Imagine Fuel At N75 Per Litre

i agree with u lot that think our policies are totally controlled by the federal govt. for the other lot saying that the fuel price should increase  in accordance with the national market price; i think that  you are wrong because the oil prices at home increases more frequently than the in the national oil market. its is a shame really because we have oil as our largest natural resources but still Nigerians do not have access to it. as usaul, corruption is seen in the NNPC and the FG relating to this important issue. Loads of Nigerians are affected by the cost of living in the country already and this will make it an even larger burden. why not the FG increase the salaries of civil servants (obj refused already) instead? I think that Yar'dua will perform like he did in Katina. He's already showing Baba Iyabo that he is no fool and wont be dragged along to forcefully implement directives that will suit the PDP alone.

75 naira is the goodbye price for obj who knows what the welcome address of yar adua will bring fort.
most of us here who always take side in protecting the gov will always reffer to the prices of fuel elsewhere when we complain of the price increase and reffer us to the british government when we complain of the way govt is selling off FG companies but non has taking his time to access the security systems of  these  other countries compare to ours and non is interested in all the benefits their citizens are enjoying compare to our very poor standard of living.
someone is suggesting the idea of tackling corruption instead of complaining over pump prices but what can be more corrupt than all these punishments been melted on the poor masses by increasing at will the price of fuel.
we are all dying in abject poverties and 75% of nigerian youth are out of the country doing mostly odd jobs to survive yet we have excess in world bank.
when are we going to use the excess cash? when are we going to start enjoying benefits as citizents born into an oil rich country

@adconline

I simplified my original post to make it readable and to the point for those who do not have the time to read a 1000 page dissertation on Fuel prices in Nigeria
I can see you have failed to see what i was doing and have taken everything i have said quite literally

Is there a like company like NNPC in garri business? Oil business in Nigeria is controlled by the govt?

If Dangote Sugar refineries was owned by the Government and they increased sugar prices will we not complain?

Indirectly or directly the government controls the price of everything in Nigeria, from fuel or fertiliser subsidies, import duty on heavy machinery and agricultural equipment, to loans and collateral for farmers etc

The Government of Nigeria should fully privatise the oil industry, sit back and collect taxes and royalties, whether you earn $1 a month or not has nothing to do with the cost of extracting, refining and distributing a product. It doesn't cost $1 dollar to extract a barrel of oil.

I would rather they used the money from the so called fuel susbidy scheme for transparent development policies that everyone can see

The equipment used to produce oil in Nigeria and supply to the consumer is bought with dollars not Naira and we do not manufacture any equipment locally.  Refined fuel doesn't just leak out of the ground so you may have 40 billion barrels of crude in your backwater creek but you still need dollars to buy equipment to extract it (to put things simply)

As long as you need imported labour and machinery to extract oil you are dependent on  international market forces, a tractor or an oil rig will not be sold to a Nigerian for less because he earns $1 a day. The manufacturer is in the tractor business to make a profit and he is not a charity and likewise for the oil company shareholders


Flawed economics theory, do you know the cost of fuel in Iraq, Iran, Saudi Arabia, Libya,UAE?  In the US,  its about $3.20 per gallon ( 1 gallon = 3.785 litres)  which is about $ 1.18 per litre. Mind you that minimum wage in America is $5.15 per hour while that of Nigeria is less than N10, 000   about $70 per month. So a Nigerian pays half of what an American pays for petrol even though an American earns about $800/per month which is above 100 percent more than what a ‘worker’ in Nigeria earns.

The cost of fuel in those countries dependent on the cost of extracting from the terrain, deep sea, inland waterways and creeks, and arid desert all have different costs of extraction. You can not simply compare the price of fuel in Saudi to the price of fuel in Nigeria. They  also have local working refineries and do not resort to importing the same product they should be exporting themselves using their hard earned dollars. They also have lower taxes on fuel.
60% of the cost of fuel in the UK goes to taxes

Yes, the cost of fuel in Nigeria should be cheaper because we don't pay a tanker driver $800/month and we don't pay our fuel station attendants in dollars either.

I could go on and on here but  the fact that an American earns more than a Nigeria has nothing to do with setting the price of fuel, we do not have a world body of petroleum resources that dictates what prices should be in each country Fuel prices are set by Government policies, direct and indirect and market forces.

