Any efficient and responsible government should subsidise essential products for the citizens but unfortunately, the deep corrupt practises in Nigeria has made it so hard for the government to continue with the subsidy regime hence the need for us to pay for the ineptitude and corruption of the government.

It is on record that about an average of N18billion is spent to subsidise about 60 million litres consumed daily by Nigerians.

From a layman's view, to arrive at the amount the Govt spends to subsidise a litre, a simple arithmetic will be to divide 18billion by 60million litres

That will be about N300 spent to subsidise 1litre.

It was reported by the former minister of finance that the marketers usually inflate the sum so let's believe that with proper accountability the actual amount spent by the Govt on subsidy can't be more than N200 per litre.

Add N200 to the former price and we will arrive at a healthy new price of N380 or at most N400 to cater for fluctuations.

To corroborate my layman's view, a report from PENGASSAN before the new government was sworn in stated that fuel should not cost more than N400 after subsidy removal so why is the new price above N500?

https://www.premiumtimesng.com/news/headlines/590678-petrol-to-sell-at-n400-per-litre-after-subsidy-removal-pengassan.html

Good question

This is fraud at the highest level

Not surprised:

Our amalgamation was fraudulent (the foundation), so, it shouldn’t be surprising that the black gold is becoming a curse instead of being a blessing.

I repeat there is no way Nigerias daily fuel consumption is 60 million litres ...there is no way !!! Stop allowing friends I'd the president import petrol and this corruption would stop ...Let only IOCs import fuel into Nigeria till our refineries are working and you would see that Nigeria only consumes 18 million litres a day

Op forgot to add the looting margin
This is bourdillon template we're talking about not pengassan
Zombies say we should take it like that and wait for Tinubu to perform magic while we're paying exorbitant price for fuel

Toks2008:
Any efficient and responsible government should subsidise essential products for the citizens but unfortunately, the deep corrupt practises in Nigeria has made it so hard for the government to continue with the subsidy regime hence the need for us to pay for the ineptitude and corruption of the government.

It is on record that about an average of N18billion is spent to subsidise about 60 million litres consumed daily by Nigerians.

From a layman's view, to arrive at the amount the Govt spends to subsidise a litre, a simple arithmetic will be to divide 18billion by 60million litres

That will be about N300 spent to subsidise 1litre.

It was reported by the former minister of finance that the marketers usually inflate the sum so let's believe that with proper accountability the actual amount spent by the Govt on subsidy can't be more than N200 per litre.

Add N200 to the former price and we will arrive at a healthy new price of N380 or at most N400 to cater for fluctuations.

To corroborate my layman's view, a report from PENGASSAN before the new government was sworn in stated that fuel should not cost more than N400 after subsidy removal so why is the new price above N500?

https://www.premiumtimesng.com/news/headlines/590678-petrol-to-sell-at-n400-per-litre-after-subsidy-removal-pengassan.html

See my computation based on international model

https://www.nairaland.com/7710862/subsidy-removal-fraudulent

Children of deceit have taken over power, everything about them is fake, maybe, they want to put the price high so that after some noise, they will bring it down to the actual unsubsidized price and tell us that they have subsidized just to keep up with their fraudulent activities.

A big size fuel tanker is 30,000.
60,000,000 Fuel ÷ by 30,000 Tanker
= 2000 tanks. There is no way 2,000 Tanker can run around Nigeria in a day. Every filling station will be offloading fuel every 60 minutes.

The road will not contained them with Nigerian drivers.

From my calculations the whole of South that is south west, south east and South South can not consume 500 tankers in a week.

30,000 X 500 = 15,000,000 litter in a week.

Lalasticlala, Mynd44, seun

What about the 460000 barrels of crude oil by law allocated for local consumption everyday?
Nobody is talking this

Igwe9:
Children of deceit have taken over power, everything about them is fake, maybe, they want to put the price high so that after some noise, they will bring it down to the actual unsubsidized price and tell us that they have subsidized just to keep up with their fraudulent activities.

Hmmmmm

Toks2008:
Any efficient and responsible government should subsidise essential products for the citizens but unfortunately, the deep corrupt practises in Nigeria has made it so hard for the government to continue with the subsidy regime hence the need for us to pay for the ineptitude and corruption of the government.

It is on record that about an average of N18billion is spent to subsidise about 60 million litres consumed daily by Nigerians.

From a layman's view, to arrive at the amount the Govt spends to subsidise a litre, a simple arithmetic will be to divide 18billion by 60million litres

That will be about N300 spent to subsidise 1litre.

It was reported by the former minister of finance that the marketers usually inflate the sum so let's believe that with proper accountability the actual amount spent by the Govt on subsidy can't be more than N200 per litre.

Add N200 to the former price and we will arrive at a healthy new price of N380 or at most N400 to cater for fluctuations.

To corroborate my layman's view, a report from PENGASSAN before the new government was sworn in stated that fuel should not cost more than N400 after subsidy removal so why is the new price above N500?

https://www.premiumtimesng.com/news/headlines/590678-petrol-to-sell-at-n400-per-litre-after-subsidy-removal-pengassan.html

Nigeria is peculiar. You are subsidising neighbouring countries and enriching the marketers. That’s what is happening in Nigeria. There must be another way to cushion the effect of high petrol prices.

yes... pms shld sell at about that rate cuz that is slight higher than a quarter dollars

Subsidy is gone for good

There are no length or breath Nigerian politicians cannot go loot and fool the gullible masses.

Fearing obsession with money is the beginning of wisdom.

There is no length or breath Nigerian politicians cannot go loot and fool the gullible masses.

Fearing obsession with money is the beginning of wisdom.

drlateef:




Nigeria is peculiar. You are subsidising neighbouring countries and enriching the marketers. That’s what is happening in Nigeria. There must be another way to cushion the effect of high petrol prices.

Are these crude oil products smuggled to other countries in match boxes?

If the customs are not corrupt they definitely will be able to stop the smuggling.

I maintain that Nigeria does not consume 60 million litres of petrol a day , this a lie that has festered for too long

Toks2008:


Are these crude oil products smuggled to other countries in match boxes?

If the customs are not corrupt they definitely will be able to stop the smuggling.

So how exactly do you suggest we deal with customs that has been corrupt since the 1960s in few days?