Nigeria as a nation has experienced tremendous hike in the cost of petroleum products particularly premium Motor Spirit (PMS) since inception of her independence.
As an independent nation, with the large capacity and as one of the largest producer and exporter of crude oil,It has as many times experiences scarcity of petroleum products.
Recently, pump price was hiked to N151.56  and in this write up, we want to see how Nigeria past leaders has hiked  to this point petroleum products also known as PMS in Nigeria

General Yakubu Gowon (1966-1975) ; he increased the pump price from 6k to 8.45k.

General Murtala Muhammed (1975-1976); he shoot up the price of petrol from 8.45k to 9k.

Major General Olusegun Obasanjo (1976-1979); he increased the price of petrol from 9k to 15.3k in 1978.

Alhaji Shehu Shagari (1979-1983); The civilian government hiked the price from 15.3k to 20k in 1982.

General Muhammadu Buhari (1983-1985); the price of petrol was static the same (20k). His regime did not increase the pump price.

General Ibrahim Babangida (1985-1993); The price of petrol was hiked 4 consecutive times during his regime. They are as follows;

march 31 1986 from 20k to 39.5k

April 10 1988 from 39.5k to 42k

January 1 1989 from 42k to 60k (for private vehicle)

March 6 1991 from 60k to 70k

Ernest shonekan (1993); with just 82 days in office, he hiked the price of petrol from 70k to N5 which is over 600 percent increment.

General Sani Abacha (1993-1998); The Nigerian leader first drop the pump price of petroleum on the 22nd 1993 from N5 to N3.25k, and then hiked it again on October 2nd 1994 from N3.25k to N15. But later lower it two days after from N15 to N11.

General Abdusalami Abubakar (1998-1999); been an interim president of Nigeria, he raised the pump price of petroleum from N11 to N25 on the 20th of December 1998, and on the 6th of January 1999, he brought it down to N20.

Chief Olusegun Obasanjo (1999-2007) ; As a democratically elected president, the price of petrol was hiked seven consecutive times. 

On the 1st of June 2000, it increased from N20 to N30.

On the 8th of June 2000, it reduced from N30 to N22.

On the 1st of January 2002, it rose up from N22 to N26.

In June 2003 , it increased from N26 to N42.

On the 29th of may 2004, the price hiked from N42 to N50.

On the 25th of August 2004, it was also moved from N50 to N65.

On the 27th of may 2007, the price of fuel was jacked up from N65 to N75.

Umaru Musa Yar' Adua (2007-2010); he refused to effect any upward movement on the price of petrol but instead reduced it from N75 to N65 in june 2007.

Dr Goodluck Jonathan (2010-2015) ; he increased the price of petrol three consecutive times. They are as follows;

On the 1st of January 2012, he adjusted the pump price of petrol from N65 to N141.

On the 17th of January after public uproar, he brought it down from N141 to N97.

In February 2015, he also reduced the price from N97 to N87.

President Muhammadu Buhari (2015- till date) ; The ex-military leader who has so far spent over 5 years as a democratically president has so far increased the pump price of petrol four consecutive times. They are as follows;

On the 11th of may 2016,it was hiked from N87 to N145.

On the 19th of march ( due to bad economic challenged caused by the covid-19 pandemic) , the pump price of petrol was decreased from N145 to N125.

On the of the 1st of July 2020, the price of petrol adjusted from N125 to N143.80.

On the 2nd of September 2020, the price later changed from N143.80 to N151.56 per litre.


 

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