You didn’t see Libya and Venuzuela?

Acidosis:
A litre of petrol at N682 in South Korea is cheaper than Nigeria's N185.

Please stop comparing commodity prices using a single national currency, whether it is naira or dollar. National economies are too complex for such baseless comparisons and countries don't have the same macroeconomic dynamics.

South Korea today is one of the most advanced nations in the world yet the South Korean currency, won, is more useless than the Naira. A dollar today is over 1300 South Korean won, with people committing suicide day in day out because of poverty and unemployment. So when you go comparing prices of petrol in Naira in an advanced country with high poverty rate, you end up confusing yourself.

Stop this dollar, pound, naira comparison you people do every time on Nairaland. You can't be in Nigeria and be discussing what you'll do with your naira or pounds in another man's country. Economics is not a beer parlour issue.

If this informative post pass your IQ level, you should have just passed rather than being aggressive (My Post hurt no one).
Information is for knowledge not fighting.
Asking me to stop is more like denying me a fundamental human right

skj1377:
This is old update because Ghana is now N1100 per litre for petrol and N1200 per litre for diesel

Chimoooo! How una dey take survive for that Ghana sef?

Buhari apologist scoring an own goal.

GoodMuyis:
The price of octane-95 gasoline is 173.08 Nigerian Naira per liter.
For comparison, the average price of gasoline in the world for this period is 594.07 Nigerian Naira.
The chart below shows the price of gasoline in the country relative to other countries.

See the attached image for tabulated data

Data Source: https://www.globalpetrolprices.com/Nigeria/gasoline_prices/

Try post dia minimum wage in naira too

Lastbornbuns:

Your cousin is working there and not in Nigeria. Of what use is it to compare? When house rent alone can finish that money �

It's not true. He has finished his 5BEDROOM DUPLEX in the village from the money he is earning over there. He relocated to Uk in 2015.

My wife has been working since 2016 but doesn't have upto 500k as her savings.

SpatialKing:
Check Venezuela is 9. Naira

Venezuela also has zero refineries and a severe smuggling of fuel problem. And it's oil industry is moribund

Sell at a loss,operate at a loss.

Ruggedniggaone:
How Venezuela take do am? no be #9 them they get fuel in Venezuela despite all USA efforts to strangulate their economy, if despite all the sanction on Venezuela by USA and they are still getting fuel at cheaper rate i see no reason why an oil producing nation like Nigeria who is under no sanction should be frustrating our lives with high cost of fuel

They did it at the expense of their petroleum industry.

As a result their refineries work at extremely reduced capacity. They also lose billions to smuggling of fuel out of their country.

omenka:
This comparison is quite misleading. Most of the countries have economic indices way better than ours. It is easier to earn a dollar in most of them than it is to earn a dollar in Nigeria.

Things are in really terrible state in the country currently, let no one tell me otherwise. I sincerely hope things turn around for the better with the next regime.

Most of them are at our level or even worse.

Or is Niger better than Nigeria?

GoodMuyis:
The price of octane-95 gasoline is 173.08 Nigerian Naira per liter.
For comparison, the average price of gasoline in the world for this period is 594.07 Nigerian Naira.
The chart below shows the price of gasoline in the country relative to other countries.

See the attached image for tabulated data

Data Source: https://www.globalpetrolprices.com/Nigeria/gasoline_prices/

But you can see 12 and 22 from two countries right?

excanny:
You didn’t see Libya and Venuzuela?

Libya has five million people and produces five times more crude than Nigeria.

They have the cash to pay for refineries, subsides and still have more than enough left over.

Venezuela is a worse version of Nigeria. Their subsidy is why they are a net importer of crude oil, and why their largest refinery went from refining 900000 BPD to 100000bpd

Thanksful:


Post the minimum wage of those nations also. I wan check something.

All west African nations have fuel prices above 400 naira,and all of them have minimum wages between 20-30 thousand naira except for Chad which is around 40000 naira monthly

How much is their minimum wage?

kernniejay:
How many of them are oil producers?

I tire.
Lybia oil producer 12 naira
Nigeria oil producer 173 naira.
The difference is clear..Lybia thats even a war thorn country fa

[how much is their minimum wage?quote author=AdaoraNK post=115095588]

Algeria and Angola are also oil producing countries in Africa [/quote]

RealLagosBoy:


It's not true. He has finished his 5BEDROOM DUPLEX in the village from the money he is earning over there. He relocated to Uk in 2015.

My wife has been working since 2016 but doesn't have upto 500k as her savings.

£1200 since 2015? Your cousin did not tell you the truth. It is not possible to be earning £1200 per month in the UK and have enough left after meeting all your expenses to build a duplex. £1200 is not even up to minimum wage assuming its broken down to hourly earnings. Besides he is living there and paying bills there. So stop converting the income alone to Naira.

