News

From ₦198 To ₦1,000 In Just 1 Year : See The Timeline Of Petrol Price Increments In Nigeria

Published

2 years ago

October 13, 2024

Obafemee80

From ₦198 to over ₦1,000 in just 1 year : See the timeline of petrol price increments in Nigeria.

From ₦198 To ₦1,000 In Just 1 Year : See The Timeline Of Petrol Price Increments In Nigeria - autojosh

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.