It's just due to the Dollar exchange rate with Naira...

theoldpretender:


Because we are selling fuel at N145 per liter when it costs N190 to import it.

The Government pays a subsidy...of about N45 per liter (sometimes as high as N65 per liter) ...to keep the price low. Problem is, it means NNPC just makes back the cost of importation, and does not make a profit.

Also paying subsidy is costing the government big time...and is not sustainable.

When we were buying at 87 how much was it costing to import, and considering crude oil price crashed... shouldn't its by product's also experience same?

excel101:
so how come The former parties ACN & CPC were complaining when it was #87 per litre. APC have come with their lies again. Now that its #145/litre they want us to believe ours is the 6th cheapest in the world. liars.

Their members on this forum are trying hard to paint this government good but unfortunately they are stabbing themselves

Is this an achievement, it's just that naira fairs badly against the dollar

flyca:
Why didn't you dig out this statistics when fuel was selling at N87?

How many oil producing nations sell more expensive than us?

How many of these countries run their homes and businesses on PMS?

Lemme give you an example: An average family man “in a fuel expensive country” uses only about 10 liters of petrol per month. Fuel is not scarce and thus not adultrated. 1 liter is equal to 1 liter! No stories, no queues. Also it is well regulated. There are staff buses to take him to work. He also can use air-conditioned public transport to work. He needs no generator to power his apartment, or run his business. If he needs to travel out of town, he takes a well equipped, well-maintained speed train or he flys! 10 litres is okay for weekend outings and rare necessities.

Now answer me: how many liters of fuel (on the average) does a family man need per month in Nigeria?

Is Zon-B-ism the best work you can do in this world?

Even if there is constant power, many Nigerians will not be able to pay for it. Complain everywhere. You can help us with the answers to your useless questions.

gr8child:


Everything you say makes textbook economic sense. However, you cannot squeeze water out of stone. We cannot look at one set of factors (the need to make local refining attractive and to free up income for the government) without considering other factors (the need of the people to survive). Investment will not flow in overnight. In the meantime, the masses would suffer great hardship caused only by the failure of the government to create an enabling economy that would enable its people better absorb the effects of those reforms.

In Zimbabwe, the cost of 1 litre of petrol is now the equivalent of N1,000. That would be N50k to fill up the average car if that kind of increase is implemented here. Even if you think that that is a drastic example, just looking at what is happening in Zimbabwe shows how recklessly tampering with the price of PMS to achieve textbook results, while ignoring other important factors, can go very wrong.

Zimbabawe is not like Nigeria for the simple reason that they wrecked their goose that laid the golden egg...ie commercial farming.

As a result of the land redistribution programme,....they lost a vital source of foreign revenue, lost investors, lost lots of tax revenue,and lots of money. They have been paying theprice ever since.

For Nigeria to be like Zim....our foreign reserve would have to be at ZERO level...plus we would have destroyed all our refineries, and oil production sites

Uglymugg:


Venezuela is still at the top with the cheapest rate. Do you not know how to read?

You could have taken time to understand his comment before quoting him... Look at his comment, look at your comment, sit down, and think about your brain

Osakah24:
When we were buying at 87 how much was it costing to import, and considering crude oil price crashed... shouldn't its by product's also experience same?

At N87 per liter...it was costing us N132 to import fuel

And the government from GEJ and then Buhari was running heavily into debt as a result.

Many marketers outside the big cities were selling fuel at higher prices (I bought fuel in 2015 March at N130 on the outskirts of Abuja.). Some were engaging in smuggling to survive, and there was frequent scarcity.

In 2016...Bubu temporarily ended subsidy by raising fuel prices to N145...the queues disappeared...until the landing cost exceeded N145...and the queueus returned....And we still had the pre-rise in price debts.

MrAnele:
Nigeria ranks among the top 10 cheapest petrol selling countries in the world.



With a pump price of N145 ($0.41) per litre, Nigeria is the 6th cheapest place in the world to buy petrol.

Other countries among the cheapest places to buy petrol are Venezuela ($0.01), Sudan ($0.13), Iran ($0.29), Kuwait ($0.34), and Algeria ($0.35).

The average price of petrol around the world is $1.09 per litre (395 Naira), according to GlobalPetrolPrices.com, which publishes data on retail fuel prices around the world and tracking over 150 countries on a weekly basis.

Source: https://listwand.com/nigeria-is-the-6th-cheapest-place-to-buy-petrol-in-the-world

and the 6th largest oil producer and she's also one of if not the most naturally endowed country in the world...

The truth is to Nigeria Everything is expensive, An Average Nigeria think everything from the Government must be Free when it isn't they term it very Expensive....... Even when petrol price was all time low Nigeria believe it was still very expensive and the Government was cheating Us.... And For Godsake Stop comparing Nigeria with every Super power nation you can find our Economy is nothing compare to them and those Countries didn't just get there in a day it cost them centuries. Those Countries have been developed since africa was still a bush

the person that create this post is useless. you should have compare the wages in Nigeria to those other countries

It's obvious fact and statistics does not say the whole truth. If a dollar is still 150 as it was in 2015. What position would we been in.

smirn:

Even if there is constant power, many Nigerians will not be able to pay for it. Complain everywhere. You can help us with the answers to your useless questions.

