Saudi Arabia, UAE raise fuel price but Nigeria digs in Subsidies
January 5th, 2018

Nigeria has a fuel price that is currently lower than that of Saudi Arabia and the United Arab Emirates (UAE) as both countries recently increased their fuel prices in response to higher crude oil prices. Nigeria is the least wealthy country selling petrol below $0.5 (N180) per litre, as no single country offering fuel at that low "price is poor like Nigeria"

http://www.businessdayonline.com/oil-producing-saudi-arabia-uae-raise-fuel-price-nigeria-digs-subsidies/

Additional comments:
Average price of fuel in United state as at January 2018 is $2.52 per US gallon (3.785 liters)
Converting to naira, price of fuel is 203 naira per liter in the united states.

Uk sell fuel at 1.2 pounds (500 naira) per liter

Note: United states produce 9.9million barrels of oil per day
Saudi Arabia produced about 10million barrels of oil per day.
UK produce 1 million liter per day
Nigeria struggle to produce average of 1.8 million per day (Nigeria potential is 2.3million barrels, but don't produce it on the average due to millitants and bunkering activities)

United states, UK and Saudi Arabia refine all their oil in their countries.
Nigeria import almost all the fuel we consume.

Why should fuel be cheaper in Nigeria?

for those who says fuel should be cheap in Nigeria because Nigeria is poorer than Saudi and UAE, they should also know that poorer countries than Nigeria like Ghana, Cameroon, Benin Republic sell fuel at much more expensive price of around 300naira to 400 naira per liter.

For those that will say Ghana, benin republic dont have crude oil, Angola produce the same quatity of crude oil as Nigeria, fuel price is 177Kwanza(293 naira) in Angola

http://www.mytravelcost.com/Angola/gas-prices/

life2017:


http://www.businessdayonline.com/oil-producing-saudi-arabia-uae-raise-fuel-price-nigeria-digs-subsidies/

So we should just increase it to N1,000 per litre abi

Even though Saudi Arabia produces far much more oil, and have tiny population... I am patiently waiting for the coming oil crash. When it comes, Nigerians will be wishing that things can remain the way it is now.

Really funny

So Saudi and UAE use naira as their currency abi ?

How much is the minimum wage over there?

life2017:


http://www.businessdayonline.com/oil-producing-saudi-arabia-uae-raise-fuel-price-nigeria-digs-subsidies/

I think it's quite disingenuous to compare absolute prices alone when there are a number of other factors affecting/dictating the price of pms in nigeria.

Aside from the fact that the standard of living in those countries is way higher than in Nigeria, this country remains an economic basket-case the like of which this planet has never seen before. PMS price directly affects every single aspect of the livelihood of Nigerians, from electrical power (which every Nigerian home/or business has evolved to privately generate via millions of gasoline powered plant) to transportation (mass transit is the cheaper alternative & nigeria lacks it).

princechurchill:
So Saudi and UAE use naira as their currency abi ?

They would have converted saudi currency to dollar nw

They're far richer than the zoo. So it's affordable to all of 'em.

Apart from low price of fuel, what else do Nigerians have to benefit from the corrupt government? No jobs, no electricity, even small fuel to power your gen. Self the govt don't want to reduce the price. Rubbish

slnigeria:

How much is the minimum wage over there?

thank you very much, na the same question i been wan ask am, you wan compare naija fuel price, were our minimum wage be 18k, to countries were dia minimum wage be 2000usd and above

This is a foolish comparison honestly.

Is our per capita income the same?

Mtscheew.

[s]

omenkaLives:
This is a foolish comparison honestly.

Is our per capita income the same?

Mtscheew.

[/s]
shatap don't try to sound intelligent
bow to your fulani masters always

Do you ve social benefit system
Do you ve free medicsl care system
Do you even have light

Yian1:


They would have converted saudi currency to dollar nw

Why not make our currency strong like theirs

Someone is mad. And it is whoever wrote this nonsense.


Minimum wage is uae, over 1000usd
Nigeria - less down 70 dollars.

