By Waliu Adeyeri
Buhari has increased fuel price by 144.38% in the past 5 years compared to former President Jonathan’s 33.85%
The price of petroleum in Nigeria has faced a lot of upward review, that we must say is undeserving considering the fact that it is a product of Nigeria’s major source of wealth, ‘crude oil.’
Another news that greeted many Nigerians today is the announcement by Petroleum Products Pricing Regulatory Agency, PPPRA, officially confirming that petrol price should be sold at N212.61 per litre in March, 2021.
A close look at the timeline of the price of fuel in Nigeria shows that president Buhari has increased the petrol price by 144.38% since he attained position in 2015 while former President Jonathan increased the price by 33.85% from 2012-2015.
Timeline of Fuel price in Nigeria from 1979 to date
Here is a timeline of the fuel price in Nigeria from 1979-2021 culled from Auto Josh
1979 – 1983: Alhaji Sheu Shagari inherited 15.3k per liter from General Olusegun Obasanjo’s Military rule. He increased the price by 30.7% to 20k. The Military took over as General Muhammad Buhari became the head of state.
Gen. Buhari did not review the price. The price remained 20k/litre until 1983 during the arrival of Gen. Ibrahim Babangida.
1985-1993: Babangida raised the price several times during his administration from 20k to 39.5k, 42k, 60k and finally handed down 70k to Earnest Shonekan in 1993.
1993 (Highest Price Hike Ever): During his tenure, Earnest Shonekan recorded the highest price hike ever in the history of petrol price in Nigeria. He increased the price by 614.29% from 70k – N5/per litre.
1993-1998: The Military Government led by Gen. Sanni Abacha started on an attractive note by reducing the price by 35% from N5 to N3.25k per litre. In October 1994, he reviewed the price twice from N3.25 to N15 and finally handed down N11 to his successor, Gen. Abdulsalam Abubakar.
1998-1999: The interim president, Gen. Abdulsalam Abubakar, reviewed the price of Petrol twice from N11 to N25 and handed down N20 per litre to Civilian president Olusegun Obasanjo in 1999.
2000-2007: Olusegun Obasanjo reviewed the price of petrol 7 times from N20 to N30, N22, N26, N42, N50, N65, and N75 on May 2007.
2007-2012: The price of petrol stabled at N65 per later under President Umar Musa Yar’dua. The price of petrol remained at N65 after his demise and Vice President, Goodluck Ebele Jonathan took over until the second year of Jonathan’s tenure, 2012.
2012-2015: The removal of fuel subsidy in January 1, led to the rise of petrol price by 116.9% from N65 to N141 per litre. The price reviewed twice and it was reduced from N141 to N97 and N87.
2015-March 2021: Under the Buhari-led administration, the price of petrol has faced a number of review from N87 per litre handed down by the previous administration to N145 in 2016, N125/litre in May, 2020, N166.36/litre in January, 2021 and in the month of March, it is now sold at N212.61/litre.
A critical look into this breakdown shows that from 1979-2021 the price of petroleum in Nigeria has increased by 106,205% from 70k to N212.61k/litre.
Also, comparison between the present administration and Goodluck Jonathan’s show that during the tenure of President Muhammad Buhari, the price had increased drastically by 144.38% from N87 per litre in 2015 to N212.61/litre in March, 2021.
While Jonathan’s administration only recorded 33.85% increment from N65 to N87.