CHRONICLE OF PMS PRICE INCREASES IN NIGERIA

(?vis-a-vis Crude Oil price and Forex variations?)
Date
Crude
Forex (N:$) PMS price increase

Jan 1966
1 Oct 1978
20 Apr 1982
31 Mar 1986
10 Apr 1988
1 Jan 1989
19 Dec 1989
6 Mar 1991
8 Nov 1993
22 Nov 1993
2 Oct 1994
4 Oct 1994
1995-1998
20 Dec 1998
6 Jan 1999
1 Jan 2000
13 Jan 2000
1 Jan 2002
23 Jun 2003
2003
2004
27 May 2007
2007
1 Jan 2012
16 Jan 2012

$21.5/bbl
$51.6/bbl
$74.2/bbl
$29.6/bbl
$28.3/bbl
$33.2/bbl
$33.2/bbl
$33.4/bbl
$26.1/bbl
$26.1/bbl
$23.8/bbl
$23.8/bbl
$24.7/bbl to
$16.4/bbl
$16.4/bbl
$22.3/bbl
$35.8/bbl
$35.8/bbl
$28.5/bbl
$33.9/bbl
$33.9/bbl
$44.8/bbl
$69.5/bbl
$69.5/bbl
$90/bbl ?
$90/bbl ?

N0.65:$1
N0.61:$1
N0.67:$1
N2.02:$1
N4.54:$1
N7.39:$1
N7.39:$1
N8.04:$1
N17.30:$1
N17.30:$1
N22.33:$1
N22.33:$1
N21.89:$1
N21.89:$1
N21.89:$1
N21.89:$1
N85.98:$1
N85.98:$1
N113.0:$1
N127.0:$1
N127.0:$1
N130.0:$1
N125.0:$1
N125.0:$1
N165.0:$1
N165.0:$1

8.8k
8.45k to 15.3k
15.3k to 20k
20k to 39.5k (SAP/Naira devaluation)
39.5k to 42k (protest/NCL dissolved)
42k to 60k (private cars)
42k to 60k (all cars)
60k to 70k
70k to N5 (protest/coup)
N5 to N3.25
N3.25 to N15 (protest)
N15 to N11 (NLC dissolved)
N11 retained despite fall in oil price/formed PTF
to calm nerves on use of excess proceeds
N11 to N25 (protest)
N25 to N20
N20 to N30 (protest)
N30 to N22
N22 to N26
N26 to N34
N34 to N40
N40 to N45
N65 to N70 (protest)
N70 to N65 (due to protest)
N65 to N141 (protest)
N141 to N97 (due to protest)

%
increase

Regime

81%
31%
98%
6%
43%
43%
16%
614%
-35%
362%
-27%

Gowon
OBJ
Shagari
IBB
IBB
IBB
IBB
IBB
Shonekan
Abacha
Abacha
Abacha
Abacha

127%
-20%
50%
-27%
18%
31%
18%
13%
8%
-7%
117%
-31%

Abdusalami
Abdusalami
OBJ
OBJ
OBJ
OBJ
OBJ
OBJ
OBJ
Yar’adua
GEJ
GEJ

Compiled by I. U. Ibeme
For more details see:
Punch of 8th January 2012 or http://www.punchng.com/politics/the-many-intrigues-of-fuel-price-protests/
Inflation Data http://inflationdata.com/inflation/inflation_rate/historical_oil_prices_table.asp
Nairaland http://www.nairaland.com/nigeria/topic-498412.0.html

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