The Nigerian government increased the fuel price from N140.80 to N143.80 per liter.
The Petroleum Products Pricing Regulatory Agency (PPPRA) announced an additional 16 percent of the fuel price in a statement released by its president on Wednesday.
In early April 2020, the Nigerian government announced a reduction in the price of fuel to N140 per liter.
For more than 20 years, the fuel price has never been stable in Nigeria. Sometimes it goes up other times it goes down. But for the most part the price has steadily been on the increase.
The price of fuel between 2000 – 2020
In June 2000, fuel was priced at N22 for one liter.
On January 1, 2002, the price increased from N22 to N26 per liter.
On June 23, 2003, the government increased the price from N26 to N40 a liter.
On May 29, 2004, the federal government increased the price if fuel from N40 to N50 per liter.
August 2004, the price changed again from N50 to N65 over a liter.
On May 27, 2007, people would have to pay N75 for a liter of petrol, but Nigerians protested, which resulted in a reduction to N65 per liter in June 2007.
On January 1, 2012, the federal government announced a price of fuel to N141 per litre. Protest were held, thousands came out in protest against the hike which led to the #OccupyNigeria protests took place. Due to pressure from Nigerians and the NLC the reduced the price to N97.
18 January 2015 – Due to the fall in global oil price, former Minister of Petroleum, Diezani Allison Madueke reduced the price of fuel from N97 to N87.
In May 2016, the price increased again to N145 per liter, the Minister of Petroleum, Ibe Kachikwu said the call was made to regulate Nigeria’s imports from crude oil because of the shortage of fuel.
Nigeria is one of the leading exporters of crude oil but the government’s reasons for increasing the prices are often unrelated to the fluctuations in the global market.
“After analyzing the market situation of the oil market in June and looking at how much oil marketers are spending on buying oil, we recommend an extra charge of oil from N140.80 to N143.80 per liter from July 2020,” This is according to a statement released by the PPPRA in a statement issued on July 1, 2020.
The statement advised all oil marketers to sell the oil in accordance with PPPRA pricing.