Saturday 20 December 2014

The History Of Fuel Price Increase In Nigeria

Crude oil is one of the world’s most important mineral. It is the heart of modern technology. Just thinking of Nigeria without petroleum products gives us goods pimples the size of peanut.  No movements in socio-economy almost nothing. The economy will be in shambles, hence there will be chaos and anarchy in every nook and cranny .

In the Nigeria economy crude oil holds the key to her modern life.  Nigeria’s economy fortunes and misfortunes are in the hands of crude oil. 
In the post-Independence history of Nigeria, increase in fuel prices remains the most opposed and protested government decision. 

Although most of the increments done by the military regimes were devoid of politicking, considering that the military council made the decision and enforced it with little or no room for protest, the increments of fuel price during Babangida’s regime, which included the increase to 42 kobo on April 10, 1988 and to 60 kobo for private cars, on January 1, 1989, were opposed by serious protests with pockets of violence.

Not swayed by the mass protests, on December 19, 1989, the Babangida junta still moved to a uniform price of 60 kobo and then to 70 kobo on March, 6, 1991.

These changes in fuel prices over the years have also witnessed anti- fuel subsidy removal activists shifting camps swiftly when they got political positions.


This fresh battle over the removal of fuel subsidy started months ago when it became apparent that Jonathan’s government was bent on removing it as part of its quest to reduce government’s spending.

The argument had gone back and forth between the Peoples Democratic Party-led Federal Government on one side and labour unions, opposition parties, civil right groups, students and the National Assembly on the other side.
History of fuel price increases in Nigeria (K for Kobo, N for Naira):

Gowon, 1973: 6k to 8.45k (40.8%)
Murtala, 1976: 8.45k to 9k (0.59%)
Obasanjo, October 1, 1978: 9k to 15.3k (70%)

Shagari, April 20, 1982: 15.3k to 20k (30.71%)
Babangida, March 31 1986: 20k to 39.5k (97.5%)
Babangida, April 10 1988: 39.5k to 42k (6.33%)
Babangida, January 1, 1989: 42k to 60k Private vehicles.

Babangida, December 19, 1989: moved to uniform price of 60k (42.86%)
Babangida, March 6, 1991: 60k to 70k (16.67%)
Shonekan, November 8, 1993: 70k to N5 (614%)

Abacha, November 22,1993: petrol price drops from N5 to N3.25k (-35%)
Abacha, October 2,1994: N3.25k to N15 (361.54%)
Abacha, October 4,1994: price drops from N15 to N11(-26.67%)

Abubakar, December, 20, 1998: N11 to N25 (127.27%)
Abubakar, January 6,1999: N25 to N20 (-20%)

Obasanjo, June 1, 2000: N20 to N30 (50%)
Obasanjo, June 8, 2000: Petrol price reduced to N22 (-10%)
Obasanjo, January 1, 2002: N22 to N26 (18.18%)

Obasanjo, June to October, 2003: N26 to N42 (23.08%
Obasanjo, May 29, 2004: N50 (19.05%)
Obasanjo, August 25, 2004: N65 (30%)

Obasanjo, May 27, 2007: N75 (15.38%)
Yar’Adua, June 2007: N65 (-15.38%)
Jonathan, January 1, 2012: between N138 to N250 (112.31 to 284.62%)

Jonathan,  After labor strike N97 (15%).

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