At ₦145/L price, Nigerians buy one of the cheapest Petrol in the world - Daramola Babalola On the 12th of May, 2016 Nigerians woke up to the detestable reality that they will now have to pay ₦145 per litre for Premium Motor Spirit (PMS), otherwise called petrol representing over 40% increase from the previous pump price, ₦86.50 While some are mobilizing for '#occupyNigeria season 2', labour unions in the country are currently planning to commence an indefinite nationwide strike action that will 'shutdown the economy' on Wednesday in a bid to protest the increase in fuel price. Following the harsh economic realities Nigeria is currently facing, many Nigerians have labelled the Federal Government as being insensitive to the plight of its citizen by making fuel too expensive for consumption. But really, how expensive is fuel in Nigeria, compared to other countries? and is the Nigerian government really insensitive? We are about to find out. At ₦145/Litre, is fuel too expensive in Nigeria? As surprising as it may seem, Nigeria is ranked 12th as per cheapest price of petrol in 173 countries even with the new ₦145 per litre price according to Globalpetrolprices.com In Nigeria, fuel now costs ₦145/L and with the current exchange rate that is fluctuating between ₦320-₦360 to a dollar, it means we are paying about $0.44/L It may however interest you to know that in United States, fuel is sold at the pump price of $0.65/L ( ₦214/L), In South Africa $0.84/L (₦277), In Russia $0.55/L (₦181/L), $0.91/L (₦300/L) in Canada, $0.92 (₦303/L) in Ghana, and it costs $0.93 (₦306/L) in China. Some will argue that the countries above are not petroleum exporting countries (OPEC) like Nigeria, but what about OPEC member countries like Angola, where PMS is sold at $1/L (about ₦330), In Iraq at $0.64/L (₦211), In Venezuela pump price is $0.60/L (₦198/L) with President Nicolas Maduro calling the approximately ₦198/L pump price 'one of the cheapest in the world'. Even in the oil rich, United Arab Emirates (UAE) PMS is sold at $0.45/L which is about (₦148/L) which is more expensive than the price in Nigeria. According to Globalpetrolprices.com In Hong Kong, the pump price is set at $1.85/L (about ₦610/L) making the country the most expensive seller of gasoline in the world. With the facts and figures above, at ₦145/L fuel is not expensive, it's actually one of the cheapest in the world, but because of the poor living conditions of millions of Nigerians, it appears expensive and thus, many Nigerians struggle to afford it. That is why the government needs to provide welfare programs, kill that disease called corruption, invest in electricity, education, fix refineries, provide jobs and increase minimum wage to reduce poverty in the country, because the current ₦18,000 minimum wage is too small compared to how much we buy petrol.
www.nigerianeye.com/2016/05/at-145l-price-nigerians-buy-one-of.html?m=1

you may be right

The main wahala is to afford it. Over there, they comfortably pay for them. Here?? Problem.

The new pricing is tough but sure the realistic way to go. Most stations opened up and quickly sold available stock and the queues disappeared. However, I believe N145 should be the highest even in the farthest north, meaning landing in Sokoto and Maiduguri is already factored in. By this it should be lesser in Lagos and other southern states.
Realistically, we should start buying smaller and fuel efficient cars. Everyone in Naija want to drive an SUV and never considers the fuel consumption. Everyone buys Generators without considering the fuel consumption, we drive poorly maintained and smoky vehicles etc. I see the new price changing all these.

The realistic way to go is to put the horse before the cart and not the other way round. It is madness to keep incomes static, whilst increasing the tariffs of non existent electricity by 60% against court orders less than 2 months ago and then following it up with this still to be borne by the common man. Instead of the rubbish 5k per month for 1 million Nigerians, wouldn't it be more sensible to use that money to fast track the supply of electricity meters to all parts of the country such that in these hard times, people pay only for what they use? The idiotic minister for works is silent about that. Even using the same 5bn to procure diesel powered mass transit buses to subsidize the cost of transport around town would help. Don't you think even using the 5bn to buy kekes and distribute to the poorest will be more appreciated than a stipend whilst ensuring more affordable transportation in their vicinity? Talk about a clueless government!!!!

DesChyko:
The main wahala is to afford it. Over there, they comfortably pay for them. Here?? Problem.

exactly

hectorswag:
Dumb excuse for incompetence!

Can you compare our standard of living to any of those countries you listed there? How much do you think an average person survives on per day here in Nigeria, and yet you call #145 per liter of petrol cheap?

May God forgive you! You dare not say rubbish like this in my area or else boys will just Lynch you!

Chei! Abeg o, no lynching

Very dum.b analysis.

How many businessmen in those countries run generators 24/7?

What's the Standard of living in those countries?

This is the same some dum.b people on TVC were comparing petrol price in Ghana with Nigeria. I don't know why we have so many f00lish people in this country. Do you know the implications of buying a litre for N145? Can you afford to spend N500 on Okada on distances you hitherto spend N200?

Can you afford to pay N100 for photocopy? Can you afford to type and print your documents at N400/page?

Can you afford N500/weekly for haircut for the same hair you cut @N200 last year?


You people should continue. At the end of the day, na white collar folks go suffer. Majority of the employers out there will add nothing to your salary, while the common illiterate barber, danfo driver, market women and every other artisan would double theirs. Na una Nairaland economists go suffer.

The average business centre owner would double the prices, while your salary remains the same.

CONTINU!

What a load of rubbish.
You can't compare the price of petrol without taking
minimum wage and purchasing power into consideration.
This pseudo-analysis is dead on arrival.

The jazz wey APC dey use for una I swear I need am.

...and earn peanuts as salary. #18000 = $52/month