Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,194,409 members, 7,954,624 topics. Date: Saturday, 21 September 2024 at 02:18 AM |
Nairaland Forum / Nairaland / General / Business / Petrol Sells For Above N100 Per Liter In Us/uk (8470 Views)
Naira Gains 30%, Sells For N250/dollar / DPR Behind Sale Of Petrol Above N100 - Marketers / Petrol Sells For N5 Per Litre In Venezuela (2) (3) (4)
(1) (2) (3) (4) (Reply) (Go Down)
Petrol Sells For Above N100 Per Liter In Us/uk by billante(m): 11:17pm On Sep 25, 2011 |
(CNN) -- Prices at U.S. gas pumps have dropped 12 cents over the past two weeks, according to a survey published Sunday. http://edition.cnn.com/2011/09/25/us/us-gas-prices/ Why are we then furious when govt wants to remove subsidy when petrol sells that much in US and they are even producing more oil than us also have more refineries than us, i heard its even higher in UK since these advanced oil producing countries pay higher for petrol/gas why shouldn't we? |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by Sunofgod(m): 11:24pm On Sep 25, 2011 |
GEJ - You are a bloody im.becile . . . . . . go to bed. (Spewing trash) |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by billante(m): 11:37pm On Sep 25, 2011 |
And Gullible fools like u should stay awake!! |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by ektbear: 11:56pm On Sep 25, 2011 |
@billante: you are correct. Nigeria simply is not rich enough a country to fundamentally change the price of fuel for its citizens, even if it were possible to do so w/o large-scale corruption. Asking to pay less than the market price for fuel makes about as much sense as asking to pay 1/2 the market price for rice, amala, pounded yam, or groundnut. |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by billante(m): 12:11am On Sep 26, 2011 |
ekt_bear: You are right on point!!! |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by jensinmi(m): 1:10am On Sep 26, 2011 |
Once again we are exposed to the insensitivities of some who don't seem to understand the problems of Nigeria. Because Americans do this, and Europeans pay that, then why can Nigerians not do the same? What kind of question is that? Kindly compare the annual income of the average American to that of the average Nigerian and see how many litres of gasoline the average American's annual income will buy. Then compare it with that of Nigeria. Every time folks like Billante and Ekt_bear come here to say this stuff, I'll reply by reposting my answers from another thread. Read and be enlightened.
|
Re: Petrol Sells For Above N100 Per Liter In Us/uk by billante(m): 1:40am On Sep 26, 2011 |
@jensinmi all wat you wrote on your very long and repeative thread is dat corruption is d problem! dat nigeria is not consuming d amount of petrol being declared by the corrupt politicians, dat if the right quantity is declared subsidy wont be necessary? i have one or two questions: Uk , US and other corruption free countries that are transparent! why is their pump price still high Since we are willing to pay high prices and get regular supply of electricity and didnt mind paying high tariff charges for telecommunication before competition which is also needed in d downstream sector crashed d prices and is now being enjoyed by all, I think we should deregulated cause your argument is out of fashion!!!! |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by ektbear: 2:44am On Sep 26, 2011 |
You are usually on point @jensinmi, but in this you are wrong. |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by ghostofsparta(m): 4:22am On Sep 26, 2011 |
@bellante Must Jensinmi know why the pump price is high in UK and US? Even if he gave an answer to such silly question, you will still ask why do they experience fuel scarcity in UAE? Jensimi gave us an intel by analyzing how the Nigerian oil sector is been manipulated by some goons. In order to mask your daftness because you couldn't grasp jensimi's analyses you decided to write some unintelligible reply when you wrote: ''Since we are willing to pay high prices and get regular supply of electricity and didnt mind paying high tariff charges for telecommunication before competition which is also needed in d downstream sector crashed d prices and is now being enjoyed by all. . .I think we should deregulated' you wrote all that pointless words just to let Jensimi know that his argument is ''out of fashion!!!!'' @ekt_bear How is jensimi wrong? I'm sure you must have a better explanation regarding the issue, let's hear. @jensimi Your analyses makes perfect sense. Can you please provide some elaborate analyses explaining why Nigerian roads and streets are horribly bad, is it the fault of foreign contractors such as Julius Berger, Arab contractor, etc? or is it the local govenment chairmans, FG or state government? Also why are things ridiculously expensive in Nigeria? Is it because the number of importation far exceed that of exportation? Why is the Naira weak and valueless, i.e. low purchasing power? And lastly why can't they be a stable and steady electricity supply in this British amalgamation called Nigeria? Thanks. |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by ektbear: 4:36am On Sep 26, 2011 |
