The price of fuel has been a defining aspect of Nigeria’s economy, affecting transportation, industries, and household expenses.

Since 1978, successive administrations have overseen fluctuations in fuel prices, often influenced by economic policies, global oil trends, and subsidy arrangements.

Here is a breakdown of fuel prices under each Nigerian president.

In 1978, during Olusegun Obasanjo’s military rule, the price of petrol stood at ₦0.50 per litre, a modest rate compared to later years.

Shehu Shagari’s civilian government maintained fuel at ₦0.20 per litre, offering relative affordability to consumers.

When Major General Muhammadu Buhari took power in 1984, the price remained unchanged at ₦0.20, reflecting the controlled economic policies of the period.

Under General Ibrahim Babangida (IBB), fuel prices experienced their first major hike, reaching ₦0.395 per litre in 1986, a move that signalled unprecedented economic restructuring.

General Sani Abacha continued with the price set by previous regimes, stabilising petrol costs at ₦11.00 per litre. His administration maintained this rate across multiple years.

As Nigeria transitioned back to democratic governance, General Abdulsalami Abubakar approved a fuel price increase to ₦20.00 per litre, paving the way for further hikes in the civilian era.

President Olusegun Obasanjo’s administration saw consistent increases, with petrol reaching ₦22.00 per litre in 2000 and gradually rising in subsequent years to ₦60.00 by 2005.

During President Umaru Yar’Adua’s tenure, fuel stood at ₦65.00 per litre, continuing the pattern of steady price adjustments witnessed in previous years.

Under President Goodluck Jonathan, Nigerians experienced a sharp rise in fuel costs, with prices jumping to ₦120.00 per litre in 2012 and further increasing to ₦145.00 by 2016.

See the link to the fuel prices here.

Muhammadu Buhari’s administration continued the trend of subsidy reforms, stabilising petrol at ₦145.00 per litre and under Tinubu at ₦800 and above —one of the highest recorded figures at the time.

Legit.ng earlier reported that The Nigerian National Petroleum Company Limited (NNPCL) has slashed its petrol pump price to N870 per litre on Tuesday, May 27, 2025, for its Lagos retail stations.

This new price represents a N10 reduction from the previous pump price of N880 per litre, and once again, returns to NNPC stations as the place to get the cheapest fuel.

Ademola, a filling station attendant in Lagos who confirmed the new price to Legit.ng, said: "This morning, we received instructions to adjust the pump price from N880 to N870 per litre."

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Source: Legit.ng