Imagine Fuel At N75 Per Litre

I think the Government should get out of subsidies and let the price of fuel float and lets see what the market does. It might be a blessing in disguise. Just like folks saying we shouldn't sell those moribund refineries and other government companies. Just think about the trillions wasted/looted. Ultimately removing subsidies is the way to go because it would surely spur building of refineries and lead to competition. In the short run we will feel the pain but in the long run it will benefit the overall economy.

1 dollar = 130 abi

1 big bread for breakfast is how much? now what about tea, milk, sugar maybe water for the tea?

now how many people can afford such? very few you know.

@adconline

tell them something; me don tire for all this $1 confusion.

lol, you know what? the evil ones are the one rulling this nation, so what do you expect? HAHAHAHAHAHAHAHAHAHAHAHAHA. More are still coming.

What a wonderful way to tell Nigerians bye bye.

Do I also hear that VAT is now 10%?

The issues concerning fuel pricing is clear.

Make your existing refineries work the way they are supposed to, at 100% capacity.

Let other companies come in and build more refineries. They can come to the public and raise funds if possible.

When you have functional refineries that can refine enough to cover local consumption, then importation will stop, and then you will have a competitive market where competition may force prices down.

We all see what has happened in the Telecoms sector. Even though we are still paying high tariffs, they are lower than what they were initially. We are also getting more range of services from the GSM companies.

How feasible this will be when you have some big fish who are very close to the powers that be, making their money from fuel importation is another matter entirely.

Na God handwe dey finally.

Its a global market and Nigeria can't be insulated by the global forces since its got inadequate refineries

Petrol is imported from foreign countries. Your refineries are not good enough nor are they many enough to cater for the whole of Nigeria.
Despite the fact that Nigeria has one of the cleanest crude oil in the world. I find it surprising that Nigerians still have problem refining its oil.

In Iraq, the pump price is $1.22 per liter
In UK, the pump price is $1.50 per liter
In US, the pump price is $0.84 per liter

In Nigeria, the price is $0.58 per liter

On the other hand,
Iran increased gasoline prices by a "whopping" 25 percent on Tuesday to $0.10 per liter

Are you kidding me! how many people can afford N130 a day for food. Please lets stop being disingenous here even the regular folk on the street in Nigeria lives on more than  a $1 a day.

@adconline I don't need empirical evidence I use common sense. Yes there are poor people in Nigeria but to tell me that 50+% of the population is living on LESS THAN A DOLLAR a day is rubbish. Well u show me the empirical evidence and how those stats that claim this were deduced.

@Omoge very few people in Nigeria can afford to eat bread, eggs, tea? How much be loaf of bread sef? In some cases more than the so called $1. Bread is a regular on Nigerian tables FYI.

Well I still think that LESS THAN A DOLLAR A DAY stats are flawed and someone needs to convince me.

u right

So why can't we build new refineries or over-haul & expand the ones we have in order to increase our refining capacity? Why must we sell them off? If the new owners decide that it would make more sense to sell all they refine outside the shores of Nigeria, won't Nigerians be worse off? Last time I checked, they were not under any compulsion to sell any proportion of what they refine, in the local market.

One little example. In 1999-2000, ExxonMobil was exporting tons of LPG that they had extracted from their oil fields in Nigeria, to the international market. At that time, there was an acute shortage of LPG in the local market. Entreaties by local Nigerian gas marketers to Mobil, to sell a proportion of its LPG to them for retailing, were met with a rebuff. For Mobil, long-term contracts had been signed with their international customers, so there was nothing they could do to help the domestic market. When NNPC & other government officials stepped in, Mobil came up with another excuse. Their jetty was too big to accomodate smaller gas vessels that could supply the local Nigerian market with gas. The ping-pong of excuses, went on and on for months. Till date, I do not think this matter has not been fully resolved, because until 2003, local gas marketers were still appealing to Mobil for assistance. What makes you think that the new owners wouldn't do the same thing with our local refineries?


Do Nigerians earn global salaries? What does a university professor earn in Nigeria & what does his counterpart earn in the UK, US or even in Iraq? Why not use prices in Venezula as a comparison? Do we have any welfare system like the US or the UK has for its citizens, in order to cushion the effects of joblessness or inflation? Every country has some kind of subsidy for its' citizens, why can't Nigeria subsidise fuel?

it is a parting gift so get use to it people. the man is wicked

watchung
@[color=#990000]adconline I don't need empirical evidence I use common sense. Yes there are poor people in Nigeria but to tell me that 50+% of the population is living on LESS THAN A DOLLAR a day is rubbish. Well u show me the empirical evidence and how those stats that claim this were deduced.[/color]

ANS:

I don’t know about, but your argument has to be completely true ie deductive or probably true which is inductive or unprovable which is absurd argument. Your common sense analogy is absurd, but $1 a day analysis  is much more probable to be true than your common sense, because  I can use my common sense to tell you that Nigeria is  not most populous country in  Africa. The burden of proof lies on you to provide with us any existing method to calculate what average Nigerian worker earns. By the way $1 a day could translate to about N4000 a month. Are You telling me that money is so small for folks in rural areas? The fact that our govt does keep track of what people in  Nigeria earn has made IMF, World. CIA and some other agencies to economically deduce those  benchmarks. By the way, this is the same system they use to calculate GDP of wealthy countries, oil output, economic growth,literacy rate etc.

Like Chuba Okadigbo said “you cannot subsidize oil, because it belongs to Nigerians”

Maybe you need read my previous comments.





ANS: What kind of market forces in Nigeria? Do market forces take into consideration that over 60% of Nigerians earn $ 1 dollar a  day to pay N70   (about $ 0.60) for a litre of petrol?

 Question: The only reason why we make so much fuss in Nigeria is because cheap fuel is seen as our share of the national cake while politicians loot the treasury.

ANS Flawed economics theory, do you know the cost of fuel in Iraq, Iran, Saudia 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.

Summarily OBJ is the worst thing to happen since Independence pl;ease can someone call Mamajama and other OBJ supporters to come and defend this.
OBJ is going and he now increases fuel price so that the strike would be on Yar Adua govt wicked OBJ
An Idiot to say the least

Come to yankee and pay $3.25 a gallon it's not even summer  and the price are up to the roof.

Good question Donzman