Oddfinder01:

I tire.
Lybia oil producer 12 naira
Nigeria oil producer 173 naira.
The difference is clear..Lybia thats even a war thorn country fa

Nigeria would be like Libya if we had just ten million people, and were producing up to five times the crude we produce, at a price above 80 dollars per barrel.

kernniejay:
How many of them are oil producers?

A good number of those nations with prices higher than Nigeria's are crude oil producers...Ghana, Niger, Russia, etc.

Fuckeduppedness. My guy, you made my day!

kernniejay:

I hope you guys also discussed this too?

This is exactly what Peter obi is saying, increase the earning power of Nigerians by investing in smes to boost production, your money value will improve and while subsidy will be removed, Nigerians can then afford it.
The price of petrol during Jonathan's era was #87 but the exchange rate was #160 officially, which means that 160= 650 today, giving us an approximate cost of 90 = 350 meaning that the equipment of #87 we buy fuel in 2014-15 is # 350 meaning that buhari is selling at half the price Jonathan was selling, so why are Nigerians complaining? Nigerians are complaining because the incompetent administration has reduced the earning power of Nigerians, due to their cluelessness, if 87 then =350 now but you still make 87 instead of 350, it then means that your earning power has decreased by almost four times meaning that you can only afford fuel if it's 2014 at the price of 21 this is about four times less than what you can afford in 2014.

twentyfivekobo:


Nigeria would be like Libya if we had just ten million people, and were producing up to five times the crude we produce, at a price above 80 dollars per barrel.

Our population is even an added advantage. But had become a disappointment to us. Same as the crude we have

omowolewa:
So what's the point, increase?

govt should fix electricity and end subsidy.
That way we'll save more to fraud.

Very biased topic. Put it side by side with purchasing power and minimum wage. Don't just quote figures to justify what you want.

So what stops us from selling at per with Iran and Venezuela which prices are below N25.

GoodMuyis:
The price of octane-95 gasoline is 173.08 Nigerian Naira per liter.
For comparison, the average price of gasoline in the world for this period is 594.07 Nigerian Naira.
The chart below shows the price of gasoline in the country relative to other countries.

See the attached image for tabulated data

Data Source: https://www.globalpetrolprices.com/Nigeria/gasoline_prices/

Hmmm this is how you fail math in school.

Oddfinder01:

Our population is even an added advantage. But had become a disappointment to us. Same as the crude we have

How can our population be an added advantage when 76 million of us are illiterate and 95 million of us live in poverty?

After comparing, make sure you compare the average salary of those workers over there to that of Nigeria because I want to see something.

Oddfinder01:

Our population is even an added advantage. But had become a disappointment to us. Same as the crude we have

The thing is, we pay less than the cost of what it costs to refine one liter of petrol as our pump price, and government pays a subsidy to cover the resulting losses.

That's what fuels the corruption and the disaster in the petroleum sector.

If we want to be like Libya, we have to produce five times more crude than we do now, and have a population less than ten million, so that we can earn enough to refine fuel at home, pay for maintenance and upgrade costs, and once we refine fuel at N500 per liter, we can sell it at N100 per liter and have enough money to pay a subsidy of N600 per liter.

But we can't do that. Heck, more people own cars in Nigeria than there are Libyans.

sunny1703:
So what stops us from selling at per with Iran and Venezuela which prices are below N25.

1.Venezuela sells fuel at a low price...and thanks to that they have severely diminished refining capacity (their main refinery has gone down from refining 900000 bpd to 100000bpd in twenty years.). And massive smuggling, and also they import...infact are a net importer of refined product. They also lose 18 billion dollars to smuggling of fuel out of their country...just like Nigeria.

2.Iran has subsidy, and even manages to keep their refineries working. They also have a debt that makes ours look like chicken feed, and their government too wants to remove subsidies...but their people are like Nigerians, and say no.


If you want functioning refineries, you are either like Libya or Saudi that earn enough money to subsidise and keep their refineries running at the same time due to producing more than we do, and having smaller populations, OR you sell fuel at a profit...like most sane countries do...including Niger Republic.

email1:
Very biased topic. Put it side by side with purchasing power and minimum wage. Don't just quote figures to justify what you want.

Many of the countries of West Africa have higher fuel prices and similar or lower minimum wage than we do.

Oga I bought diesel fuel yesterday at 13.69cedi(ghc). The 10.5cedi your talking about was in January.

silibaba:


Not true. Ghana is 10.50GHC not N1100

Ghana just humbled car owners in their country. Right now most car owner now patronize public transportation like TROTRO(bus).

skj1377:
Oga I bought diesel fuel yesterday at 13.69cedi(ghc). The 10.5cedi your talking about was in January.

That's still about N600. How come Ghanians have not rioted or at least protest against the government due to the increase in price of petrol. They are not even dissing the government and the country on social media.