When fuel was hijacked to 145, we also thought many Nigerians will not be able to afford it! There is a human instrictive characterstic called Adaptation! Nigerians are especially good at this. Hijack all you want, zom-B all you want, we will survive!

VULCAN:
But your God Buhari said that there was no subsidy.

Today he is *paying out" three times the subsidy that Jonathan paid despite almost doubling the fuel price.

APC =scam

Well,as I have explained before...in 2013...Bubu said subsidy was 'nonexistient'. He was playing politics as usual (he does get some blame for not supporting GEJ's subsidy removal attempt too...and GEj not being allowed to remove subsidy is why we had problems...).

Back then, fuel was selling at N97, it cost more than N110 to import the stuff...and many people were engaging in subsidy scams. Govt of GEJ removed subsides from diesel and kerosene to pour more money into the subsidy debt hole...

And yet...we still had queues all year long, and fuel was being sold above the retail price.

That was why Bubu called it a scam...even though he did contribute to it by opposing commonsense removal in 2012...that would have SOLVED all the problems

(I opposed GEJ...but when he made sensible decisions, I clapped my hands. The opposition to the 2012 subsidy removalattempt was one time I really felt dissapointed in the oppositon._)

flyca:
Why didn't you dig out this statistics when fuel was selling at N87?

How many oil producing nations sell more expensive than us?

How many of these countries run their homes and businesses on PMS?

Lemme give you an example: An average family man “in a fuel expensive country” uses only about 10 liters of petrol per month. Fuel is not scarce and thus not adultrated. 1 liter is equal to 1 liter! No stories, no queues. Also it is well regulated. There are staff buses to take him to work. He also can use air-conditioned public transport to work. He needs no generator to power his apartment, or run his business. If he needs to travel out of town, he takes a well equipped, well-maintained speed train or he flys! 10 litres is okay for weekend outings and rare necessities.

Now answer me: how many liters of fuel (on the average) does a family man need per month in Nigeria?

Is Zon-B-ism the best work you can do in this world?

Credit: Best reply so far......your brilliant bravo bro

OBTMOS:
Is it a crime for us to occupy the number position? However, the brilliant kids in a class always stay between 1st to 3rd position.

So u were a dullard when u were in schl, cos your position is always
second to the last

flyca:
Why didn't you dig out this statistics when fuel was selling at N87?

How many oil producing nations sell more expensive than us?

How many of these countries run their homes and businesses on PMS?

Lemme give you an example: An average family man “in a fuel expensive country” uses only about 10 liters of petrol per month. Fuel is not scarce and thus not adultrated. 1 liter is equal to 1 liter! No stories, no queues. Also it is well regulated. There are staff buses to take him to work. He also can use air-conditioned public transport to work. He needs no generator to power his apartment, or run his business. If he needs to travel out of town, he takes a well equipped, well-maintained speed train or he flys! 10 litres is okay for weekend outings and rare necessities.

Now answer me: how many liters of fuel (on the average) does a family man need per month in Nigeria?

Is Zon-B-ism the best work you can do in this world?

Lol

PrinceVM:
dollar bleeped us up now.. n dat y we need to cut deals with China

cut deal with China? I would tell you even Abacha with his military might wount do the mistake of cutting deal with China cos he knows what would befall him if he does

Right Now Nigeria Produces More Electricity power more than the nation can consume and they are planning to export it to other Africa nations but Nigeria is not having 24 hours electricity because they can not pay for 24hours electricity......... Right now in my area we are having more than 12hours electricity per day

flyca:

When fuel was hijacked to 145, we also thought many Nigerians will not be able to afford it! There is a human instrictive characterstic called Adaptation! Nigerians are especially good at this. Hijack all you want, zom-B all you want, we will survive!

So,why did you support GEJ when he raised fuel prices from N65 to N140 in 2012.

(By the way, I supported that decision too)


Looking beyond the tribalism, removing subsidy makes sense. It made sense in 2012....and the thing is, if we had allowed the N140 TO stand...there would have been no fuel queues till 2016...and we would have saved lots of cash even.

I know most Nigerians cannot afford a rise in fuel prices. We had the same issue with GSM...but because GSM was not subsidised....a lot of income flowed in which paid for improvements,new infrastructure...etc...that evnetually allowed for prices to crash.

If we had removed subsidy in 2012...by now we might have been paying less for fuel. And we would have had new jobs, etc. And new refineries.

troublemakea:


cut deal with China? I would tell you even Abacha with his military might wount do the mistake of cutting deal with China cos he knows what would befall him if he does

You are imagining stuff, they can end the deal if they want to because it would be part of the agreement

flyca:
Why didn't you dig out this statistics when fuel was selling at N87?

How many oil producing nations sell more expensive than us?

How many of these countries run their homes and businesses on PMS?

