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  • Updated: August 05, 2020

Rundown Of Petrol Pump Prices From 2000 - 2020

Rundown Of Petrol Pump Prices From 2000 - 2020

The Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the Nigerian National Petroleum Commission (NNPC), has set the pump price of Premium Motor Spirit (PMS), also known as petrol, to N138.62 per litre.

According to the memo signed by Mohammed Bello, PPMC’s Manager Sales in Abuja, the new price would come into effect from August 5, 2020.

PPMC also set the ex-coastal price of PMS (price at which petrol is sold to depot owners) at N113.70.

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PPMC also put the ex-depot price for Automative Gasoline Oil (AGO), commonly known as diesel at N160 per litre and N165 per litre, for depots in Lagos and Oghara respectively, while kerosene pump price was set at N160 per litre.

Here's a Rundown of Fuel Prices From 2000 - 2020

In June 2000, the petroleum price was set at N22 per litre by the Olusegun Obasanjo administration. Undone, it increased it further to N26 on January 1, 2002. The next year, 2003, June 23, the price moved up from N26 to N40.

The Federal Government increased the price from N40 to N50 per litre on May 29, 2004, only for it to move up again to N65 in August of the same year.

On 27 May 2007, Nigerians woke up to an increase in fuel price from N65 to N75, which led to a protest. The government then reduced the pump price to N65 per litre in June of 2007. The Umaru Musa Yar'adua administration maintained this pump price to the end of the administration.

On the 1st of January, 2012, Federal Government  led by Goodluck Jonathan announced the removal of fuel subsidy to increase the price of PMS to N141 per litre. Another protest that was tagged #OccupyNigeria happened and the government reduced the price to N97 per litre.

On 18 January, 2015, the former minister of petroleum, Mrs. Diezani Allison, annonced the reduction in the price of Premium Motor Spirit (PMS) from N97 to N87 due to the crash in price of crude oil for the International Market.

May 2016, under the Muhammadu Buhari presidency, saw the increase of petrol price from N87 to N145 per litre. The Minister of State for Petroleum, Mr. Ibe Kachikwu said the increase was made to balance the different prices Nigerians pay for fuel from the marketers as a result of fuel scarcity.

In March 2020, the crash in crude oil prices for the International Market led to a decrease in pump price of Premium Motor Spirit from N145 to N125 per litre.

After a month, the Petroleum Products Pricing Regulatory Agency (PPPRA) announced new petrol pump price band to be between N121.50 and N123.50 per litre.

On 1st of July of the same 2020, PPPRA announced the upward review of retail pump price of petrol from N121.50 to the price range of N140.80 and N143.80.

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