History of Fuel Price Increase in Nigeria from 1973 to 2024

The rising price of petrol have always been a delicate issue in Nigeria, affecting the waves of politics and economics. Of particular note is the effect abrupt changes on fuel prices controls the inflates of our local commodities. For instance, since President Tinubu removed subsidy in 2023, prices of food commodities (such as rice, garri and beans) are reported to have surged by over 130%.

For Nigerians, 1956 marks the discovery of oil in Oloibiri – a picturesque town of Bayelsa state. Since then, black gold has been the major vertebra of Nigeria’s economy. As early as the ’70s, Nigeria was raking billions of Naira from oil, so much so that, General Yakubu Gowon famously declared, “Money is not Nigeria’s problem; but how to spend it.”

In what many research papers have highlighted as “the oil conundrum”, Nigeria’s crude oil resource has not been living its potential. Raging oil theft, deep-seated corruption and the inability of Nigeria to produce its own refinery are some of the main reasons for this disaster.

Over the years, Nigeria has been selling its populace fuel at a subsidized rate to assuage the impact of importation costs. But, what happens when a government says a definite NO to subsidy? What happens when the price of our oil is at the mercy of the US dollar? This is what happens….

Highlight of Fuel Price Increase in Nigeria from 1973 to 2024

The table below shows the petrol Price Increment under the regime of the present and past leaders.