Research has shown that Nigeria is the only
member of Organization of the Petroleum
Exporting Countries (OPEC) whose citizens pay
the highest price for petrol.
OPEC, founded in 1960, comprises five pioneer
members; Islamic Republic of Iran, Iraq,
Kuwait, Saudi Arabia and Venezuela.
These countries were later joined by Qatar
(1961), Indonesia (1962), Libya (1962), the
United Arab Emirates (1967), Algeria (1969),
Nigeria (1971), Ecuador (1973), Gabon (1975)
and Angola (2007).
Nigeria’s petroleum minister, Diezani Alison-
Madueke, was recently elected the president of
the international oil body. She made history as
the first female to hold the prestigious post.
READ ALSO; Diezani Alison-Madueke The
Beautiful Face In An Ugly Oily Business
According to a survey done by
GlobalPetrolPrices.com, the firm reputable for
providing the most wide-ranging and reliable
data on retail fuel prices around the world,
Nigeria takes the lead as at May, 2015 for
charging the highest price for PMS among OPEC
nations.
The data are collected on a weekly basis using
information from government institutions,
regulatory agencies, major media sources, and
oil companies.
The analysis shows that Venezuela charges
$0.02 per litre, while 10 per cent of refined
petroleum is said to be reserved for the poor
who pay lowest price per litre.
In Libya, it goes for $0.11; Saudi Arabia $0.16,
Kuwait $0.23, Quatar $0.26, United Arab
Emirates $0.47 and Iran $0.34.
In Nigeria, petrol was sold for N87 per litre
before the artificial scarcity started a month
ago.
The exchange rate of a dollar to naira was N199
as at the time this report was compiled. By this,
N87 is about $0.47 (USD) per litre.
But during the fuel scarcity saga, the price
skyrocketed to N450 per litre- that is about
$2.26 (USD) per litre.
Though the major oil marketers have called off
the strike two days ago, petrol is still being sold
between N120 and N150 ( averagely $0.60 USD)
in various fuel stations across the country.
Many Nigerians see the N450 price outrageous
for a country endowed with the natural
products, while experts analysed the price to be
the highest in the world.
Naij.com learnt most tankers lift petrol from
the various oil depots in Lagos between N100
and N120 per litre. ( $0.60 USD). As at the time
this report was compiled, there was no
indication that the price would be reversed to
the old price of N87 per litre.($0.47 USD).
Even with the old price of N87 per litre, some
experts are of the opinion that Nigerians
deserve to pay less.
In Nigeria, oil and gas resources management
are still shrouded in secrecy. Revenue Watch
Institute (RWI) measures the transparency and
accountability in the oil, gas and mining sector
of 58 countries worldwide and finds that Nigeria
fail to meet satisfactory standards on how its
oil and gas resources are governed.

http://www.naij.com4447983-shocking-revelation-nigeria-pays-the-highest-price-for-petrol.html

Na today? We no dhe complain

We know nau