to recent research and industry data.
This amounts to a roughly 25% increase above the N2.4 trillion in PMS that customers would have purchased during the same time period had the government decided to maintain the subsidy scheme.
Oil marketers noted that, should fuel subsidies stop in June as anticipated by the Federal Government, the average price of gasoline might increase to roughly N700/litre starting in July.