Lemme think about how to think about this matter first. Then I wi comment my comment later.

Is that what they promised us during their campaign? Did they promise to hike the price?

theoldpretender:
Hmmm

I can see some Nigerians looking at Venezuela and admiring their price of N4 perliter.

What they don't know is

1.Veenzuela is depleting their foreign reserves by keeping fuel at N4 due to overspending on subsidy.

2.Here is how a subsidy works. Government tells you to sell your fuel at a low price, and pays you the difference...preventing you from making a profit. As a result...you lose money.

3.Venezuela is in an economic mess.

And this is what some Nigerians want. Wake up.

NUmber 2 is ridiculously WRONG, where did you gert that from??

its not about the dollar price but the purchasing power of the said country's currency. Not too long ago, we saw how much money you need to buy a loaf of bread in venezuela. If the pump price is less than a dollar yet the average amount the citizen of such country lives on in a day is barely a dollar, then it is expensive.

Jamestown123:
Do you know how much is 4 naira in Venezuela? Bro don't even think about the exchange rate, because many people still can't afford this things

...these things.

Gas is about 2.6 dollars per gallon in my area. One gallon is about 3.8 litres.

That means a litre of gas is 0.7 dollars.
0.7 dollars equals about 248 per liter in naija.

But that's like chicken change here so I would say gas is cheaper here cos the currency has more value than naira.

An average Nigerian earns 90k per month which is 253 dollars.
A plate washer in the US earns about 11 bucks per hour, works about 10 hours equals 110 dollars. So he makes same amount in like 3 days excluding the tips he get when he serves dishes.

Buhari must go

meanwhile some one promised to mk a particular country oil price low.

B

Hugo chavaise

With this, I will say Nigeria is not doing too bad. Even countries that we regard as "heaven on earth" are not on the list. Though nothing bad in asking for more [Oliver Twist]

oladele00:
Vote for PMB again and baba will reduce the price of fuel to 45naira.. God bless PMB

your zombiesm is incurable.

erico2k2:

Dont always believe evrything you read, howmany people do you personaly know who earn N300 per day ??

$1 per day is N10,800 per month. how much is fuel attendants, salesgirls and petty traders earning, how much is the minimum wage? how much do corpers earn? how much do police constable to sergeant earn? don't this people also have dependant who don't even earn anything.

Now subtract the salary of average Nigerian workers and traders from Rent cost and transport. and honestly tell me how many people in Nigeria leave above $1.90 per day

Jflex07:
your zombiesm is incurable.

I know

Any news about Venezuela? Do they accept blacks? Is their currency strong?? E b like say na there pesin go port go ooo

LuciferKristi:
It's not about the cost. It's whether the citizens can afford it.

Most Nigerians survive on less than $1 daily, how many can afford fuel at its current cost?

Come on will you shut up your mouth. ''Most Nigerians survive on less than $1 daily''. Is that what some stupid white man's statistics taught you? You cannot use your own brain to know that that statistic has to be totally false otherwise we would have food aid trucks from UNICEF and the Red Cross on every street in the country? MUMU. Instead of regurgitating nonsensical statistics, use your brain, and know what to reject and what to accept.

Enough is enough to keep on recycling this waste old dude menh.

Fellow Nigeria patriots, it is time to change the change.

Here I present before you the fresh programme loaded gentle guy from new era thinking world.

Meet Toye Akingbola as Nigeria next President (#TA4P) for good tomorrow to give us:

S. Security
H. Health
A. Agriculture
P. Power
E. Education
S. Shelters

http://toyeakingbola.com.ng

Chepos1:

US should not try any rubbish cus I want to migrate to that region ASAP.

The place don cast as you younger ones will say ,since 4 years ago.

erico2k2:

NUmber 2 is ridiculously WRONG, where did you gert that from??

OK....

It costs N170 to import one liter of fuel.

Marketers meanwhile sell fuel at N145.

Govt pays them or it is supposed to pay them the difference of N25 per liter...but can't.

Marketers cannot make profit...so smuggle fuelout of the country to places like Benin and Ghana where fuel is sold at higher prices...to balance their books.

Simples.

(And FFS...I am not defending any government....I am telling the truth that we cannot sustain a subsidy regimen, and we should have deregulated since 2012...when GEJ tried to raise prices!)

LuciferKristi:
It's not about the cost. It's whether the citizens can afford it.

Most Nigerians survive on less than $1 daily, how many can afford fuel at its current cost?

But the so called Nigerians can buy smartphone worth 20k more than the minimum wage

Minimum wage in Venezuela is 7,310usd per anum and they buy fuel @ N4 per litre while Nigerian minimum wage is 600usd per anum and they buy fuel at N144 per anum. Ok quantinuu

iammo:


$1 per day is N10,800 per month. how much is fuel attendants, salesgirls and petty traders earning, how much is the minimum wage? how much do corpers earn? how much do police constable to sergeant earn? don't this people also have dependant who don't even earn anything.

