Fuel Subsidy: How the Real Cost of Nigerian Petrol Shows That There is no Fuel Subsidy

On December 10, 2011, if you stopped at the Mobil filling station on Old Aba Road in Port Harcourt, you would be able to buy a litre of petrol for 65 naira or $1.66 per gallon at an exchange rate of $1/N157 and 4 litres per gallon. This is the official price. The government claims that this price would have been subsidized at N73/litre and that the true price of a litre of petrol in Port Harcourt is N138/litre or $3.52 per gallon. view full text

By Dr. Izielen Agbon

image courtesy of punchng.com

About Author: PINS2015

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