Nigerian governments wrecked  the economy and should be held accountable. If they had invested in the economy (and more so the oil industry) and spent money where it should be spent rather than stuff their own pockets Nigeria would not be in such dire straits right now

What we need in Nigeria is either a privatised industry that is regulated by the Government  or a  transparent system operated by the government that ensures everyone pays a fair price for fuel that is readily available

I am afraid we can't sell fuel at N1 a litre because we earn $1 a day.

I am not an economist so i am not quoting any newly fangled economic theory here just simple common sense

Sometimes i wonder what type of a failure the baboon called OBJ is, when he came in he promised to rehabilitate and bring back to life the dead refinaries so that pump prices will reduce, 8 years later there is still no functioning refinary in nigeria, then came the issue of deregulation, they have deregulated everything in the oil sector but nothing to show for it, NOTHING has happened in the past 8 year after all the changes,deragulation and what not the only change that kept on occuring was the increase in pump price to the detriment of the common man, the bastard has failed us and should get his ugly face out of Aso rock in the next 24 hours stupid fool.

parting gift to u all, with love from babaiyabo

A classical case of children of a butcher eating BONE!

na parting gift be that

75naira per litre? 

how much will it cost mii for a full tank then?

Let we Nigerians stop selling black market and stop stilling from braking up the pipe.

OBJ is a trained thief !!

At least this is his last hitt

i feel sorry for those that can't afford it. it's a SHAME seeing as oil is produced in nigeria and we export the same oil,
God help us!!

perhaps more than 90% of Nigerians cannot afford to buy gas at that price. That you ca purchase something is not proof that you can afford it, you don't have a choice.
Gas prices in Nigeria as a rule never go down, soon we'll be buying it at N140/liter and we'll be wishing we never "voted" for yar adua in the first place.

Human rights activist, Chief Gani Fawehinmi, says President Olusegun Obasanjo is a mad man for increasing the prices of petroleum products for the twelth time in eight years.

A bitter Fawehinmi, who spoke with P.M.News this morning, said: “The fuel price increase is an act of a mad man. When Obasanjo goes, Nigeria will be rid of a psychiatric patient.”

The human rights activist also said he fully supports the proposed protest by labour and civil society groups, adding that the police would not be able to stop it.

On the supposed parade of the alleged killers of former Minister of Justice, Chief Bola Ige, by the Inspector General of Police, Fawehinmi said the parade was laughable.

Former Governor of Kaduna State, Alhaji Balarabe Musa also described the increase in fuel price as ‘sadistic’, saying that Obasanjo has done his worst.

“It is insensitive and shows the attitude of a mindless leader,” he said, adding that instead of the president to calm frayed nerves, he had made things worse.

National President, Campaign for Democracy (CD), Dr. Joe Okei-Odumakin, described the fuel price increase as shocking. “We never expect any good thing from this government,” she said anmd urged Obasanjo to immediately reverse the price because, “it is unacceptable and will affect the prices of goods and services.”

She said the CD and other civil society groups would soon meet to address the situation and find ways of tackling it, adding that the increase confirmed the anti-people policy of the Obasanjo government.

The human rights activist called on Nigerians to brace up to challenge this increase in fuel prices because it is illegitimate.

United Action for Democracy (UAD) scribe, Comrade Abiodun Aremu, also condemned the fuel price increase and said it must be reversed.

Also condemning the fuel price hike, the Lagos State chapter of the Action Congress said: “We see this as the penchant of Obasanjo to ensure he inflicts maximum pains on the citizenry as he reluctantly leaves power in a few hours’ time.”

In a statement signed by Joe Igbokwe, the Publicity Secretary of Lagos Action Congress (AC), the party said: “Lagos AC believes that what Obasanjo did can only be the stuff self-conceited, wicked and inhuman leaders are made and we are sure that Obasanjo is writing the last chapter of his evil reign in the hearts of Nigerians that have suffered tremendously from his deliberate infliction of punishment on Nigerians for the eight years of his sad misadventure in office.”

The statement added that, “the dying PDP government that had excelled in pauperising Nigerians and enriching its deadly cult of economic rapists, electoral robbers, swooning sycophants, intemperate sadists, minions, hirelings, scavengers and serial looters, and is out to deal the people a fatal blow as the pains of its crippling of the Nigerian state continues to ravage the unfortunate citizenry.

