Economists in the house should enlighten us.

Aren't the Nigerian masses supposed to purchase fuel, especially PMS, at a cheaper price?

If we bought PMS N97 per litre when oil was around $110 per barrel, why do we still buy PMS N97 now that oil has dropped to a little below $60 per barrel?

This doesn't make any sense. Or maybe I'm missing something.

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I will give one simple and major reason. Our govt is not interested in Nigeria refining the crude oil. They are feeding the cabals that import fuel. So, according to them, the import cost have eroded whatever value you would have saved by producing locally. However, that leads us to the next question. Should subsidy continue considering that importers now import cheaply. The answer should be NO. Let us hope that Nigerian Govt will delete the subsidy regime and keep the price at N97 or even reduce it in line with continued slide in international crude oil price.