Fuel pump prices in Nigeria have come a long way in the last 32 years, increasing from 70 kobo to the current N165 per litre.
Amid current realities, we at Nairametrics figured that Nigerians may be interested in knowing how much they have paid for fuel in the past years compared to now.
Well, take a look below for the detailed price transitions between 1991 and till date.
- In 1991 during the General Babangida military regime, Nigerians paid 70 kobo N0.70) per litre for fuel.
- In 1994, during the Ernest Shonekan administration, Nigerians paid N5 per litre for fuel.
- During the General Abacha regime from 1994 to 1998, Nigerians paid N11 per litre for fuel.
- By the year 2000, during the Olusegun Obasanjo administration, fuel pump prices went up to N20 and later, N22 per litre. By 2001, while Obasanjo was still commander-in-chief, fuel pump prices went up to N26 per litre.
- In 2003, fuel pump prices were N40 per litre, by 2004, fuel pump price had increased to N45 per litre, in 2007, fuel price was N70 per litre, under the Obasanjo administration. Meanwhile, 2007 was an election year and the Umaru Musa Yaradua administration took over from the Obasanjo administration and the former reduced fuel pump price to N65 per litre.
- By 2012, the Goodluck Jonathan administration which took over from the Yaradua administration, attempted to increase the pump price to N141 per litre but was met with tough resistance from the general population through the Occupy Nigeria protests. Following the protests, the pump price was reduced to N97 per litre. It was later pegged at N125 per litre.
- However, between 2013 and 2016 before the emergence of the Muahammadu Buhari administration, fuel pump prices hovered between N125 and N145 per litre.
2023: Currently, the official price of fuel per litre is N165 under the Buhari administration. However, Nigerians are paying higher for fuel across all states.
- The latest fuel price watch report released by the National Bureau of Statistics (NBS) says that Nigerians paid an average of N206 per litre of fuel (also known as premium motor spirit or PMS) in December 2022.
- Beyond that, Nigerians have reportedly paid N450 per litre in Uyo, Akwa Ibom state, N300 per litre in Benin, Edo state, N350 per litre in Calabar, Cross River state, and N500 per litre in Port Harcourt, Rivers state.
Follow us for Breaking News and Market Intelligence.
