8 biggest hikes in fuel price in Nigeria

WITH the latest hike in fuel price to N897 per litre, the cost of fuel has risen by 460 per cent in 15 months since President Bola Tinubu assumed office in May 29, 2023.

The latest hike is the 30th adjustment of fuel price in 51 years beginning with General Yakubu Gowon’s hike in 1973 from 6 kobo 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%)

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%)