^-- Hrm. Since @jensinmi gets to c/p his old post, why don't I just link to the old thread where this was discussed: https://www.nairaland.com/nigeria/topic-665393.0.html Pardon my laziness, but I actually have something due in a few days I'm working on. I can respond more thoroughly later in the week if you like. |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by dayokanu(m): 4:48am On Sep 26, 2011 |
People can only buy commodoties wit the money they earn. So what is the minimum wage in Nigeria compared to the US or UK Does it make sense to expect someone whose minimum wage is $1.50 per hour to pay the same price as someone with $7/hr minimum wage? OP or Dapo can you answer that? |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by ektbear: 4:51am On Sep 26, 2011 |
^-- Price of bread in Nigeria is probably similar to to the price say in the US. Same with rice and meat. Why doesn't the government subsidize bread, rice and beef in Nigeria, using this reasoning of yours? I have a 2006 Macbook Pro which I'm looking to replace, I want to upgrade to the 2011 Macbook Pro. Can the Nigerian government subsidize that too? Things cost what they cost. Bread, rice, beef, mac books, doesn't just become cheaper just because you live in a poor country. |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by dayokanu(m): 5:01am On Sep 26, 2011 |
Price of bread in Nigeria is not similar to price of bread in the US. No price is similar in both countries. Bread is about $1.50 in US, Are you saying the cheapest bread is N220 in Nigeria. People can only spend what they earn. I was making like N250k per month in Nigeria working in a Multinational company and was considered one of the top earners in the society for my age range then, That would be around $1,700 per month. My colleagues in the US earned about 3 times more working for the same company . You cant price commodities beyond the spending power of consumers You cant expect someone who earns $1.50 per hour to buy for a similar price as someone who earns $7.50. Things are actually cheaper if you live in a poor community. An escort in Manhattan would collect $500 in Thailand you can screw a whole village with that amount |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by ektbear: 5:12am On Sep 26, 2011 |
You can get very cheap bread in the US for a price comparable to that which you get in Nigeria. The things that are cheaper in Nigeria are only those things that are very labor intensive. Everything else is comparable pricewise. |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by ektbear: 5:14am On Sep 26, 2011 |
Yes, escorts, manual labor, etc is going to be cheaper in Nigeria. But anything where the price of labor isn't a major factor will be about the same (or more expensive in naija) So why is an oil subsidy sensible, but a groundnut/amala/rice/iPhone subsidy not? That really is my question for you, DK |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by dayokanu(m): 5:31am On Sep 26, 2011 |
The cost of the cheapest bread in Nigeria might be like N25. Can you tell me where you can get bread for $0.15 in the US? A plate of Amala in the US goes for at least $12-$15 While the same plate of Amala in Nigeria would go for less than $5. iphone cant be cheaper because its not produced in Nigeria. Selling oil for the same price as they sell for in US would only make sense if the purchasing power in Nigeria is similar to the US People buy with money they make, So where do you expect them to get money to buy from? |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by ektbear: 5:41am On Sep 26, 2011 |
dayokanu:It cannot be the same loaf of bread selling for N25. Even the cost of the wheat to make that loaf costs more than that. I don't think you are comparing the same quantities of bread. Labor intensive food to make. Labor in US costs more. Aha! So is the refined oil which is being subsidized produced in Nigeria? No, it is not. . . most is imported, very little locally produced. So why is it being sold for less than it costs to import it? How about things should just be sold for whatever the market price is? Let me answer your question with the same question I've asked repeatedly. Why doesn't the government subsidize meat too? Or iPhones? Or groundnut? Or Toyota Corollas? Pr0stitutes? Why is an oil subsidy any more worthy than subsidizing these other things? |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by hercules07: 5:42am On Sep 26, 2011 |
@dayo What the capitalists like ekt do not understand is that there is no safety net in Nigeria and the money to be saved from subsidy removal will not be used for anything meaningful, what has the government done with the little they earn now, do you know that our oil receipts can not pay for the running of our government, let GEJ trim the fats, give us good roads, electricity and so on, if Buhari could do it with PTF money, what is stopping GEJ. You entrust things to people gradually, I am sure if you have a subordinate, you do not give him all the responsibilities until he can demonstrate that he can manage the ones he has at present. |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by dayokanu(m): 5:49am On Sep 26, 2011 |
