“And as minister of petroleum, I signed the contract for Warri Refinery, for Kaduna Refinery, for more than 20 depots all over the country, for laying of pipelines, more than 3200 kilometres and I couldn’t recall Nigeria borrowing a kobo for those projects. And then, by the time I became head of state, because I went to War College in the United States before the military handed over to the Second Republic and came back in 1980 and then, there was coup at the end of 1983. And that time, you can verify from Professor Tam David-West who was Minister of Petroleum Resources. We were exporting 100,000 barrels per day of refined products because we had four refineries then”. GMB

THE HISTORY OF FUEL SUBSIDY IN NIGERIA

TABLE 2: Detailed Table of Premium Motor Spirit (PMS) price increases 1978-2014

YEAR PRICE PER LITRE IN NAIRA THE PERSON IN POWER
1978 O.5 OBASANJO
1982 0.20 SHAGARI
1983 0.20 SHAGARI
1984 0.20 MUHAMMADU BUHARI
1985 0.20 MUHAMMADU BUHARI
1986 0.395 IBB
1987 0.395 IBB
1988 0.395 IBB
1989 0.395 IBB
1990 0.60 IBB
1991 0.70 IBB
1992 3.25 IBB
1993 11.00 IBB
1994 11.00 ABACHA
1995 1100 ABACHA
1996 11.00 ABACHA
1997 11.00 ABACHA
1998 11.00 ABACHA / ABDUSALAMI
1999 20.00 ABDUSALAMI /OBASANJO
2000 22.00 OBASANJO
2001 26.00 OBASANJO
2002 30.00 OBASANJO
2003 40.00 OBASANJO
2004 55.00 OBASANJO
2005 60.00 OBASANJO
2006 65.00 OBASANJO
2007 70.00 OBASANJO / YAR’ ADUA
2008 65.00 YAR’ ADUA
2009 65.00 YAR’ ADUA
2010 65.00 YAR’ DUA / JONATHAN
2011 65.00 JONATHAN
2012 120.00 JONATHAN
2013 120.00 JONATHAN
2014 120.00 JONATHAN

Modified Table Adapted from Professor Bolaji Aluko and Ike Okwuobi who provided the Naira –to dollar exchange rates for the years 1978-2012.

clued from : THE GMB PHENOMENON , CHAPTER 4; PAGES 56-57.

11 MAY 2016 :
New Price of 145 Naira !!!

My take: Fantastically bewildered !!!!!!!!!!!!

http://nigeriapoliticsonline.com/history-fuel-subsidy-nigeria/