Founded in 2011 by a group of friends, the team is named after its main sponsor City Oil.
They started playing pick-up games at courts in Kampala, with former national league players joining.
Later, Justus Mugisha became head coach and suggested the team joined a basketball league.
Additionally, the team made several continental appearances, including the 2009 FIBA Africa Clubs Champions Cup.
The Oilers won their ninth title on 25 October 2023, following a 4-2 series win over the KIU Titans.