Fuel prices in Nigeria have always been a delicate issue, riding the waves of politics, economics, and public outcry. From modest kobo hikes in the 1970s to the shocking leaps of the 2020s, it’s clear that when it comes to fuel, the price only seems to go one direction—up.
Here’s a chronicle led by a cast of presidents each playing their part in this long-running production.
General Yakubu Gowon (1973): Introduced the first notable hike, moving the price from 6 kobo to 8.45 kobo, a 40.8% increase that set the stage for the future.
Average crude oil price: Around $2.70 per barrel.
Context: The oil crisis of 1973 saw prices rise globally, but prior to the crisis, oil prices were low.
General Murtala Mohammed (1976): With only a slight adjustment, he raised it from 8.45 kobo to 9 kobo (0.59%), keeping the impact minimal but showing the gradual trend upward.
Average crude oil price: Around $12.21 per barrel.
Context: Post-1973 oil crisis, prices had climbed significantly, and Nigeria was benefiting from the increased revenue.
General Olusegun Obasanjo (1978): Took a larger leap, increasing the price from 9 kobo to 15.3 kobo (70%)—a significant move that continued under his civilian and military regimes.
Average crude oil price: Around $14.85 per barrel.
Context: Global oil prices remained elevated due to OPEC’s influence and regional instability.
President Shehu Shagari (1982): The price jumped to 20 kobo from 15.3 kobo, reflecting a 30.71% increase during his democratic leadership.
Average crude oil price: Around $33.80 per barrel.
Context: Early 1980s saw high oil prices, but a global recession and reduced demand later caused prices to dip.
General Ibrahim Babangida (1986–1991): Babangida was notorious for multiple increments, with a whopping 97.5% rise in 1986, and further adjustments that brought it to 70 kobo by 1991.
Average crude oil price: Around $14.44 per barrel (1986) to $20 per barrel (1991).
Context: Oil prices dropped significantly in the mid-1980s due to a supply glut.
Chief Ernest Shonekan (1993): Fuel prices skyrocketed from 70 kobo to ₦5 in his brief tenure, marking an astronomical 614% increase.
Average crude oil price: Around $16.20 per barrel.
Context: Prices remained relatively low during this period due to oversupply and weak demand.
General Sani Abacha (1993–1994): Reduced prices to ₦3.25 and then raised them again to ₦15, with a 361.54% hike followed by a correction to ₦11.
General Abdulsalami Abubakar (1998): Under his rule, the prices jumped significantly from ₦11 to ₦25 (127.27%) before a correction back to ₦20.
Average crude oil price: Around $17 per barrel.
Context: Prices were recovering from the Asian financial crisis.
President Olusegun Obasanjo (1999–2007): In his second coming, Obasanjo’s administration saw fuel prices fluctuate wildly—from ₦20 to ₦75 by 2007.
Average crude oil price: Between $20 per barrel (1999) to around $75 per barrel (2007).
Context: Global oil prices steadily rose, driven by increasing demand from China and geopolitical tensions in the Middle East.
President Umaru Musa Yar’Adua (2007): Reversed the last Obasanjo hike, bringing it back to ₦65.
Average crude oil price: Around $72 per barrel (2007) to $79 per barrel (2009), with a significant dip to $43 in 2009 during the global financial crisis.
Context: Prices fluctuated due to the 2008 financial crisis.
President Goodluck Jonathan (2012): His tenure saw dramatic changes, with prices spiking from ₦138 to ₦250 at one point, and later dropping to ₦87.
Average crude oil price: Around $79 per barrel (2010) to $53 per barrel (2015).
Context: Prices surged above $100 in 2011–2014 but plummeted toward the end of his tenure due to oversupply and weaker demand.
President Muhammadu Buhari (2016–2020): Buhari oversaw several major price shifts, most notably the increase to ₦145 in 2016, with minor reductions during the COVID-19 pandemic.
Average crude oil price: Around $40 to $60 per barrel.
Context: Prices were low in 2016 due to an oil glut but recovered in subsequent years. The COVID-19 pandemic caused a sharp decline in prices in 2020.
President Bola Tinubu (2023): Tinubu’s fuel policies have caused the most drastic increases yet, from ₦195 to ₦897 within a span of 16 months—a staggering 145.38% jump.
Average crude oil price: Around $72 to $85 per barrel.
Context: Prices have fluctuated due to post-pandemic demand recovery and geopolitical tensions, including the Russia-Ukraine war.
From the era of kobo to the astronomical naira hikes, Nigerian fuel prices have been a symbol of the country’s shifting economic landscape. Whether due to international oil markets, domestic subsidy reforms, or political decisions, one thing remains clear—fuel hikes are as inevitable as the sunrise. However, with these constant jumps, one can only hope that the road to a more stable economy won’t leave Nigerians stranded at the pump.