Over the years price of petrol as been regulated by various successive governments in Nigeria. In 2012 the Federal government announced the complete removal of petrol subsidy (Petrol was priced at N141 naira per liter ) which lead to a nationwide protests after which the government agreed to a partial removal of subsidy (Petrol was priced at N97 naira per liter ).
In Jan 2015 government announced a price decrease in the regulated price of petrol (Petrol was priced at N87 naira per liter ). In January 2016 government also announced another price decrease (Petrol was Priced at N86.50 naira per liter )
Today the country is currently experiencing fuel supply challenges , government has announced a new price hike on 11th may 2016 signaling the removal of petrol subsidy (Petrol now priced at N145 naira per liter ).
Will this new policy finally ease supply challenges and stimulate more investment into the petroleum sector??????