Nigerians spent N110.5bn to import premium motor spirit (PMS) and diesel-powered used vehicles from the United States (US) and the United Arab Emirates (UAE) between April and June 2024.
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This is despite the rising cost of PMS and the call for Nigerians to adopt or convert their car engines to run on Compressed Nature Gas (CNG) which is a cheaper alternative fuel.
The cost of PMS has surged since the removal of subsidies on PMS and the prices of PMS are between N898 to N1,019 per litre across Nigeria.
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