On the 12th of May, 2016 Nigerians woke
up to the detestable reality that they will
now have to pay ₦145 per litre for Premium
Motor Spirit (PMS), otherwise called petrol
representing a 40% increase from the
previous pump price, ₦86.50
While some are mobilizing for
'#occupyNigeria season 2', labour unions in
the country are currently planning to
commence an indefinite nationwide strike
action that will 'shutdown the economy' on
Wednesday in a bid to protest the increase
in fuel price.
Following the harsh economic realities
Nigeria is currently facing, many Nigerians
have labelled the Federal Government as
being insensitive to the plight of its citizen
by making fuel too expensive for
consumption.
But really, how expensive is fuel in Nigeria,
compared to other countries? and is the
Nigerian government really insensitive? We
are about to find out.
At ₦145/Litre, is fuel too expensive in
Nigeria?
As surprising as it may seem, Nigeria is
ranked 12th as per cheapest price of petrol
in 173 countries even with the new ₦145
per litre price according to
Globalpetrolprices.com
In Nigeria, fuel now costs ₦145/L and with
the current exchange rate that is
fluctuating between ₦320-₦360 to a dollar,
it means we are paying about $0.44/L
It may however interest you to know that in
United States, fuel is sold at the pump
price of $0.65/L ( ₦214/L), In South Africa
$0.84/L (₦277), In Russia $0.55/L (₦181/L),
$0.91/L (₦300/L) in Canada, $0.92 (₦303/
L) in Ghana, and it costs $0.93 (₦306/L) in
China.
Some will argue that the countries above
are not petroleum exporting countries
(OPEC) like Nigeria, but what about OPEC
member countries like Angola, where PMS
is sold at $1/L (about ₦330), In Iraq at
$0.64/L (₦211), In Venezuela pump price is
$0.60/L (₦198/L) with President Nicolas
Maduro calling the approximately ₦198/L
pump price 'one of the cheapest in the
world'.
Even in the oil rich, United Arab Emirates
(UAE) PMS is sold at $0.45/L which is
about (₦148/L) which is more expensive
than the price in Nigeria.
According to Globalpetrolprices.com In Hong
Kong, the pump price is set at $1.85/L
(about ₦610/L) making the country the
most expensive seller of gasoline in the
world.
With the facts and figures above, at ₦145/L
fuel is not expensive, it's actually one of
the cheapest in the world, but because of
the poor living conditions of millions of
Nigerians, it appears expensive and thus,
many Nigerians struggle to afford it.
That is why the government needs to
provide welfare programs, kill that disease
called corruption, invest in electricity,
education, fix refineries, provide jobs and
reduce poverty in the country
up to the detestable reality that they will
now have to pay ₦145 per litre for Premium
Motor Spirit (PMS), otherwise called petrol
representing a 40% increase from the
previous pump price, ₦86.50
While some are mobilizing for
'#occupyNigeria season 2', labour unions in
the country are currently planning to
commence an indefinite nationwide strike
action that will 'shutdown the economy' on
Wednesday in a bid to protest the increase
in fuel price.
Following the harsh economic realities
Nigeria is currently facing, many Nigerians
have labelled the Federal Government as
being insensitive to the plight of its citizen
by making fuel too expensive for
consumption.
But really, how expensive is fuel in Nigeria,
compared to other countries? and is the
Nigerian government really insensitive? We
are about to find out.
At ₦145/Litre, is fuel too expensive in
Nigeria?
As surprising as it may seem, Nigeria is
ranked 12th as per cheapest price of petrol
in 173 countries even with the new ₦145
per litre price according to
Globalpetrolprices.com
In Nigeria, fuel now costs ₦145/L and with
the current exchange rate that is
fluctuating between ₦320-₦360 to a dollar,
it means we are paying about $0.44/L
It may however interest you to know that in
United States, fuel is sold at the pump
price of $0.65/L ( ₦214/L), In South Africa
$0.84/L (₦277), In Russia $0.55/L (₦181/L),
$0.91/L (₦300/L) in Canada, $0.92 (₦303/
L) in Ghana, and it costs $0.93 (₦306/L) in
China.
Some will argue that the countries above
are not petroleum exporting countries
(OPEC) like Nigeria, but what about OPEC
member countries like Angola, where PMS
is sold at $1/L (about ₦330), In Iraq at
$0.64/L (₦211), In Venezuela pump price is
$0.60/L (₦198/L) with President Nicolas
Maduro calling the approximately ₦198/L
pump price 'one of the cheapest in the
world'.
Even in the oil rich, United Arab Emirates
(UAE) PMS is sold at $0.45/L which is
about (₦148/L) which is more expensive
than the price in Nigeria.
According to Globalpetrolprices.com In Hong
Kong, the pump price is set at $1.85/L
(about ₦610/L) making the country the
most expensive seller of gasoline in the
world.
With the facts and figures above, at ₦145/L
fuel is not expensive, it's actually one of
the cheapest in the world, but because of
the poor living conditions of millions of
Nigerians, it appears expensive and thus,
many Nigerians struggle to afford it.
That is why the government needs to
provide welfare programs, kill that disease
called corruption, invest in electricity,
education, fix refineries, provide jobs and
reduce poverty in the country
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