“There was little or no doubt that Obasanjo’s act is that of a vengeful tyrant that has clearly ran out of ideas on how to deal with a people that denied it the pleasure of tenure perpetuity. In line with the adult pranks of an old and terribly unstable man, they were meant to launch crisis in Nigeria as he takes his inglorious leave of power he covets so much that he is ready to do anything to retain it.

“It is actions like this that drives well meaning Nigerians to maintain that we have on our hands a man that clearly requires psychiatrist test so as to determine the state of his mind. This latest act is one of the many acts of profiteering with which Obasanjo and his cronies have been bleeding Nigerians since 1999 under the pretext of a 419 deregulation policy that was prominent only for its wild increase in the prices of petroleum products.”

The Wicked President Has Done His Worst

After inflicting pains on Nigerians for eight years, President Olusegun Obasanjo is set to bow out. Many Nigerians will heave a sigh of relief that the leader that hated them so much is going, even as the president's parting gifts are like poisoned chalice. Just a few days before his exit from Aso Rock, he increased taxes by 100 per cent and about 24 hours ago, he increased the pump price of petroleum products for the 12th time in eight years.

Soon after he took over power in 1999, he increased the price of petrol from N20 to N22 in 2000. The price of petrol was further jacked up to N26 in 2002 and moved to N40 in 2003. It was later slashed to N34 later that year. It was further increased to N39.90 and increased again to N41.50 that year. In 2004, it was increased to N48.50 while in 2005, it was increased again to N52.50. That year, it was again increased to N65. Now premium motor spirit or petrol, as it is commonly called, is sold for N75 per litre, up from the N65 per litre it was hitherto sold.

Every year, the price increases affected other petroleum products as their prices also witnessed upward review.

Instead of fixing ailing oil refineries, he thinks the best way to solve the problem is through unbridled importation of petroleum products and hiking the pump prices of the products locally to meet the huge cost of importation.

The latest increase, which took Nigerians unawares yesterday, has been condemned in many quarters and described as a wicked action taken by a man who had less than 72 hours to the end of his tenure. The action of the president goes to confirm the hatred and contempt he has for the people he inflicted poverty on with so much pleasure in the past eight years.

What did Obasanjo want to achieve by increasing the pump prices of petroleum products at this time? Did he merely delay it because of the April general elections? Before the polls, there were speculations that the Federal Government was about to increase the pump price of petroleum products. Perhaps the idea was shelved because it was not politically expedient at the time as it would have boomeranged for the People's Democratic Party at the polls. And now that Obasanjo feels he has nothing to lose, he has done his worst.

When a president acts this way, do we blame the common people who describe him as the most wicked ruler Nigeria has ever had? As evil as Abacha was, his regime never inflicted so much pains on the common people through its policies like the Obasanjo administration did.

History will no doubt judge Obasanjo harshly as a leader who pauperised the people. It was during his regime that Nigeria became the 20th poorest country in the world, going by the UNDP's current yearly ratings. Also, in terms of human development index, according to the UNDP statistics, Nigeria is ranked 159 among the 177 countries surveyed even as life expectancy in Nigeria is so short that the country is ranked 166 in the world, with an average life expectancy of 43.4.

The assessment of President Obasanjo's eight-year tenure Chief Gani Fawehinmi (SAN), best captures the way Nigerians generally perceive his tenure. According to the human rights lawyer, what Nigerians have witnessed under the Obasanjo administration are: "Eight years of self-centred disposition, eight-years of wayo (deception), eight years of creating a few rich people, eight years of anti-masses programmes, eight years of deliberate junketing all over the world, eight years of make-believe, eight years of dictatorship, eight years of lack of coherent policies, eight years of so much wealth coming to the hands of government out of which Nigerians received aggravated poverty and economic pain."

Considering all these, Nigerians will no doubt collectively say good riddance to bad governance when Obasanjo hands over the baton of leadership to Umar Musa Yar'Adua tomorrow. He has done his worst. May Nigerians never have his type of man as their leader again.   

 http://www.thenewsng.com/modules/zmagazine/article.php?articleid=16251

Its a real shame since the Advent of Obasanjo's regime,he has increased fuel pump price every year.From 19 naira when he came into power to 75 naira. That is over 200% increase! What a shame for a country that is amongst the top ten oil producing countries in the world.

what do we expect, the earlier we all change our attitude of "siddon look" the better for us all, God bless Nigeria