From Gowon To Tinubu: The Biggest Fuel Price Hikes In Nigeria’s History

The Nigeria National Petroleum Company Limited (NNPCL) has adjusted the petrol pump price at its filling stations to ₦897 per liter.

Naijaonpoint reports that this is coming two days after the Nigeria-owned oil company cried out that its operations of solely importing refined petrol into the country have been hit by financial restraints.

With the recent surge in fuel prices to ₦897 per liter, fuel costs have skyrocketed by 460% over the past 15 months, marking a significant increase since President Bola Tinubu took office on May 29, 2023.

This latest adjustment is the 30th instance of a fuel price hike in the 51 years since General Yakubu Gowon’s initial increase in 1973, which saw the price rise from 6 kobo to 8.45 kobo.

Major Fuel Price Hikes in Nigeria

1. Shonekan (1993): From 70 kobo to ₦5 (614.29%)

2. Abacha II (1994): From ₦3.25 to ₦15 (361.54%)

3. Tinubu (2023): From ₦195 to ₦557 (282.74%)

4. Tinubu (2024): From ₦617 to ₦897 (145.38%)

5. Abubakar I (1998): From ₦11 to ₦25 (127.27%)

6. Buhari’s Term (2020): From ₦87 to ₦195 (124%)

7. Jonathan I (2012): From ₦65 to ₦141 (116.92%)

8. Tinubu (2023): From ₦557 to ₦617 (110.77%)

Timeline of Fuel Price Adjustments in Nigeria

– Gowon (1973): From 6 kobo to 8.45 kobo (40.83%)

– Murtala (1976): From 8.45 kobo to 9 kobo (6.5%)

– Obasanjo (1978): From 9 kobo to 15.3 kobo (70%)

– Shagari (1982): From 15.3 kobo to 20 kobo (30.72%)

– Babangida I (1986): From 20 kobo to 39.5 kobo (97.5%)

– Babangida II (1988): From 39.5 kobo to 42 kobo (6.33%)

– Babangida III (1989): From 42 kobo to 60 kobo (42.86%)

– Babangida IV (1991): From 60 kobo to 70 kobo (16.67%)

– Shonekan (1993): From 70 kobo to ₦5 (614.29%)

– Abacha I (1993): From ₦5 to ₦3.25 (price decreased by 35%)

– Abacha II (1994): From ₦3.25 to ₦15 (361.54%)

– Abacha III (1994): From ₦15 to ₦11 (price decreased by 26.67%)

– Abubakar I (1998): From ₦11 to ₦25 (127.27%)

– Abubakar II (1999): From ₦25 to ₦20 (price decreased by 25%)

– Obasanjo I (2000): From ₦20 to ₦30 (50%)

– Obasanjo II (2000): From ₦30 to ₦22 (price decreased by 26.67%)

– Obasanjo III (2002): From ₦22 to ₦26 (18.18%)

– Obasanjo IV (2003): From ₦26 to ₦42 (61.54%)

– Obasanjo V (2004): From ₦42 to ₦50 (19.05%)

– Obasanjo VI (2004): From ₦50 to ₦65 (30%)

– Obasanjo VII (2007): From ₦65 to ₦75 (15.39%)

– Yar’Adua (2007): From ₦75 to ₦65 (price decreased by 15.39%)

– Jonathan I (2012): From ₦65 to ₦141 (116.92%)

– Jonathan II (2012): From ₦141 to ₦97 (price decreased by 31.21%)

– Jonathan III (2015): From ₦97 to ₦87 (price decreased by 10.31%)

– Buhari (2016): From ₦87 to ₦145 (66.67%)

– Buhari’s Term (2020): From ₦87 to ₦195 (124%)

– Tinubu (2023): From ₦195 to ₦557 (282.74%)

– Tinubu (2023): From ₦557 to ₦617 (110.77%)

– Tinubu (2024): From ₦617 to ₦897 (145.38%)