Now subtract the salary of average Nigerian workers and traders from Rent cost and transport. and honestly tell me how many people in Nigeria leave above $1.90 per day

Don't mind them. It is too tasking for them to engage heir own faculties to decipher the truth. If the World Bank came out and said that most Nigerians survive on less than 5 Naira a day, they will still come here and regurgitate that statistic without question. Thoughtless robots.

LuciferKristi:



Venezuela has the world's largest oil reserves by a wide margin.

That's why the US desperately wants to start a civil war there so they can install a new regime since Maduro has refused to dance to their tune.

So you want to be ruled by Maduro.

Let me tellyou why Venezuela is in a mess

1.Their equivalent of NNPC...PDVSA....was nationalized, and forced to take on thousands of unqualified people in the name of job proivison. As a result, they cannot even exploit the oil proprely enough.

2.Most of Venezuela'soil is offshore and is sulphur rich. As a result it costs a lot.

3.Venezuela's government nationalised all businesses, wasted billions of forex on subsdising everyhting...and as a result, the country is broke.

4.Venezuela imports everything. Even more than Nigeria. Even things like chicken and toilet roll is imported.

5.EVEN if a US friendly government takes over...THE COUNTRY will still HAVE THE SAME PROBLEMS (AND yes, I know the US wants Maduro out...)...because the problem is their over dependency on oil.

Dutch disease. Read it up.

Digitalwitch:

But the so called Nigerians can buy smartphone worth 20k more than the minimum wage

Don't mind them. Nigeria has over 120 million phone lines connected, the largest in Africa.

How is that possible if majority of us live on less than 1 dollar a day? That is just Phone o. Not to mention food, rent, school fees, clothes, transport. Mumu people.

coolcharm:
Venezuela

Sweet will be more expensive than fuel in that country. Whalai

The same Venezuela that's in a huge mess

Deep recession

theoldpretender:


OK....

It costs N170 to import one liter of fuel.

Marketers meanwhile sell fuel at N145.

Govt pays them or it is supposed to pay them the difference of N25 per liter...but can't.

Marketers cannot make profit...so smuggle fuelout of the country to places like Benin and Ghana where fuel is sold at higher prices...to balance their books.

Simples.

(And FFS...I am not defending any government....I am telling the truth that we cannot sustain a subsidy regimen, and we should have deregulated since 2012...when GEJ tried to raise prices!)

Like I said your Info is wrong and full of assumptions, who told you or how did you deduce petrol is imported @170

theoldpretender:


I honestly give up. Some of you guys have no understanding of how economics works at all.

1.We import most of the fuel we use in Nigeria

2.The landing cost of imported fuel is above N170 per liter.

3.NNPC pays a ''subsidy'' to keep the fuel price at N145.

4.That is why most marketers cannot import fuel, why NNPC is the SOLE IMPORTER of fuel..and why NNPC partly cannot declare its assets.

5.And that is why we keep on having fuel scarcity...because most marketers cannot make a profit at N145 per liter.

6.We need oil to be at $140 per liter to break even. Right now...we don't have enough to do so because oil has been below $75 since 2015!

7.GEJ tried to increase fuel to N140 from N65. You Nigerians protested...so we beat it down to N97...and then to N87 and that is partly why GEJ could not save forex...because we were wasting it on fuel. Meanwhile....scarcity was happening...and by 2013...fuel was being sold above the market price of N97 excpet in Lagos and Abuja...because most marketers could not survivie on profits as low as N2 per liter.

8. Please stop misinforming people. Venezuela is where it is because they import all they need and because they overspend all their money on subsides they cannot sustain, and because their govern,ment is imcompetent. Not because America...who buys most of their oil and pays for it.

9. And you APC and PDP guys better get our country off oil!

Baba, you dey misyarn jawe. If the standard of living is good, no one will complain if oil is #300 per litre. So because Venezuela is in deep poo, the masses should die of hunger. Tackle the government to improve the economy. Even with the fuel price, companies still layoff staff, unemployment is on the rise. The dude you quoted is right, it's about standard of living. And yes, a majority of Nigerians can't afford a $ per day, IMF data support that fact.

oladele00:
Vote for PMB again and baba will reduce the price of fuel to 45naira.. God bless PMB

He couldn't reduce it to N45 during his first tenure na second he wan do am

Donald3d:
As much as Nigerians complain about the cost of fuel, Nigeria is in a very interesting position on this list .Funny enough Nigerian filling stations sell fuel at one of the cheapest rates in the world.
Let’s count down .

