Since President Bola Tinubu took office on May 29, 2023, the price of fuel has increased by 46% in 15 months, with the most recent increase coming in at N897 per litre.
The most recent increase in fuel prices is the thirty-first in 51 years, starting with General Yakubu Gowon’s 1973 increase from 6 to 8.45 kobo.
8 biggest hikes in fuel price in Nigeria
Shonekan (1993): 70k to N5 (614.29%)
Abacha II (1994): N3.25k to N15 (361.54%)
Tinubu (2023) : N195 to N557 (282.74%)
Tinubu (2024): N617 to N897 (145.38%)
Abubakar I (1998): N11 to N25 (127.27%)
Buhari’s term (2020): N87 to N195 (124%)
Jonathan I (2012): N65 to N141 (116.92%)
Tinubu (2023) : N557 to N617 (110.77%)
Timeline of fuel price hikes, changes in Nigeria
Gowon (1973): 6k to 8.45k (40.83%)
Murtala (1976): 8.45k to 9k (6.5%)
Obasanjo (1978): 9k to 15.3k (70%)
Shagari (1982): 15.3k to 20k (30.72%)
Babangida I (1986): 20k to 39.5k (97.5%)
Babangida II (1988): 39.5k to 42k (6.33%)
Babangida III (1989): 42k to 60k (42.86%)
Babangida IV (1991): 60k to 70k (16.67%)
Shonekan (1993): 70k to N5 (614.29%)
Abacha I (1993): N5 to N3.25k (price dropped 35%)
Abacha II (1994): N3.25k to N15 (361.54%)
Abacha III (1994): N15 to N11 (price dropped 26.67%)
Abubakar I (1998): N11 to N25 (127.27%)
Abubakar II (1999): N25 to N20 (price dropped 25%)
Obasanjo I (2000): N20 to N30 (50%)
Obasanjo II (2000): N30 to N22 (price drops 26.67%)
Obasanjo III (2002): N22 to N26 (18.18%)
Obasanjo IV (2003): N26 to N42 (61.54%)
Obasanjo V (2004): N42 to N50 (19.05%)
Obasanjo VI (2004): N50 to N65 (30%)
Obasanjo VII (2007): N65 to N75 (15.39%)
Yar’ Adua (2007): N75 to N65 (price drops 15.39%)
Jonathan I (2012): N65 to N141 (116.92%)
Jonathan II (2012): N141 to N97 (price drops 31.21%)
Jonathan III (2015): N97 to N87 (price drops 10.31%)
Buhari (2016): N87 to N145 (66.67%)
Buhari’s term (2020): N87 to N195 (124%)
Tinubu (2023) : N195 to N557 (282.74%)
Tinubu (2023) : N557 to N617 (110.77%)
Tinubu (2024): N617 to N897 (145.38%)
