See examples below
Saudi Arabia 40% increase
In December 2015, Saudi Arabia increased
fuel price in the country by 40%
http://www.aljazeera.com/news/2015/12/
saudi-arabia-hikes-petrol-prices-40-
pump-151228154350415.html
Oil rich Saudi Arabia, last year announced a
record $98bn budget deficit due to 'rock-
bottom global petroleum prices'
Like Nigeria, Saudi Arabia suffered a sharp
drop in revenues as oil prices have fallen
more than 60 percent since mid-2014 to
below $40 a barrel.
To address the situation, the Gulf kingdom
increased fuel price by 40%
Venezuela increased fuel price in February,
2016
President Nicolas Maduro in February
increased fuel price to $0.60 (₦198) as
Venezuela's economy was pushed to the
brink by the collapse in the oil price, which
accounts for about 95% of the country's
export revenues.
He said the price over 50% rise was "a
necessary measure, a necessary action to
balance things, I take responsibility for it."
http://www.bbc.com/news/
business-35600921?SThisFB
Fuel price increased in UAE in May, 2016
The oil rich, United Arab Emirates also
increased pump price about 2 weeks ago.
Fuel is now sold at $0.45/L in UAE, which
is about ₦148/L in Nigerian Naira, ₦3 more
than the pump price in Nigeria today.
http://english.alarabiya.net/en/business/
energy/2016/04/28/Fuel-prices-in-the-UAE-
will-increase-in-May.html
Qatar increased fuel price by 30% in
January, 2016
The oil rich country that last increased
petrol prices in 2011, also increased pump
price in January, 2016 to $0.36 (₦118)
which is the 5th cheapest pump price in
the world.
http://dohanews.co/qatar-increases-petrol-
prices-from-midnight-tonight/
50% increase in pump price in Bahrain in
January, 2016
As a result of the unprecedented drop in
global oil prices, which has seen the price
of oil per barrel decline by over 60%.
The government in Bahrain followed the
steps of fellow Gulf Cooperation Council
(GCC) member countries the country
increased fuel price by 50% in January.
http://bna.bh/portal/en/news/705611
I could go on and on, to give more
examples of oil rich countries like Nigeria
that have increased pump price in 2016,
Nigerians need to understand that this is
not a Nigerian, Kachikwu, APC or PDP
problem, this is a global problem we are
dealing with affecting even the oil rich
countries of the world.
We need to stop seeing the Federal
government as insensitive, wicked,
heartless, unfeeling, inconsiderate,
thoughtless and hard-hearted for increasing
the pump price to ₦145/L. We need to
temporary sacrifice for the greater good,
with the hope that as promised we will be
better off in the long term.
To cushion the current challenges, the
Federal Government must also sincerely
provide social provisions for millions of
poor Nigerians who will suffer from the fuel
hike. Some of the oil rich countries listed
above have increased fuel price this year,
but due to the several welfare packages
provided, the citizens can ease through this
rough patch.
I am glad about the N500 billion social
intervention programmes provided in the
2016 budget, which includes jobs, social
safety allowance for the most vulnerable
people, free schooling for students, soft
loan to traders, investment in infrastructure
etc. Hopefully Buhari's 'anti-corruption'
centered government can channel the funds
with 100% sincerity and accountability.
But why did the fuel price have to increase?
For that barber down the street who relies
on petrol most times to power his small
generator to keep his business running, it
will be difficult for him to understand how
the fuel price increase will benefit him in
the long run. Infact, he will most likely rant
everyday about the hardship the
government is causing him.
I'm sure many have wondered why a
country like Nigeria, blessed with oil suffer
for it? But unfortunately, Crude oil price is
an internationally traded commodity , the
prices are not set by the countries that
produce it. Neither do oil producing
countries get a discount in the international
market for producing this product.
Saudi Arabia 40% increase
In December 2015, Saudi Arabia increased
fuel price in the country by 40%
http://www.aljazeera.com/news/2015/12/
saudi-arabia-hikes-petrol-prices-40-
pump-151228154350415.html
Oil rich Saudi Arabia, last year announced a
record $98bn budget deficit due to 'rock-
bottom global petroleum prices'
Like Nigeria, Saudi Arabia suffered a sharp
drop in revenues as oil prices have fallen
more than 60 percent since mid-2014 to
below $40 a barrel.
To address the situation, the Gulf kingdom
increased fuel price by 40%
Venezuela increased fuel price in February,
2016
President Nicolas Maduro in February
increased fuel price to $0.60 (₦198) as
Venezuela's economy was pushed to the
brink by the collapse in the oil price, which
accounts for about 95% of the country's
export revenues.
He said the price over 50% rise was "a
necessary measure, a necessary action to
balance things, I take responsibility for it."
http://www.bbc.com/news/
business-35600921?SThisFB
Fuel price increased in UAE in May, 2016
The oil rich, United Arab Emirates also
increased pump price about 2 weeks ago.
Fuel is now sold at $0.45/L in UAE, which
is about ₦148/L in Nigerian Naira, ₦3 more
than the pump price in Nigeria today.
http://english.alarabiya.net/en/business/
energy/2016/04/28/Fuel-prices-in-the-UAE-
will-increase-in-May.html
Qatar increased fuel price by 30% in
January, 2016
The oil rich country that last increased
petrol prices in 2011, also increased pump
price in January, 2016 to $0.36 (₦118)
which is the 5th cheapest pump price in
the world.
http://dohanews.co/qatar-increases-petrol-
prices-from-midnight-tonight/
50% increase in pump price in Bahrain in
January, 2016
As a result of the unprecedented drop in
global oil prices, which has seen the price
of oil per barrel decline by over 60%.
The government in Bahrain followed the
steps of fellow Gulf Cooperation Council
(GCC) member countries the country
increased fuel price by 50% in January.
http://bna.bh/portal/en/news/705611
I could go on and on, to give more
examples of oil rich countries like Nigeria
that have increased pump price in 2016,
Nigerians need to understand that this is
not a Nigerian, Kachikwu, APC or PDP
problem, this is a global problem we are
dealing with affecting even the oil rich
countries of the world.
We need to stop seeing the Federal
government as insensitive, wicked,
heartless, unfeeling, inconsiderate,
thoughtless and hard-hearted for increasing
the pump price to ₦145/L. We need to
temporary sacrifice for the greater good,
with the hope that as promised we will be
better off in the long term.
To cushion the current challenges, the
Federal Government must also sincerely
provide social provisions for millions of
poor Nigerians who will suffer from the fuel
hike. Some of the oil rich countries listed
above have increased fuel price this year,
but due to the several welfare packages
provided, the citizens can ease through this
rough patch.
I am glad about the N500 billion social
intervention programmes provided in the
2016 budget, which includes jobs, social
safety allowance for the most vulnerable
people, free schooling for students, soft
loan to traders, investment in infrastructure
etc. Hopefully Buhari's 'anti-corruption'
centered government can channel the funds
with 100% sincerity and accountability.
But why did the fuel price have to increase?
For that barber down the street who relies
on petrol most times to power his small
generator to keep his business running, it
will be difficult for him to understand how
the fuel price increase will benefit him in
the long run. Infact, he will most likely rant
everyday about the hardship the
government is causing him.
I'm sure many have wondered why a
country like Nigeria, blessed with oil suffer
for it? But unfortunately, Crude oil price is
an internationally traded commodity , the
prices are not set by the countries that
produce it. Neither do oil producing
countries get a discount in the international
market for producing this product.
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