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.

GoodMuyis:


Last night I was explaining Ghana's currency re-denomination to someone and I was using the price of petrol as reference.
I just make sense to me to share with others.

I hope you guys also discussed this too?

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

Uncle, Venezuela is also oil producing nation, in fact a big oil producing nation.

Lol, in Australia, the average daily income is about $150, now compare that in naira to what people in Nigeria earn monthly. Your comparison is like comparing mangoes to oranges.

Pls they should also compare minimum wage of other countries in Naria then after that we will know who is deceiving who bunch of wicked and selfish leaders.

VeryWickedMan:
Here they are to justify the wickedness inflicted on the common man.

it is family affair. Y'all wicked lots should show little mercy pls lol

Libya - N12
Venezuela- N9 ... Omoh

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/

We keep Comparing rubbish, have you checked how many of those countries are with regular power supply ? Have you checked how many of those countries university student are on strike, have you checked how many of those countries don't have good health facilities for its citizen.

when Nigeria is at par with them in those issues raised then I can agree to this comparison, if not hold this your ARTICLE for now

i think also you will compare hourly income in those countries in naira too so we have feeling of the purchasing poweri think also you will compare hourly income in those countries in naira too so we have feeling of the purchasing power...

Does hourly income affect the prices of other commodities ? Does a farmer ask you about hourly income before selling yam to you? There is production cost and landing cost. Nigeria is shooting it’s self in the foot by subsidizing petrol. It is of no economic sense. The huge funds should be used in providing cheap and affordable urban/rural transportation for the poor masses. No sane country is subsidizing fuel when you can use the huge funds to create infrastructures, health care and educational investments.

almelo3:
i think also you will compare hourly income in those countries in naira too so we have feeling of the purchasing power

The whole essence of education in Nigeria has to be re-evaluated because today we have more educated illiterates than educated literates. Comparing dollar to Naira in Nigeria is totally baseless because we do not spend in dollar locally. The exchange rate is only for cross border transactions. Someone earning $1,000 dollars monthly in the United States is regarded as poor and will barely survive while someone earning 600k monthly in Nigeria is a big boy. The whole comparison is flawed and it’s always from unintelligent folks.

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.

SecretReporter:
Mumu post, why not show us thier minimum wages and access to finance, May GOD treat u the way Buhari is treating the Economy

Those you are importing fuel from won't ask you of your minimum wage or access to finance before selling to you.

Richy986:
The whole essence of education in Nigeria has to be re-evaluated because today we have more educated illiterates than educated literates. Comparing dollar to Naira in Nigeria is totally baseless because we do not spend in dollar locally. The exchange rate is only for cross border transactions. Someone earning $1,000 dollars monthly in the United States is regarded as poor and will barely survive while someone earning 600k monthly in Nigeria is a big boy. The whole comparison is flawed and it’s always from unintelligent folks.

The whole comparison is not flawed because everyone buys petrol at the international price and worse still countries like Nigeria buys refined crude from refineries abroad. So prices are expected to be similar save taxes and subsidies.

they have jobs and good cost and standard of living to take care of their petrol problems and even av enough change to flex life, so whats ur point with this,? they av strong currency and when they pay this much, it doesn't harm their pockets in devastating ways!

So Hong kong jas the highest rice price fuel followed by israel

Y'all have to bear in mind that the reason why the price is that high is because the naira is useless

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/

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

Op is part of the problem we’re facing in this country.

You converted it all to naira, USA is 500 in naira but that’s not even up to $1..

Op suffer head no dey tire you?

AdaoraNK:


Algeria and Angola are also oil producing countries in Africa

Did you check Venezuela?

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

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).

@OP, it will be appreciated if you can make your data current and also pair the petrol price with the national minimum wage.
Thank you

NOTE: You may get somehow current data here: https://www.globalpetrolprices.com/gasoline_prices/

My cousin who is a nurse in UK earns roughly £1200 per month which is equivalent to N810k compare it to my wife that earns 96k here in Nigeria.

All of these ina analysis no go even pain person if we are actually refining it here, atleast our economy go dey get the money directly

But now we have to develop other economies with our oil and you are here writing junks

Head is paining you seriously

SpatialKing:
Check Venezuela is 9. Naira

Venezuela, Libya

Meanwhile, Nigeria has a poor minimum wage and high unemployment rate. So no basis for comparison with those Countries with higher rates.

@OP, while you're at it, don't forget to create another post showing us the "minimum workers wages across the world in Naira"

equity1:
I was taking this serious until I saw Nigeria petrol price at N22.

Is this report as at 2022?

YU DEY SEE DOUBLE. NAIJA PRICE ON THE REPORT IS N173 LOOK WELL B4 YOU BLAME BUHARI AGAIN.

Iran 22 naira, Venezuela 9 naira. Upon all sanctions that hit them. Abi make they should sanctioned Nigeria too because I want to check something.

gare:


We keep Comparing rubbish, have you checked how many of those countries are with regular power supply ? Have you checked how many of those countries university student are on strike, have you checked how many of those countries don't have good health facilities for its citizen.

when Nigeria is at par with them in those issues raised then I can agree to this comparison, if not hold this your ARTICLE for now

Nothing stopped you from making the comparison yourself and posting wherever you deem fit.

sinkhole:
@OP, it will be appreciated if you can make your data current and also pair the petrol price with the national minimum wage.
Thank you

NOTE: You may get somehow current data here: https://www.globalpetrolprices.com/gasoline_prices/

I based my figures on Naira, which many Nigerians should understand better

silibaba:


Did you check Venezuela?

I'm relating to our African contemporary. .

Venezuela had had a chronic bad economy close to 10 years

GoodMuyis:


I based my figures on Naira, which many Nigerians should understand better

I could see that and it is good, but pairing with the national minimum wage will be good too, because what people earn in South Africa or Britain can never be compared with what people earn in Nigeria!

RealLagosBoy:
My cousin who is a nurse in UK earns roughly £1200 per month which is equivalent to N810k compare it to my wife that earns 96k here in Nigeria.

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