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Fuel price list in Nigeria since 1978 to 2021

 

Fuel price in Nigeria

Petroleum Industry in Nigeria reveals that oil was discovered in 1956 at Oloibiri in the Niger Delta and the discovery was made by Shell-BP. Nigeria joined the ranks of oil producers in 1958 when its first oil field came on stream producing 5,100 barrels per day.

Since then the country has been increasing its oil production. The country has 4 refineries with combined installed production capacity of 445,000 barrels per day, adequate to meet its domestic needs with a surplus for export as at the time the refineries were built. However, despite the proven oil reserves, the refineries have not been producing at full capacity.  

Let’s take a look at the presents history of fuel pump prices in Nigeria from 1978 to 2021.

Fuel price Hike in Nigeria; 

Year Price (N) Regime. 

In 1978 fuel price was 0.5.

Obasanjo 1982 – 0.20.

Shagari 1984 – 0.20,

Shagari 1984 – 0.20. 

Muhammadu Buhari 1985 – 0.20, 

Muhammadu Buhari 1986 – 0.395.

IBB 1987 – 0.395, 

IBB 1988 – 0.395, 

IBB 1989 – 0.395, 

IBB 1990 – 0.60, 

IBB 1991 – 0.70, 

IBB 1992 – 3.25, 

IBB 1993 – 11.00.

Abacha 1995 – 11.00, 

Abacha 1996 – 11.00, 

Abacha 1997 – 11.00, 

Abacha 1998 – 11.00.

Abacha/Abdusalami 1999 – 20.00.

Abdulsalami/Obasanjo 2000 – 22.00.

Obasanjo 2001 – 26.00, 

Obasanjo 2002 – 30.00, 

Obasanjo 2003 – 40.00, 

Obasanjo 2004 – 55.00, 

Obasanjo 2005 – 60.00,

Obasanjo 2006 – 65.00,

Obasanjo 2007 – 70.00. 

Obasanjo/Yar’adua 2008 – 65.00.

Yar’adua 2009 – 65.00,

Yar’adua 2010 – 65.00. 

Yar’adua/Jonathan 2011 – 65.00. 

Jonathan 2012 – 120.00, 

Jonathan 2013 – 120.00, Jonathan 2014 – 120.00, 

Jonathan 2015 – 145.00.

Jonathan/Buhari 2016 – 145.00.

Buhari 2020 – 161.17 average in June and in 2021 – 165.07 per litre. 

What do you think?

Mark Andura

Written by Mark Andura

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