Dapo, Iphone is not a necesity, Oil is a necesity. Assuming a particular vaccine that every American needs to take daily comes mainly from China and its very expensive, Would the US govt leave it to market forces to dictate? Crude oil is local to Nigeria, Refined oil can be made in Nigeria So why pay the same amount as countries who dont have it locally? I bet vodka would be cheaper in Russia than in US, Just like Amala would be cheaper in Nigeria than in Siberia. IF YOU WANT NIGERIANS TO PAY EQUAL AMOUNT AS AMERICANS THEN PAY THEM AS MUCH AS AMERICANS |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by ektbear: 6:01am On Sep 26, 2011 |
dayokanu:So Nigerians could not afford oil w/o the subsidy? Do you have evidence of this? How much oil does your typical Nigerian consume per year? Is he spending 40% or 50% of his budget on oil? BTW, given that most of the subsidy is stolen away and your typical Nigerian sees very little of the subsidy, how is he surviving now if the oil is too expensive? Where would the US government get the money for the subsidy? Through additional taxation, right? The subsiidy would only distort the market. I doubt the US government would subsidize it, except for the very poor perhaps. Unlikely to be a blanket subsidy. Why not just pay market prices? Even if there is oil refined in Nigeria, who would want to sell the refined oil in Nigeria if they can make double the money selling it elsewhere? Never in life do you gain something for nothing. I wish this worked for iPhones, meat, cars, computers, home furnishings, etc. All of which Nigerians pay roughly the same price (or more!) than Americans. The government should subsidize meat, computer, cement, potato, pounded yam, rice, gari, palm wine, etc. 100% of the budget spent on recurrent expenditure. Just purely on subsidies. In fact everything should be free. Where the money will come from, only God knows. |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by efisher(m): 6:05am On Sep 26, 2011 |
USA is too far. Try Ghana or Cameroon. Subsidy is equal to waste. |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by Nobody: 6:08am On Sep 26, 2011 |
what dapo completely fails to understand is that REMOVAL OF THE SUBSIDY WILL NOT CHANGE ANYTHING. there is absolutely no sincerity on the part of the government there was a time when fuel was n11 per litre - toay at n65 per litre, there is stiill no change, other than the fact that transport fares and associated prices have all gone up. all the talk about selling the refineries - the obj govt tried to sell warri or was it ph refinery and then shut it own when it became clear teh winner would not be one of their candidates. if they had been successful, that company would be as dead as nitel today. during the obbj years, the price of fuel was raised twice - we had all sorts of ridiculous adverts - people daning and telling about the nirvana that would come from the increase in pump price. nada all that will happen is some people will make a killing, and business will continue as usual. |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by ektbear: 6:10am On Sep 26, 2011 |
efisher: I used to wonder why Ghana, as small as it is despite not having as many resources as Nigeria manages to keep up. In hindsight, is it any wonder? Nigerian FG spends 70% of its budget on recurrent expenditure. Supposedly $4 billion+ year on petrol subsidies, 95% of which is stolen or carted away to Niger Republic. When you have a country run by people who don't know what they are doing, there shouldn't be any surprise that the country doesn't progress. I even like the Benin Republic, Niger Republic, Cameroon folks. No oil subsidy in their own country, just smuggle cheap oil from Nigeria! Benefit from the idiocity of your neighbor, the good for nothing self-proclaimed "Giant of Africa." Who calls Nigeria the giant of Africa anyway, aside from us Nigerians? Smh |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by ektbear: 6:13am On Sep 26, 2011 |
oyb, I get your point. So is the solution just to give up? Do what doesn't make sense because we don't have any faith the most probable alternative is any better? Be happy spending $4 billion+ year on subsidies and have most of it stolen away, thinking that there is nothing better we can do with the money? It seems a defeatist mentality to think like that imo. Surely there is an answer. |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by dayokanu(m): 6:23am On Sep 26, 2011 |
ekt_bear: Every part of our lives is tied to oil, Oil increase, then transportation fares increase, Power generation cost increase cost of food increases, The increase in Oil prices affects everything BTW, given that most of the subsidy is stolen away and your typical Nigerian sees very little of the subsidy, how is he surviving now if the oil is too expensive? By that same American standards, 90% of Nigerians are poor. Minimum wage in US is $7/hr That translates to $1100 per month which is like N180,000. That amount in Nigeria is more than what 80% of fresh graduates earn. Why not just pay market prices? Even if there is oil refined in Nigeria, who would want to sell the refined oil in Nigeria if they can make double the money selling it elsewhere? Can we just ask the government to pay the market prices of Minimum wage too? If we are going to pay for commodities prices similar to what Americans pay then we should earn similar to what Americans earn Never in life do you gain something for nothing. Meat, Home furnishing are cheaper in Nigeria than in the US. cars , iphones computers, we dont produce and are not really essentials of life. The government should subsidize meat, computer, cement, potato, pounded yam, rice, gari, palm wine, etc. 100% of the budget spent on recurrent expenditure. Just purely on subsidies. Subsidies are everywhere in the world The United States currently pays around $20 billion per year to farmers in direct subsidies as "farm income stabilization"[9][10][11] via U.S. farm bills. http://en.wikipedia.org/wiki/Agricultural_subsidy#United_States |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by Nobody: 6:40am On Sep 26, 2011 |
