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.

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?

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.

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

Oil slump: Bring down fuel price immediately, Fashola tells FG
DECEMBER 7, 2014

Read more at: https://www.vanguardngr.com/2014/12/oil-slump-bring-fuel-price-immediately-fashola-tells-fg-2/

drlateef:





Saudi Arabia actually has the world's largest oil reserve while Qatar has the largest Gas reserves.

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?

Donald95:


Thank you. Don't mind those Buhari miscreants looking for any means to deceive the gullible ones.

Back in the days, when you fail in Exam and also your friend failed, it will make you relax and feel comfortable instead of adding effort to make it better.

Until we stop defending these Idiots that failed in leadership, Nigeria will never get better

khingTony:
If not for Buhari, Nigeria would be ranked No. 2!

khingTony:
If not for Buhari, Nigeria would be ranked No. 2!

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!

Modified...

From many of the responses below...it is pretty obvious most Nigerians want cheap things without thinking of the cost.

Many Nigerians for example want free education. Forgetting that in countries like Germany that have free education....the cost is half their salaries in taxes.

I hear people chanting that most Nigerians live under $1 a day. Well...if you can afford to fill your car tank, your generator tank and drive long distances...you are not living under $1 a day. Sorry...

The truth is, we cannot keep on sustaining cheap fuel, cheap electricity,cheap education. Our population is 200million and we produce oil at a rate less than that of the UAE which has 11million people. Either oil goes up to $140 per barrel...or we keep on taking loans to sustain us.

This is not a defence of bad government, or of Buhari or of GEJ or of any of your favourite talking points. It is reality. We are a poor nation. And we need to face that fact ...and stop excusing corruption and lying, and religoous crisis, and stealing. We need to spend what little money we have on strategic things like power, rail, and technical education. We need to get industrial fast...so that we can make things the world needs...and export things in bulk. And we need to accept that it is going to take some decades...so let us forget about enjoyment and work hard at it. Like South Korea, China and Japan...those countries got to where they are because of decades of hard work.

I don't like making this argument. To be honest I wish fuel cost N10 per liter or less. I wish we could pay fees of N10000 or less in our unviersites. I wish we had no corruption , and I wish APC and PDP were not so dissapointing. But we have to face the fact. If we do not remove subsidy....we are going to keep on wasting millions of naira on nothing.....whereas if we remove subsidy...for sure...fuel will cost N400. People will suffer. Most people would end up living hellish lives. But eventually investment willflow in,jobs will be created and the price will fall. And the economy would recover....

So,let us face the fact. Venezuela has subsidy. And as a result they have thrown billions down a bottomlesspit for nothing...and they are paying for it. And it is high time we Nigerians woke up to the fact that living on just oil is not good for us. We are a nation of oil addicts. Time we broke that addiction.

khingTony:
If not for Buhari,
Nigeria would be ranked No. 2!

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!

Modified...

From many of the responses below...it is pretty obvious most Nigerians want cheap things without thinking of the cost.

Many Nigerians for example want free education. Forgetting that in countries like Germany that have free education....the cost is half their salaries in taxes.

I hear people chanting that most Nigerians live under $1 a day. Well...if you can afford to fill your car tank, your generator tank and drive long distances...you are not living under $1 a day. Sorry...

The truth is, we cannot keep on sustaining cheap fuel, cheap electricity,cheap education. Our population is 200million and we produce oil at a rate less than that of the UAE which has 11million people. Either oil goes up to $140 per barrel...or we keep on taking loans to sustain us.

This is not a defence of bad government, or of Buhari or of GEJ or of any of your favourite talking points. It is reality. We are a poor nation. And we need to face that fact ...and stop excusing corruption and lying, and religoous crisis, and stealing. We need to spend what little money we have on strategic things like power, rail, and technical education. We need to get industrial fast...so that we can make things the world needs...and export things in bulk. And we need to accept that it is going to take some decades...so let us forget about enjoyment and work hard at it. Like South Korea, China and Japan...those countries got to where they are because of decades of hard work.

I don't like making this argument. To be honest I wish fuel cost N10 per liter or less. I wish we could pay fees of N10000 or less in our unviersites. I wish we had no corruption , and I wish APC and PDP were not so dissapointing. But we have to face the fact. If we do not remove subsidy....we are going to keep on wasting millions of naira on nothing.....whereas if we remove subsidy...for sure...fuel will cost N400. People will suffer. Most people would end up living hellish lives. But eventually investment willflow in,jobs will be created and the price will fall. And the economy would recover....

So,let us face the fact. Venezuela has subsidy. And as a result they have thrown billions down a bottomlesspit for nothing...and they are paying for it. And it is high time we Nigerians woke up to the fact that living on just oil is not good for us. We are a nation of oil addicts. Time we broke that addiction.

Chepos1:

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

olaboy1:
Government policies drive the economy of a nation. When good policies are implemented then nobody has to live in poverty.
Over here a litre of petrol cost 607 Naira but it doesn’t affect anyone because a basic non-professional worker earns 577,500 Naira monthly after tax full time whilst professionals earn above 847,000 Naira after tax. And it will cost around 77,000 Naira for monthly cost of fuel to and fro your job if you drive 5 days a week.

So if Nigerians are going to have atleast HALF the standard of living mentioned above, then mathematically nobody should earn below 70,000 Naira monthly after tax with the current pump price of petrol.

2800 Naira daily salary
350/hr

Until then it is safe to say more than 70% of Nigerians are living in poverty.

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!

Modified...

From many of the responses below...it is pretty obvious most Nigerians want cheap things without thinking of the cost.

Many Nigerians for example want free education. Forgetting that in countries like Germany that have free education....the cost is half their salaries in taxes.

I hear people chanting that most Nigerians live under $1 a day. Well...if you can afford to fill your car tank, your generator tank and drive long distances...you are not living under $1 a day. Sorry...

The truth is, we cannot keep on sustaining cheap fuel, cheap electricity,cheap education. Our population is 200million and we produce oil at a rate less than that of the UAE which has 11million people. Either oil goes up to $140 per barrel...or we keep on taking loans to sustain us.

This is not a defence of bad government, or of Buhari or of GEJ or of any of your favourite talking points. It is reality. We are a poor nation. And we need to face that fact ...and stop excusing corruption and lying, and religoous crisis, and stealing. We need to spend what little money we have on strategic things like power, rail, and technical education. We need to get industrial fast...so that we can make things the world needs...and export things in bulk. And we need to accept that it is going to take some decades...so let us forget about enjoyment and work hard at it. Like South Korea, China and Japan...those countries got to where they are because of decades of hard work.

I don't like making this argument. To be honest I wish fuel cost N10 per liter or less. I wish we could pay fees of N10000 or less in our unviersites. I wish we had no corruption , and I wish APC and PDP were not so dissapointing. But we have to face the fact. If we do not remove subsidy....we are going to keep on wasting millions of naira on nothing.....whereas if we remove subsidy...for sure...fuel will cost N400. People will suffer. Most people would end up living hellish lives. But eventually investment willflow in,jobs will be created and the price will fall. And the economy would recover....

So,let us face the fact. Venezuela has subsidy. And as a result they have thrown billions down a bottomlesspit for nothing...and they are paying for it. And it is high time we Nigerians woke up to the fact that living on just oil is not good for us. We are a nation of oil addicts. Time we broke that addiction.

Chepos1:

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

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.

erico2k2:

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

poseidon12:


Don't mind the economic illiterates