According to industry data, if the Nigerian government stops subsidy on Premium Motor Spirit (PMS) in June as planned, petrol consumers may pay up to N8.4tn between July and December 2023.

This represents a 250% increase from the N2.4tn consumers would spend during the same period if the subsidy regime were to continue.

Oil marketers have projected that the average cost of petrol could rise to about N700/litre from July, should the subsidy be terminated.

This would imply that Nigerians would pay about N46.2bn daily for petrol, which translates to approximately N1.4tn monthly and N8.4tn in six months.

 However, the President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, warns that if the refineries are not working and Nigeria depends on imports, the price of petrol could rise even above the projected N700/litre.

source; the punch
link;https://punchng.com/subsidy-removal-spending-on-petrol-may-jump-250-to-n8tn/