ekt_bear: we had our chance in april and we botched it. the only thing that can lead to change is a leader who will take on the cartels and oligarchs. outside of that, it will just be business as usual. you can dislike NLC, but we know where they are coming from. as i stated, i saw at least two fuel price hikes. in a country like nigeria - first thing that happens cost of transport goes up. then the multiplier - foodstuffs, business center costs , running your petrol gen, school fees - everyone raises their price and the consumer gets shafted. |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by ektbear: 6:46am On Sep 26, 2011 |
@dk: A $14 trillion economy spending $20 billion/year in subsidies versus a $200 billion economy spending $4 billion/year? In one case, a rounding error. In the other, a substantial portion of GDP. I don't understand how the situations are comparable. Beef I don't think is cheaper in naija than the US. I can buy ground beef from the grocery store for $2.30/pound. . . $5 us/kg = N750/kg. How much is the same quantity of ground beef (i.e., pure meat, not bones, gristle, etc which you'll have to pay your cook to process) in Nigeria? If it is cheaper, it isn't going to be substantially cheaper. Regarding home furnishings, no, it isn't cheaper. For all the nice new developments in Abuja for example, the furnishings are imported from China rather than produced locally. So I can go down to Home Depot or whatever and buy whatever you are buying imported from China more cheaply. |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by ektbear: 6:50am On Sep 26, 2011 |
dayokanu: Err. If the government interferes in the market (e.g. by setting a minimum wage, or setting it to American minimum wage), then by definition market prices aren't being paid, right? I don't understand the point of this statement. In a nutshell, there is only so much interference a gov't can do before it screws up everything completely. In general, the more gov't interference the worse. |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by Nobody: 6:55am On Sep 26, 2011 |
all that will happen in naija with this increase is an even greater gap between the rich and poor and a shrinking middle class. i can cope- it will be a biatch, but fortunately, something good actually seems to be coming out of the gej administration, at least in lagos - we have much better power. if i had a proper inverter, i'd be spending close to zero on fuel for my gen. while i can several peoples standard of living will drop even further. this is the 70% plus nigerians who by American standards are already below the poverty level |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by ektbear: 7:01am On Sep 26, 2011 |
The prices are so bad for home furnishings in Abuja that I have in fact bought them here and shipped them to my dad. Same with tires. So cheaper for my dad to have me ship him an extra tire for his car than for him to buy one locally. Go visit the markets yourself, write down the prices. Then email someone in the US, ask them to find the exact same item at Home Depot for you and compare the price. See if it isn't cheaper to buy the tire or almost anything else that isn't labor intensive in the US than Nigeria. The supply chains from China -> US are excellent I guess. . . you have huge companies like Walmart who have refined importing down to a science. Supply chain from China-> Nigeria, isn't very good, it appears. So anything imported is going to be more expensive. |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by Nobody: 7:19am On Sep 26, 2011 |
ekt_bear: there is a second reason why prices are so high - its abuja - the same abuja that some lawmakers say must not have low cots housing so that its status will not fall. its the same reason for the prices of housing. corruption. there is far too much ill gotten wealth in abuja. alos, its not about supply chain, its about greed and keeping up with the big boy who is a politician and fat on govt patronage - nigerans have no qualms about selling accidented cars at a premium, or selling laptops at 200% markups. |
Re: Petrol Sells For Above N100 Per Liter In Us/uk by jensinmi(m): 8:30am On Sep 26, 2011 |
ghostofsparta: Thanks sir. I will certainly begin working on those topics. dayokanu: |
Sold »For Sale: Sawmill With Minimum of #4k Income Daily / Need Information On Setting Up A Standard All-in-one Printing Press / My Sister's Nasty Experience With Dealday
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 116 |