Natty-p/Nigeria-Fuel-Price-Analysis-Report

A Trend Of fuel prices in Nigeria, 2021– August, 2025 # Nigeria-Fuel-Price-Analysis-Report A Trend Of fuel prices in Nigeria, 2021– August, 2025 ## Overview This analysis explores spatial and temporal patterns in petrol (PMS) prices across Nigeria using state level observations indexed by date. We focus on how prices evolve over time, how they differ by location, and where volatility concentrates. The goal is to produce decision ready insights that support policy evaluation, budgeting, supply planning, and stakeholder communication. ## Things You Really Need to Know Fuel prices in Nigeria tell a story, not just about costs at the pump but about economic decisions, political shifts, and global oil markets. From the early days of modest adjustments to the shockwaves of major reforms, these price changes have affected the lives of everyday Nigerians. Nigeria's economy, heavily reliant on crude oil exports as a primary source of revenue, significantly influences how fuel pricing policies, including subsidies, are developed and implemented. Let’s walk through the significant moments from 1973 to 2024 that shaped the fuel pricing landscape and examine how oil barrel prices played a pivotal role in this narrative. ## Key takeaways 1. 1986: Fuel prices jumped to₦0.395 as General Babangida implemented the Structural Adjustment Program, with oil barrels priced at roughly $15 amidst global economic uncertainty. 2. 1993: Chief Ernest Shonekan's government sparked public outrage by raising prices by 614% to ₦5.00 per liter when oil was hovering around $18 per barrel. 3. 2007: The President Yar'Adua administration reduced the price of fuel to₦65.00, the only government to do so. 4. 2012: Under President Goodluck Jonathan, prices spiked to ₦141 per liter due to subsidy cuts, while oil barrels were trading at about $110, triggering mass protests. 5. 2023: The subsidy removal by President Bola Tinubu saw prices soar to₦617 per liter as oil hovered at $75 per barrel, caused by a shift towards market-driven policies. 6. 202 …