Here’s a breakdown of the price of petrol (PMS – Premium Motor Spirit) in Nigeria under each president, focusing on key moments of price changes from 1999 to the present. Prices are quoted in Naira per liter:
1. Olusegun Obasanjo (1999–2007)
- 1999: ₦11
- 2000: ₦22 → ₦26
- 2002: ₦30
- 2003: ₦40
- 2004: ₦42 → ₦50
- 2007: ₦65
Total increase: ₦11 → ₦65
2. Umaru Musa Yar’Adua (2007–2010)
- Maintained petrol price at ₦65
No increase during his tenure.
3. Goodluck Jonathan (2010–2015)
- 2012 (Subsidy removal attempt): ₦65 → ₦141 → ₦97 (after protests)
- 2015: ₦87
Prices fluctuated due to subsidy removal efforts but ended at ₦87.
4. Muhammadu Buhari (2015–2023)
- 2016: ₦87 → ₦145
- 2020 (COVID/Subsidy reforms): ₦145 → ₦161
- 2021–2022: Around ₦165–₦170 (varied by location)
Government claimed full deregulation but still paid indirect subsidies.
5. Bola Ahmed Tinubu (2023–present)
- May 2023: ₦185 → ₦488 (after subsidy removal announced)
- July 2023: ₦488 → ₦617
Deregulation officially began; prices now fluctuate based on market forces.
Summary Table
| President | Years | Starting Price | Ending Price | Major Change Notes |
|---|---|---|---|---|
| Olusegun Obasanjo | 1999–2007 | ₦11 | ₦65 | Multiple hikes |
| Umaru Musa Yar’Adua | 2007–2010 | ₦65 | ₦65 | No change |
| Goodluck Jonathan | 2010–2015 | ₦65 | ₦87 | Attempted removal, rolled back |
| Muhammadu Buhari | 2015–2023 | ₦87 | ₦170 (avg) | Multiple hikes, gradual subsidy phase-out |
| Bola Ahmed Tinubu | 2023–present | ₦185 | ₦617 | Full deregulation and subsidy removal |