10. Azerbaijan

$0.47 per litre – Approx ₦165

9. Turkmenistan

$0.43 per litre-Approx ₦151

8.Egypt

$0.43 per litre-Approx ₦151

7.Nigeria

$0.41 per litre-Approx ₦144

6.Ecuador

$0.39 per litre-Approx ₦137

5.Algeria

$0.35 per litre-Approx ₦122

4.Kuwait

$0.35 per litre-Approx ₦122

3.Sudan

$0.34 per litre-Approx ₦119

2.Iran

$0.29 per litre-Approx ₦102

1.Venezuela

$0.01 per litre-Approx ₦4 !!!

What do you think ?
The cost is really mind-blowing in Venezuela.
Do you think the exchange rate is what makes it “expensive” here ?
Let’s know what you think in the comments section .

https://autojosh.com/top-10-coutries-with-cheapest-fuel-in-the-world/

It simply means - we have been going to the wrong country to import refined crude- the total landing cost to nigeria should not be more then N30- and government can still make a spread of 30% - N10 and I can bet my life our exchange rate differentials would crash

Jamestown123:
Do you know how much is 4 naira in Venezuela? Bro don't even think about the exchange rate, because many people still can't afford this things

it's 1million bolivar and the Money is actually worthless and fuel is not a problem in Venezuela , not even electricity sef in most parts there. the major issue is food and drug cos of the sanction and thus d vey high inflation

theoldpretender:


I honestly give up. Some of you guys have no understanding of how economics works at all.

1.We import most of the fuel we use in Nigeria

2.The landing cost of imported fuel is above N170 per liter.

3.NNPC pays a ''subsidy'' to keep the fuel price at N145.

4.That is why most marketers cannot import fuel, why NNPC is the SOLE IMPORTER of fuel..and why NNPC partly cannot declare its assets.

5.And that is why we keep on having fuel scarcity...because most marketers cannot make a profit at N145 per liter.

6.We need oil to be at $140 per liter to break even. Right now...we don't have enough to do so because oil has been below $75 since 2015!

7.GEJ tried to increase fuel to N140 from N65. You Nigerians protested...so we beat it down to N97...and then to N87 and that is partly why GEJ could not save forex...because we were wasting it on fuel. Meanwhile....scarcity was happening...and by 2013...fuel was being sold above the market price of N97 excpet in Lagos and Abuja...because most marketers could not survivie on profits as low as N2 per liter.

8. Please stop misinforming people. Venezuela is where it is because they import all they need and because they overspend all their money on subsides they cannot sustain, and because their govern,ment is imcompetent. Not because America...who buys most of their oil and pays for it.

9. And you APC and PDP guys better get our country off oil!

Thanks for points you raised but I have some questions to ask,why is buhari not stabilizing the international oil price as he promised during the campaigns?, why is APC/buhari still paying subsidies on fuel after terming it a mirage n avenues of corruption?, why hasn't buhari gotten the refineries to work optimally after cancelling the contract for the comprehensive overhauling awarded by the last administration? lastly I hope this is not an attempt to test the ground for an anticipated price increment?.

LuciferKristi:
It's not about the cost. It's whether the citizens can afford it.

Most Nigerians survive on less than $1 daily, how many can afford fuel at its current cost?

Most Sierra Leoneans, Liberians, Chadians, Ghanaians, Ethopians and Cameronians survive on less than $1 a day

Yet they pay more than Nigerians for fuel.

theoldpretender:


I honestly give up. Some of you guys have no understanding of how economics works at all.

1.We import most of the fuel we use in Nigeria

2.The landing cost of imported fuel is above N170 per liter.

3.NNPC pays a ''subsidy'' to keep the fuel price at N145.

4.That is why most marketers cannot import fuel, why NNPC is the SOLE IMPORTER of fuel..and why NNPC partly cannot declare its assets.

5.And that is why we keep on having fuel scarcity...because most marketers cannot make a profit at N145 per liter.

6.We need oil to be at $140 per barrel to break even. Right now...we don't have enough to do so because oil has been below $75 since 2015!

7.GEJ tried to increase fuel to N140 from N65. You Nigerians protested...so we beat it down to N97...and then to N87 and that is partly why GEJ could not save forex...because we were wasting it on fuel. Meanwhile....scarcity was happening...and by 2013...fuel was being sold above the market price of N97 excpet in Lagos and Abuja...because most marketers could not survivie on profits as low as N2 per liter.

8. Please stop misinforming people. Venezuela is where it is because they import all they need and because they overspend all their money on subsides they cannot sustain, and because their govern,ment is imcompetent. Not because America...who buys most of their oil and pays for it.

9. And you APC and PDP guys better get our country off oil!

must we be the only oil producer that import refined oil? Must we be world highest importer of refined oil? Venezuela dont import refined oil

Digitalwitch:

He couldn't reduce it to N45 during his first tenure na second he wan do am

He took over a calamitous Nigeria from the clueless Ebele Jonathan.. Have you forgotten about the recession so soon?.. The recession was the man reason for the increase