History of Fuel Price Increase in Nigeria from 1973 to 2024

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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 2023

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

S/nRegimeYearPrice
1Gowon19736k to 8.45k
2Murtala19768.45k to 9k
3Obasanjo19789k to 15.3k
4Shagari198215.3k to 20k
5Babangida198620k to 39.5k
198839.5k to 42k
198942k to 60k
199160k to70k
6Shonekan199370k to N5
7Abacha1993N5 to N3.25
1994N3.25k to N15
1994N15 to N11
8Abubakar1998N11 to N25
1999N25 to N20
9Obasanjo2000N20 to N30
2002N30 to N22
2003N26 to N42
2004N42 to N50
2004N50 to N65
102007N65 to N75
11Yar’ Adua2007N75 to N65
12Jonathan2012N65 to N141
2015N141 to N97
2015N97 to N87
14Buhari2016N87 to N145
2021 N165 to N212
15Tinubu2023N220 to N617
History of Fuel Price Increase in Nigeria from 1973 to 2023

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One Comment

Dipps February 6, 2024 Reply

Nice article.

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