HISTORY OF FUEL PRICE IN NIGERIA: FROM KOBO TO OVER ₦1,400 — WHAT WILL 2027 BRING?
HISTORY OF FUEL PRICE IN NIGERIA: FROM KOBO TO OVER ₦1,400 — WHAT WILL 2027 BRING?
From 6 kobo per litre in 1970 to about ₦1,400–₦1,500 per litre in September 2026, the history of petrol pricing in Nigeria reflects decades of economic changes, government policies, subsidy regimes, deregulation and fluctuations in the international oil market.
The figures below, compiled from historical records, show how the pump price of petrol has changed under successive administrations. NNPC’s historical record also confirms several of the major price adjustments, including the movement from ₦87 to ₦145 in 2016 and subsequent changes under the Buhari, Jonathan and Tinubu administrations.
THE JOURNEY FROM 1970
1970 — 6 kobo: Yakubu Gowon
1973 — 8 kobo: Yakubu Gowon
1978 — 15 kobo: Olusegun Obasanjo
1983 — 20 kobo: Shehu Shagari
1986 — 39 kobo: Ibrahim Babangida
1988 — 42 kobo: Ibrahim Babangida
1990 — 68 kobo: Ibrahim Babangida
1991 — 70 kobo: Ibrahim Babangida
1993 — ₦5: Ernest Shonekan
1993 — ₦3.25: Sani Abacha
1994 — ₦15: Sani Abacha
1995 — ₦11: Sani Abacha
1998 — ₦25: Abdulsalami Abubakar
1999 — ₦20: Abdulsalami Abubakar
2002 — ₦50: Olusegun Obasanjo
2002 — ₦22: Olusegun Obasanjo
2002 — ₦26: Olusegun Obasanjo
2003 — ₦42: Olusegun Obasanjo
2004 — ₦65: Olusegun Obasanjo
2007 — ₦75: Olusegun Obasanjo
2007 — ₦65: Umaru Musa Yar’Adua
2010 — ₦141: Goodluck Jonathan
2010 — ₦97: Goodluck Jonathan
2011/2012 — ₦87–₦97: Goodluck Jonathan
2016 — ₦145: Muhammadu Buhari
2020 — various reductions/adjustments: Muhammadu Buhari
2023 — ₦488–₦557: Bola Ahmed Tinubu
2023 — ₦617: Bola Ahmed Tinubu
2026 — around ₦1,400–₦1,500 in some markets: Bola Ahmed Tinubu
NNPC’s historical account records, among other changes, ₦141 to ₦97 in January 2012, ₦97 to ₦87 in January 2015, ₦87 to ₦145 in May 2016, and ₦488 to ₦557 following the May 2023 subsidy-removal announcement.
FROM SUBSIDY TO DEREGULATION
The major turning point came in 2023, when President Bola Ahmed Tinubu announced the removal of the petrol subsidy. Pump prices subsequently moved sharply upward as the downstream petroleum market increasingly reflected market conditions.
By September 2026, petrol prices had climbed to approximately ₦1,400 per litre in Lagos and Abuja, while prices in some northern locations had reached around ₦1,500 per litre, according to Reuters. The report linked the latest increase partly to higher global crude prices and renewed pressure from international oil-market conditions.
The development is occurring even as Nigeria’s domestic refining capacity has expanded. The Dangote refinery, for example, is operating at large scale, while NNPC says it is pursuing greater domestic energy security and downstream efficiency.
THE BIG QUESTION: WHAT HAPPENS IN 2027?
The progression from 6 kobo in 1970 to more than ₦1,400 per litre in 2026 raises an important question as Nigeria approaches the 2027 general elections:
What will petrol cost in 2027?
The answer cannot be known in advance. Petrol prices will depend on factors including international crude prices, exchange-rate movements, domestic refining output, crude supply arrangements, transportation costs, taxation and government policy.
For now, the historical record tells one clear story: Nigeria’s petrol price has undergone extraordinary changes across successive administrations, with the most dramatic increases occurring during periods of subsidy reform and market deregulation.
And as Nigerians look towards 2027, one figure remains deliberately unanswered:
₦???? — 2027 — ?????
