Petrol Prices in Nigeria Surge from ₦20 to Over ₦1,000
Since Nigeria's return to democratic governance in 1999, the price of Premium Motor Spirit (petrol) has dramatically increased from approximately ₦20 per litre to over ₦1,000 per litre by 2026. Initially, petrol was priced at ₦20 when Olusegun Obasanjo began his administration on May 29, 1999.
The price had previously been adjusted by General Abdulsalami Abubakar's administration from ₦11 to ₦25 in December 1998, then reduced to ₦20 in January 1999. In June 2000, Obasanjo's government raised the price to ₦30, leading to protests, which resulted in a reduction to ₦22.
Over the years, the price fluctuated, with significant increases occurring during Obasanjo's second term. The removal of the petrol subsidy by President Bola Tinubu in May 2023 marked a shift to a market-driven pricing system, resulting in varying prices across states and suppliers.
This issue remains politically sensitive due to its impact on transportation, food prices, and the overall cost of living.
Plus234Feed summary based on reporting from Naijanews. Read the original report below.
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