its no joke that i just got fuel at N75 per litre at this time when a new government is coming in. what will the striking oil workers do when they are yet to get answers to their yarnings.

its a rude shock to have a fuel increase without notice at this time

I was surprised to discover the same when I went to buy fuel this evening. No previous announcement to prepare us. Baba's parting gift? How sad.

such is life with PDP

The government has no business setting the price of fuel. Let allow the laws of demand and supply to work.

very good - no more black marketeering.

what is the normal price of fuel?

The price of fuel in Nigeria has been politicised
Do we hassle the Government when the price of garri goes up

Market forces should determine the price of fuel like everywhere else

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
We should tackle corruption first, it is destroying our country

If the economic situation in Nigeria was better, we would not mind paying more for fuel if we had the opportunity to earn the decent salary to pay for it

Nigeria must change!

thats what you get for threatening to stage protest (rob innocent mama shikara and emeka's shop)

good thing theres no scarcity

obo_nyumi

@ very good - no more black marketeering.

Why dont you come of the closet and tell us that you are working for PDP government. Maybe you should lecture us  on how pump price increases will stop black markets. Also include in your lecture, how previous increases stopped black market. Waiting for your answer economic Professor Soludo Obo Nyumi.

I don tire for obasanjo.Make he do dey go abeg that man don kill us

Seun:

The government has no business setting the price of fuel. Let allow the laws of demand and supply to work.

Be careful what you wish for. demand and Supply would require that the govt remove all subsidies.

I heard fuel is subsidized

Since the govt have no business setting the price of petrol, they should stop subsidizing petrol and lets see what happens

my concern is that if the price of fuel is N75 in a town like Abuja, how much will it cost in Owerri and P/HArcourt? or Kaduna? N150 perhaps?

Obamedo
^{@
The price of fuel in Nigeria has been politicised
Do we hassle the Government when the price of garri goes up}

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

^{Market forces should determine the price of fuel like everywhere else.}

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?

^{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.}

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.


!

gas price dey bite me ooo

Spot on adconlne!

aahhhh, na wah oh, wot r these people trying to do now, cos these alway a silly excuse when they pull stunts like this and is uncle trying to triple the price of fuel, by the amount it was in 1999, before he leaves .

At times I begin to wonder at Seun's (and some others) pattern of thinking. How does demand and supply affect businesses in Naija? We all know that in most market situations in Naija, the crude law of the jungle plays a prominent role. Just like some dude cited, a lot of Nigerians earn way too little to withstand the so-called forces of demand and supply. From experience Seun and co, y'all should know that the law of gravity as related to market forces doesn't apply to Naija's situation; whatever goes up (in the case of gas and the likes) never comes down. When was the last time that jacked-up gas prices ever went down? C'mon Seun and co, stop trying to act like westerners by telling people that market forces should control what happens next. Y'all know that the government controls almost every aspect of Nigeria's economy, even the damn privatized corporations that those in govt cunningly bought over. Seun, abeg na Naija u dey, speak the language wey Naija man understand and stop trying to teach some stupid economic theories that u ain't know shit about.

i don't know if i shud say dat y'all got it good over there cus gas is getting up to 4 dollars up here.

ghettochyk:

i don't know if i should say that y'all got it good over there cus gas is getting up to 4 dollars up here.

you cant just compare based on exchange rate. How much does the average Nigerian worker earn? At N75/litre, it will cost N3,750 to fill a 50 liter tank for a regular 504 peugeot car. Doing that twice a month will cost N7,500 per month on fuel alone. That amount is the minimum wage. Add to the fact that less than 30% of Nigerians are actually gainfully employed and its easy to see how much more of an effect gas prices have on the average Nigerian.

i kinda figured dat, dat's way i said it they way i did

omoge:

gas price dey bite me ooo

gas price dey bite u indeed!  

you won't believe how much i spend on gas a week man.

Hopefully Yar Adua will reduce it.


But na wa oh.Obj na die

ghettochyk:

you won't believe how much i spend on gas a week man.

you better count urself lucky.

Gas prices at N75/liter and yet you dont even have any guarantees that it will be availabe when you need it or you'll have to spend days on the queue to get a few gallons or purchase some from the black market at 4 times that price.
Dont forget you also have to buy gas to power your generating sets at night to keep your house and business running.

You dont spend anything on gas my dear!

did not notice it until this evening, disappointing and annoying

My fellow thread members,

I understand that we are rich in oil and as such, should not be paying what the Americans (for instance) are paying for it.

As things stand now, the govt does not solely control oil in the downstream sector. The oil marketers (like O & O) play a big role too. We should also bear in mind that the govt actually subsidizes oil, otherwise, we'll be paying for oil at the current world market prices.

We currently have to import refined oil because of our broken down refineries. The NNPC and oil marketers are subject to changes in the price of oil in the market and this change should be reflected at the gas pumps to avoid oil scarcity and keep them from running their businesses at a loss.

But the real issue at hand here is - how much subsidies should the government be providing ? Where does it draw the line ?

For fiscal year 2007, the federal govt has budgeted N150 billion (over $1 billion) to subsidize oil. Is this enough or not ?

davidylan:

you better count yourself lucky.

Gas prices at N75/liter and yet you don't even have any guarantees that it will be availabe when you need it or you'll have to spend days on the queue to get a few gallons or purchase some from the black market at 4 times that price.
Dont forget you also have to buy gas to power your generating sets at night to keep your house and business running.

You don't spend anything on gas my dear!

i guess you're in my pocketbook huh? *rolleyes*
when i was in 9ja a few years ago, gas went up to $100+ a liter.

When they raised gas prices to N33/liter, they told us it was so they coould remove their subsidies. when will these stop being a ready excuse?

ghettochyk:


i guess you're in my pocketbook huh? *rolleyes*
when i was in Nigeria a few years ago, gas went up to $100+ a liter.

this is not an argument on who spends more on gas. that kind of argument is best left for kids. I was making a direct comparison of relative gas prices between the average nigerian and american. Gas prices may be at an all time high of $4 but it doesnt dent the pockets of the average American. At N75/litre, the rebound effects are enormous; food prices, public transport, goods and services e.t.c.

davidylan:

this is not an argument on who spends more on gas. that kind of argument is best left for kids. I was making a direct comparison of relative gas prices between the average nigerian and american. Gas prices may be at an all time high of $4 but it doesnt dent the pockets of the average American. At N75/litre, the rebound effects are enormous; food prices, public transport, goods and services e.t.c.

since you already know dqat, then steer away from dat direction cuz evidently, i wasn't heading dat way

and no need to lecture me. dats basic information. i was simply also stating how gas is rising on dis side of the world. so it seems dat YOU are the one making comparisons. nuff'a all dat. i aint come here to argue bout nothing.

GNature:

But the real issue at hand here is - how much subsidies should the government be providing ? Where does it draw the line ?

For fiscal year 2007, the federal govt has budgeted N150 billion (over $1 billion) to subsidize oil. Is this enough or not ?

the questions we really should be asking is why we have 3 refineries and none have been functional for over 10yrs now. that alone adds to the overall cost of production that rebounds on the poor consumer.