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History of fuel Price increases in Nigeria.

History of fuel Price increases in Nigeria.

Since President Buhari comes into power there is a lot of petroleum shortage in the whole country as it happens to the previous governments.

May be that’s why Buhari’s government remove the petroleum subsidy last week. Though it was not the first time government increase the price of tried to remove subsidy in nigeria.

That’s why aasuktek decided to post list of governments that increase to decrease the price of petroleum since 1973.

In 1973 Yakubu Gowon increase the price which in the first price increase in nigeria, from 8 kobo to 9 kobo per litter which is 0.59%.

On 1st Octobar 1978 General Olusegun Obasanjo increase the price from 9 kobo to 15.3 kobo per litter which is 70% .

On 20th April 1982, Alhaji Shehu Shagari increase from 15.2 kobo to 20 kobo per litter, Which is 30.71% .

On 31th March 1986 General Ibrahim Babangida increase from 20 kobo to 39.5 kobo per litter, which is 97.5%.

General Ibrahim Babangida increase it again on 10 April 1988, from  39.5 kobo to 42 kobo , which is 6.33% .

On 1st January 1989, General Ibrahim Babangida Increase it again 42 kobo to 60 kobo to private cars only.

On 19th December 1989 he made the price to every one and increase it from 60 kobo to 70 kobo on 6 March 1991. which is 16.67%.

Chif Ernest Shonekan increase it on 8th November 1993, from 70 kobo to 5 Naira which is 614%.


On 22nd November 1993 General Sani Abacha Decrease the price from 5 naira to 3.25 naira. Decrease of 35%.

On 2nd October 1994 General Sani Abacha Increase it from 3.25 naira to 15 Naira. Which is 361.54%

On 4th October 1994 General Sani Abacha Decrease it from 15 naira to 11 naira, Decrease of 26.67%.

General Abdussalam Abubakar Increase it from 11 naira to 25 naira. Which is 127.27 % on 20th December 1998.

On 1st January 1999 Decrease the price from 25 naira to 20 naira, decrease of 25%.

Chif Olusegun Obasanjo Increase it from  20 naira 30 naira on 1st June 2000 which is 50%.

On 8th June 2000 Obasanjo decrease it from 30 naira to 22 naira, Decrease of 10%.

Obasanjo increase it again from 22 naira to 26 naira On 1st  January 2002.

On 1st June 2003 Obasanjo increase it again from 26naira to 42naira which is 23.08%.

On 29th May 2004 again Chif Obasanjo increase it from 26 naira to 50 naira, which is increase of  19.05%.

On 25 August 2004 Obasanjo again increase it  to 65 naira which is 30%.

The last increase that obasanjo made is On 27th May 2007, he increase it to 75 naira, which is 15.38%.

Late President Umaru Musa ‘Yar aduwa decrease it from 75 naira to 65 naira in June 2007 Decrease of 15.38%.

On 1st January 2012, Goodluck Jonathan increase it in between 138 naira and 250 naira,but later he stops at 97 naira which is 112.31 to 284.62%.

In February 2015 as election approaches Goodluck reduced it to 87 naira per litter

In 2015 BUHARI reduce it from 87 naira to 86.50k naira.

Buhari remove the entire subsidy on MAY 11, 2016 and increase if from 86:50k naira  to 145 naira.