How fuel prices rose 6 kobo-N650/litre from 1973 to 2024

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Nigeria, Africa’s largest oil producer, has been struggling with the issue of fuel pricing for decades.

The country has experienced several episodes of fuel scarcity, subsidy removal, protests, and deregulation, as different governments have tried to balance the interests of the consumers, the marketers, and the state.

The history of fuel price changes in Nigeria can be traced back to 1973 when the military regime of General Yakubu Gowon increased the pump price of petrol from 6 kobo to 8.45 kobo per litre.

Since then, the price of petrol has been adjusted by successive governments, often sparking public outcry and resistance. READ MORE

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