Fuel Price 2015

Flashback on Fuel Prices In Nigeria

Let’s go down memory lane to all the previous fuel increase rates and see where we coming from as a Nation.

There has always been the pessimistic view that whatever goes up in Nigeria hardly ever comes down, as fuel is one of the most critical economic enablers which can either upset or stabilize any economy.

Let’s go down memory lane to all the previous fuel increase rates and see where we are now:

  • Gowon – 1973: 6k to 8.45k
  • Murtala – 1976: 8.45k to 9k
  • Obasanjo – October 1,1978: 9k to 15.3k
  • Shagari – April 20,1982: 15.3k to 20k
  • Babangida – March 31, 86: 20k to 39.5k
  • Babangida – April 10, 1988: 39.5k to 42k
  • Babangida – January 1, 1989: 42k to 60k (Private Vehicles)
  • Babangida – March 6, 1991: 60k to 70k
  • Shonekan (82 days in power) – November 8, 1993: 70k to N5
  • Abacha – November 22, 1993: N5 to N3.25k(price dropped)
  • Abacha – October 2, 1994: N3.25k to N15
  • Abacha – October 4, 1994: N15 to N11(price dropped)
  • Abubakar -December 20, 1998: N11 to N25
  • Abubakar – Jan 6,1999: N25 to N20(price dropped)
  • Obasanjo – June 1, 2000: N20 to N30
  • Obasanjo- June 8, 2000: N30 to N22(price drops)
  • Obasanjo – Jan 1, 2002: N22 to N26
  • Obasanjo – June, 2003: N26 to N42
  • Obasanjo – May 29, 2004: N42 to N50
  • Obasanjo – Aug 25, 2004: N50 to N65
  • Obasanjo – May 27, 2007: N65 to N75
  • Yar’ Adua- June, 2007: Back to N65(price dropped)
  • Jonathan – Jan 1,2012: N141 (Highest increase)
  • Jonathan – Jan 17, 2012: N97
  • Jonathan –  Feb, 2015:  N87

The reduction of the fuel price is a welcome development which everyone should embrace with a sense of responsibility. The N10 reduction in fuel price was necessary as a result of the fall in crude oil prices in the international market. This would  lead ultimately to reduction in prices for basic commodities, and increased buying power for the citizens.