Nigeria Which Way? Here Is Price Of Fuel In Nigeria From 1972 To 2024 That Might Make You Cry

HubgistFeb 15, 2024Read original

As

emerged onto the global stage, its journey through the twists and turns of fuel pricing became a significant chapter in its economic history. From the early 1970s to 2012, the nation witnessed a complex interplay of political decisions, economic challenges, and global market dynamics, shaping the trajectory of fuel prices. This narrative unfolds through the lens of successive administrations, each leaving its mark on the nation’s energy landscape.

The early 1970s marked Nigeria’s first significant encounter with fuel price increases. In 1973, under the leadership of General Yakubu Gowon, the nation experienced a 40.8% surge as fuel prices escalated from 6k to 8.45k. This increase set the stage for a pattern that would continue to evolve in the years to come.

General Murtala Ramat Muhammed assumed leadership in 1976, introducing a minor adjustment as fuel prices edged from 8.45k to 9k, reflecting a 0.59% increase. However, it was during

Olusegun Obasanjo’s tenure that the nation witnessed more pronounced shifts.

On October 1, 1978, fuel prices took a significant leap under President Obasanjo, surging from 9k to 15.3k, marking a substantial 70% increase. The

behind this spike were multifaceted, including global oil market dynamics and the economic policies of the

.

The rollercoaster continued during President Shehu Shagari’s administration. On April 20, 1982, fuel prices increased from 15.3k to 20k, a 30.71% surge. However, the most notable escalation occurred on March 31, 1986, under General Ibrahim Babangida’s

, as prices jumped from 20k to 39.5k, marking a staggering 97.5% increase.

Babangida’s rule brought both fluctuations and attempts at uniformity. On April 10, 1988, a modest increase from 39.5k to 42k occurred (6.33%). Subsequently, on January 1, 1989, private vehicle owners faced a 42.86% hike, seeing prices climb from 42k to 60k.

The attempt at uniform pricing on December 19, 1989, resulted in a maintained 60k rate, emphasizing Babangida’s efforts to streamline fuel pricing. However, challenges persisted, leading to a 16.67% increase on March 6, 1991, pushing prices from 60k to 70k.

November 8, 1993, witnessed a historic moment as fuel prices skyrocketed from 70k to an astonishing N5, reflecting an unprecedented 614% increase. This period marked a tumultuous phase in Nigeria’s economic history.

The era of General Sani Abacha brought both drops and surges. On November 22, 1993, fuel prices dropped from N5 to N3.25k, reflecting a -35% decrease. However, the rollercoaster continued, with prices soaring from N3.25k to N15 on October 2, 1994, a staggering 361.54% increase. Yet, on October 4, 1994, there was a notable drop from N15 to N11, signaling a -26.67% decrease.

The transition to civilian rule under President Abdulsalami Abubakar brought its own economic challenges. On December 20, 1998, fuel prices surged from N11 to N25, reflecting a 127.27% increase. However, a corrective measure followed on January 6, 1999, as prices dropped from N25 to N20, representing a -20% adjustment.

President Olusegun Obasanjo’s return marked a period of adjustments and fluctuations. On June 1, 2000, fuel prices increased from N20 to N30, reflecting a 50% surge. However, by June 8, 2000, there was a corrective measure as the price was reduced to N22, signaling a -10% adjustment.

On January 1, 2002, fuel prices again increased from N22 to N26, marking an 18.18% rise. The years from June to October 2003 saw a 23.08% surge, pushing prices from N26 to N42. Subsequently, on May 29, 2004, there was a notable increase as prices reached N50, reflecting a 19.05% surge. August 25, 2004, witnessed another substantial leap as prices surged from N50 to N65, marking a 30% increase.

On May 27, 2007, fuel prices saw a further increase, reaching N75, reflecting a 15.38% surge. The transition to President Yar’Adua’s administration in June 2007 brought a corrective measure as prices dropped from N75 to N65, representing a -15.38% adjustment.

President Goodluck Jonathan’s tenure witnessed unprecedented peaks in fuel prices. On January 1, 2012, prices soared between N138 to N250, reflecting a staggering 112.31% to 284.62% increase. This marked a critical moment in Nigeria’s economic history, triggering public outcry and debates on the sustainability of such pricing structures.

But currently the year 2024 as we speak one lit of fuel is N700 – N800 who are we to blame for this high inflation may

help Nigeria………..