Solid transport system in uae that you don't have to spend on petrol all the time.
nigeria, our lives revolve around petrol. Heck we power our business with petrol.

princechurchill:

Why not make our currency strong like theirs

how will their stolen dollars have value if naira becomes strong?

EarthXmetahuman:
Someone is mad. And it is whoever wrote this nonsense.


Minimum wage is uae, over 1000usd
Nigeria - less down 70 dollars.

Solid transport system in uae that you don't have to spend on petrol all the time.
nigeria, our lives revolve around petrol. Heck we power our business with petrol.

have you compared with Cameroon and Ghana and benin republic?

With the overdrive, it seems the govt wants to increase pump price..

Can you aswell give us the minimum wage of saudi arabia and other countries mentioned compared to Nigeria...

What is the standard of living in those countries compared to Nigeria..


You have an economy that just lost 7m jobs..
Unemployment and underwmployment at its peak..
No electricity..
No pallatives that the masses enjoy..

Haba mana.. you want to kill people? Cost of petrol has a domino effect on cost of everything in Nigeria.

life2017:


have you compared with Cameroon and Ghana and benin republic?

are they oil producing nations?

EarthXmetahuman:
are they oil producing nations?

It is 177 kwanza (293 naira) in Angola. Angola produce same quantity of oil with Nigeria.
Actually sometimes, angola do produce more oil than Nigeria.
Angola has less population.

Ghana and Cameroon also produce and export oil.

EarthXmetahuman:
are they oil producing nations?

Ghana and Cameroon are oil producing countries.

life2017:


It is 177 kwanza (293 naira) in Angola. Angola produce same quantity of oil with Nigeria.
Actually sometimes, angola do produce more oil than Nigeria.
Angola has less population.

what is angola's currency to dollar? What is their minimum wage?

Is angola not another failed country battling terrible economy like nigeria?

Yyeske:
Ghana and Cameroon are oil producing countries.

in what quantity? Are they not importing more than they are producing?

Truth is petrol is being sold below price but PMB should not increase the fuel because of its inflationary capabilities

EarthXmetahuman:
what is angola's currency to dollar? What is their minimum wage?

Is angola not another failed country battling terrible economy like nigeria?

is UK and US failed countries also?

Esseite:
With the overdrive, it seems the govt wants to increase pump price..

Can you aswell give us the minimum wage of saudi arabia and other countries mentioned compared to Nigeria...

What is the standard of living in those countries compared to Nigeria..


You have an economy that just lost 7m jobs..
Unemployment and underwmployment at its peak..
No electricity..
No pallatives that the masses enjoy..

Haba mana.. you want to kill people? Cost of petrol has a domino effect on cost of everything in Nigeria.

I think the OP made a mistake of comparing Nigeria with some oil rich Gulf countries and the west, he would've done a better job comparing Nigeria with other countries in our league.
That said, the price of refined oil products would've been cheaper if the past government had truthfully invested in our refineries but now we import almost every drop of petrol we need, added with the battered naira because not enough dollars to shore up its value, the price of petrol is bound to rise with the upward movement of the price of crude oil.

life2017:

is UK and US failed countries?

what is this one saying now?

EarthXmetahuman:
what is this one saying now?

you were sounding like fuel is only more expensive in failed countries

EarthXmetahuman:
in what quantity? Are they not importing more than they are producing?

Are they oil producing is the question, give us stats of their production and consumption. We are all here to learn

life2017:


you were sounding like fuel is only more expensive in failed countries

this is why comprehension is important in schools.


He asked why petrol is expensive in ghana? Ghana is not an oil producing nation, you expect oil to be more expensive. Just like you would expect oil to be more expensive in uk or france.

Then he talked about angola? angola is another failed nation like nigeria. Even at that, angola's still having it good because their currency is stronger than naira and their minimum wage is not less down 70 dollars like nigeria.

Same things goes for uae or countries with strong currency and not shitty minimum wage.

usba:
Truth is petrol is being sold below price but PMB should not increase the fuel because of its inflationary capabilities

Perfect answer to the dilemma we are in as we speak, another thing you should know is that continued subsidising of our petrol consumption will cause a depletion of our foreign reserves and nobody wants that.
We are indeed in a dilemma