₦airaland Forum

How expensive is fuel in Nigeria, compared to other countries? 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

1. In United States, fuel is sold at the pump price of $0.65/L ( ₦214/L).

2. South Africa - $0.84/L (₦277),

3. Russia $0.55/L (₦181/L),

4. Canada - $0.91/L (₦300/L)

5. Ghana - $0.92 (₦303/L)

6. China - $0.93 (₦306/L)

Some will argue that the countries above are not petroleum exporting countries (OPEC) like Nigeria, but what about OPEC member countries like:

7. Angola, where PMS is sold at $1/L (about ₦330),

8. Iraq - $0.64/L (₦211),

9. Venezuela pump price is $0.60/L (₦198/L)withPresident Nicolas Maduro calling the approximately ₦198/Lpump price ‘one of the cheapest in the world’.

10. 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 reduce poverty in the country

Source: The Politics of Fuel Pricing: How Nigeria Compares with the Rest of the World

U dey use your worthless naira dey check am abi?

Have you checked the incomes, GDPs & minimum/averagewage of these countries, huh? If aaa slap u eh

even a day old baby now knows the price of the fuel in other countries cos it is overrated so save us the stress of reading all this.we are talking of a way out u are announcing.mtchewwwwwwww

Cashcard1:
How expensive is fuel in Nigeria, compared to other countries? 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

1. In United States, fuel is sold at the pump price of $0.65/L ( ₦214/L).

2. South Africa - $0.84/L (₦277),

3. Russia $0.55/L (₦181/L),

4. Canada - $0.91/L (₦300/L)

5. Ghana - $0.92 (₦303/L)

6. China - $0.93 (₦306/L)

Some will argue that the countries above are not petroleum exporting countries (OPEC) like Nigeria, but what about OPEC member countries like:

7. Angola, where PMS is sold at $1/L (about ₦330),

8. Iraq - $0.64/L (₦211),

9. Venezuela pump price is $0.60/L (₦198/L)withPresident Nicolas Maduro calling the approximately ₦198/Lpump price ‘one of the cheapest in the world’.

10. 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 reduce poverty in the country

Source: The Politics of Fuel Pricing: How Nigeria Compares with the Rest of the World

Compare d minimum wage of this countries to that of Nigeria as well

The problem is that most individuals in those countries earn much salaries but the converse is the case in Nigeria where majority don't even have jobs talkless of salaries.

ononujuchika:
U dey use your worthless naira dey check am abi?

U de mind d kai-kai man

1. How much be their minimum wage?

2. do they need to fuel any generator set?

The calculations in the post are deceitful.
1. It makes use of the parallel market exchange rate in Nigeria and the official exchange rate in those other countries. The official exchange rate in Nigeria is N199/$, making the price of fuel in dollars $0.73/L.

2. The minimum wage and general salary structure in these are not comparable.

3. Why didn't the post mention countries where the writer agrees that fuel is cheaper for us to compare too. Must it be one-sided analysis?

This fraudulent analysis is meant to deceive the public.

Abeg make una help me, am new here, don't know where and how to comment and I seriously need to reply dis op.

cedar3:
Abeg make una help me, am new here, don't know where and how to comment and I seriously need to reply dis op.

You've already done that.