Nigeria is largely a net importer of fuel and other petroleum products such as petrol (PMS), kerosene (HHK), diesel (AGO) and aviation kerosene (ATK).
The huge demand for these products and inadequate supply has led to successive governments in Nigeria attempting to subsidise the product for the benefit of its people.
An examination of fuel pump prices in Nigeria shows that since 1973 under General Yakubu Gowon, there has been a gradual increase in the pump price of the product. Here is the timeline
Gen. Yakubu Gowon-1973: 6k to 8.45k (40.83%)
Late Gen. Murtala Muhammed -1976: 8.45k to 9k (6.5%)
Gen. Olusegun Obasanjo -October 1,1978: 9k to 15.3k (70%)
Late President Shehu Shagari-April 20,1982: 15.3k to 20k (30.72%)
Gen. Ibrahim Babangida-March 31, 1986: 20k to 39.5k (97.5%)
Babangida-April 10, 1988: 39.5k to 42k (6.33%)
Babangida-January 1, 1989: 42k to 60k (42.86%)
Babangida– March 6, 1991: 60k to70k (16.67%)
Mr. Ernest Shonekan(Interim Government, 82 days in power)-November 8, 1993: 70k to N5 (614.29%)
Late Gen. Sani Abacha– November 22, 1993: N5 to N3.25k (price dropped 35%)
Abacha-October 2, 1994: N3.25k to N15 (361.54%)
Abacha-October 4, 1994: N15 to N11 (price dropped 26.67%)
Gen. Abdulsalami Abubakar-December 20, 1998: N11 toN25 (127.27%)
Abubakar-January 6, 1999: N25 to N20 (price dropped 25 %) President Olusegun Obasanjo -June 1, 2000: N20 to N30 (50%)
Obasanjo-June 8, 2000: N30 to N22(price drops 26.67%)
Obasanjo-January 1, 2002: N22 to N26 (18.18%)
Obasanjo-June, 2003: N26 to N42 (61.54%)
Obasanjo-May 29, 2004: N42 to N50 (19.05%)
Obasanjo-August 25, 2004: N50 to N65 (30%)
Obasanjo-May 27, 2007: N65 to N75 (15.39%)
Yar’ Adua-June, 2007: back to N65 (price drops 15.39%)
President Goodluck Jonathan -January 1,2012: N65 to N141 (116.92%)
Jonathan – January 17, 2012: N141 to N97 (Price drops 31.21%)
Jonathan – February, 2015 N97 to N87 (price drops 10.31%)
President Muhammadu Buhari – May 11, 2016: N87 to N145 (66.67%)
Buhari: June 2020: N121.50–N123.50 per litre; July: N140.80-N143.80; August: N148-N151..
Buhari- September 2, 2020: From N151 to N160-N164 per litre
Between March 1986 and March 1991, the Babangida administration increases the pump price of petrol four times; Abacha reduces the price in November 1993 and October 1994 respectively and increases it once in October 1994; Abubakar increases it once in December 1998, reduces it in January 1999.
On June 1, 2000, Obasanjo increases the pump price of petrol, reduces it on June 8, thereafter increases it five times between January 2, 2002 and May 27, 2007.
The Jonathan administration increases the price once on January 1, 2012, reduces it twice between January 17, 2012 and February 2015.
Yar’Adua was the only president who did not increase pump price of fuel.
He reduced it from N75 to N65.