Lemme give you an example: An average family man “in a fuel expensive country” uses only about 10 liters of petrol per month. Fuel is not scarce and thus not adultrated. 1 liter is equal to 1 liter! No stories, no queues. Also it is well regulated. There are staff buses to take him to work. He also can use air-conditioned public transport to work. He needs no generator to power his apartment, or run his business. If he needs to travel out of town, he takes a well equipped, well-maintained speed train or he flys! 10 litres is okay for weekend outings and rare necessities.

Now answer me: how many liters of fuel (on the average) does a family man need per month in Nigeria?

Is Zon-B-ism the best work you can do in this world?

Lol..they were thinking everyone is an illiterate in Nigeria. Lol.. This is the most stupid propaganda I have ever seen. Nice one for taking out the time to educate them.

Venezuela that there currency isn't constant is the cheapest... Just negudu

flyca:
Why didn't you dig out this statistics when fuel was selling at N87?

How many oil producing nations sell more expensive than us?

How many of these countries run their homes and businesses on PMS?

Lemme give you an example: An average family man “in a fuel expensive country” uses only about 10 liters of petrol per month. Fuel is not scarce and thus not adultrated. 1 liter is equal to 1 liter! No stories, no queues. Also it is well regulated. There are staff buses to take him to work. He also can use air-conditioned public transport to work. He needs no generator to power his apartment, or run his business. If he needs to travel out of town, he takes a well equipped, well-maintained speed train or he flys! 10 litres is okay for weekend outings and rare necessities.

Now answer me: how many liters of fuel (on the average) does a family man need per month in Nigeria?


Is Zon-B-ism the best work you can do in this world?

The only brain that worked well on this post.. Thank you for this piece.

Last comment for now

I think Nigerians don't want to pay higher for fuel....and yes..a high fuel price does have knock on effects.

But subsidizing fuel too has knock on effects...NNPC is importing fuel at a loss, marketers sell fuel at artificially lowprices, and people are not rushing to build new refineries because no one wants to sell fuel at low prices.And then there is the corruption.

In 2010...GE wanted to build 3 new refineries. Signed an MOU. The refineries have not been built because under subsidy they won't have made a profit.

I understand why people don't want subsidy gone. And Lord knows it would chop my money well well.But...it is time we either cut subsidy...or we keep it, while we take loans to fund other sectors of the economy till oil goes above $140. (In our dreams).

theoldpretender:


That's what we have been saying since 1993...and as a result, the downstream sector gets starved of cash, and we cannot afford new refineries or improvement to existing refineries.

(Have been following the subsidy argument since 1993...and God knows they were saying what you just said back then. And I beleived it until the scales fell off my eyes in 2012)

The only way we can afford a subsidy is if oil goes above $150 per barrel.

I have read all your posts on this thread and i understand the message you are trying to pass across. But one thing i want you to understand and also put into consideration that you are in Nigeria where our leaders will siphon all the money made from subsidy removal. Since 1960 we don't have stable electricity talkless of quality health care and Education and you are supporting the government, Government that cant pay 30k minimum wage. How can someone earning 18k a month buy fuel at 170 or 200 per liter man have pity on Nigerians. Let them cut their allowances and build fast railways and provide stable electricity first or they should buy fuel at 5000 naira per liter how do u expect a barbing saloon owner to buy at 200 and a politician will also buy at thesame price, if lets say i pay 5k for waybill from Lagos to Abuja after subsidy removal i will have to pay around 8k. do you think it will be fair to an average Niverian who doesn't have a job no stable electricity? Haba bros Naija people dey suffer.

OH, GOSH!

THE price wouldn't be so low if the Naira was what it was in 2014!

Just because the Naira has crappy value, these goons want to set us up for another fuel hike!

SSSHHHEEEIIII!

I want out of this cage called Nigeria!

flyca:
Why didn't you dig out this statistics when fuel was selling at N87?

How many oil producing nations sell more expensive than us?

How many of these countries run their homes and businesses on PMS?

Lemme give you an example: An average family man “in a fuel expensive country” uses only about 10 liters of petrol per month. Fuel is not scarce and thus not adultrated. 1 liter is equal to 1 liter! No stories, no queues. Also it is well regulated. There are staff buses to take him to work. He also can use air-conditioned public transport to work. He needs no generator to power his apartment, or run his business. If he needs to travel out of town, he takes a well equipped, well-maintained speed train or he flys! 10 litres is okay for weekend outings and rare necessities.

Now answer me: how many liters of fuel (on the average) does a family man need per month in Nigeria?

Is Zon-B-ism the best work you can do in this world?

excellent clapback!

some fools think all nigerians r foolish.

Don't mind my useless lazy people...they all want free thing with any meaningful contribution to country

THESE UNREPENTANT CRIMINALS ARE UP TO SOMETHING AGAIN!
NIG MUST BE RESCUED FROM THEIR DIABOLIC CLAWS!

And so what?

Before u rate Nigeria a cheapest place to buy fuel, how much is ur salary? Pay me 20 dollar per hr let me buy fuel 1 dollar per litre