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.
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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