THE EVOLUTION OF PETROL PRICES OVER THE LAST DECADE Over the past 10 years, the Federal Government, in partnership with The Petroleum Products Marketing Company (PPMC), has made several changes to the pump price of Premium Motor Spirit, also known as petrol. 2012 The Federal Government, under the presidency of Goodluck Jonathan, announced the end of fuel subsidies on New Year’s Day. Therefore, the price of fuel was increased from N65 to N140. During the second week of protesting and the labor union strike, the President reinstated a partial subsidy which will bring the price to N97 per liter. 2015 The Federal Government announced a reduction in the fuel price of petrol from N97 per litre to N87 per litre. 2016 On Wednesday, May 11, 2016, The Federal Government, under President Muhammadu Buhari, announced an increase in the fuel price of petrol from N87 per litre to N145 per litre. 2020: March On Wednesday, March 18, President Buhari approved an immediate reduction in the pump price of petrol, from N145 to N125 per litre. 2020: June At the beginning of the month of June, there was a minor adjustment of fuel price as it was fixed at N121.50 per litre from N123.50 per litre in May. 2020: July The Petroleum Products Pricing Regulatory Agency (PPPRA) announced a new price band of N140.80 - N143.80 per litre for petrol. The new price in July represents an over N20 per litre increase. 2020: September The Federal Government has announced yet another increase in the new pump price of to N151.56k per litre with effect from Wednesday, September 2, 2020. CTA: How has the constant change in fuel prices in the last decade affected you?
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