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From ₦198 To ₦1,000 In Just 1 Year : See The Timeline Of Petrol Price Increments In Nigeria
From ₦198 to over ₦1,000 in just 1 year : See the timeline of petrol price increments in Nigeria.
Nigerians continue to groan on the hardship caused by the removal of fuel subsidy by this current administration on May 29th 2023, which pushed the pump price of petrol from ₦198 to over ₦1,000 in a spate of 18 months.
Since Tinubu announced an end to subsidy during his inaugural address last year, the Nigerian National Petroleum Company Limited (NNPCL) has reviewed the petrol pump price more than five times.
To reduce our dependence on the readily available but costly motor fuel, the Federal Government has presented cheaper alternatives, including the Compressed Natural Gas, which currently sells for between ₦200-₦300 per KG.
AutoJosh wants you to see how the price of a litre of Premium Motor Spirit (petrol) has increased in the space of over 50 years – from the military era to this present time.
Millitary Rule
General Yakubu Gowon
From 6kb to 8.45kb
Military Rule
General Murtala Muhammad
From 8.45kb to 9kb
Military Rule
General Olusegun Obasanjo
From 9kb to 15.3kb
Democracy
Shehu Shagari
From 15.3kb to 20kb
Military Rule
General Muhammadu Buhari
From 20kb to 20kb
Military Rule
General Ibrahim Babangida
From 20kb to 39.5kb to 42kb to 60kb to 70kb
Interim Government
Ernest Shonekan
From 70kb to ₦5
Military Rule
General Sanni Abacha
From ₦5 to ₦3.25kb to ₦15 to ₦11
Military Rule
General Abdulsalami Abubakar
From ₦11 to ₦25 to ₦20
Democracy
Olusegun Obasanjo’s 8 years
From ₦20 to ₦30 to ₦22 to ₦26 to ₦42 to ₦50 to ₦65 to ₦75
Democracy
Umaru Musa Yar’Adua
From ₦75 to ₦65 (Price drops)
Democracy
Goodluck Jonathan
₦65 to ₦141 (1st Of January New year present)
Back to ₦97 (after labour strike)
Then ₦87 (with the 2015 Election approaching)
Democracy
Muhammadu Buhari
From ₦87 to ₦145+ to ₦197
Democracy
Bola Ahmed Tinubu
From ₦197 to over ₦1,000 in just 18 months (2023-present)
At this rate, Nigerians, especially the motorists, may end up paying over ₦4,000 to buy a litre of petrol by the time this current administration ends on May 29th 2027.
