A FEW Nigerians will remember that between January 1966 and September 30,1978, the price of a liter of petrol was 8.8 kobo. And the story of the hikes began in 1973, when the military government of Gen. Yakubu Gowon increased the price of petrol to 9 kobo per litre. Nigerians agitated but could not raise enough resistance.
On October 1, 1978 the then head of state, Gen. Olusegun Obasanjo increased the price to more than 15 kobo per litre.
Between 1978 and January 1, 2011 the price of petrol had undergone changes.
What many will remember is that the politics and economics of the removal of oil subsidy crept into the national lexicon in 1986 during the military administration of Gen. Ibrahim Babangida. On his way to initiating what would a major intervention in the pump price of petrol, the then military president had told Nigerians that due to the devaluation of the national currency, the domestic price of fuel had become unreasonably cheap and was therefore burdensome to the government’s purse! The price of petroleum products was therefore going to be raised to 70 kobo per litre. ...Read More...