Nigerian Times

One barrel is 42 gallons or 168 litres. The price of 1 barrel of petrol at the Depot gate is the sum of the cost of crude oil, the refining cost and the pipeline transportation cost. Refining costs are at $12.6 per barrel and pipeline distribution cost are $1.50 per barrel. The Distribution Margins (Retailers, Transporters, Dealers, Bridging Funds, Administrative charges etc) are N15.49/litre or $16.58 per barrel. The true cost of 1 litre of petrol at the Mobil filling station in Port Harcourt or anywhere else in Nigeria is therefore ($5 +$12.6+$1.5+$16.6) or $35.7 per barrel . This is equal to N33.36 per litre compared to the official price of N65 per litre. Prof. Tam David West is right. There is no petrol subsidy in Nigeria . Rather the current official prices are too high. Let us continue with some basic energy economics. The government claims we are currently operating our refineries at 38.2% efficiency. When we refine a barrel of crude oil, we get more than just petrol. If we re...

The fuel subsidy has never favoured the majority of Nigerians, but the oil marketers and their distributors who are major stakeholders in the corrupt government of President Goodluck Jonathan of Nigeria. The masses don't own the filling stations and they don't import fuel. So who are those ripping them off? The oil marketers importing fuel and the owners of filling stations who are leading members of the corrupt ruling party and the President is their major beneficiary. The real beneficiaries of the misappropriated fuel subsidy in Nigeria are the Nigerian National Petroleum Corporation (NNPC) and others on the following list. List of Petroleum/Oil Marketing Companies in Nigeria September 24, 2007 The list below contains the names of the oil marketing companies in Nigeria. Companies that are only involved in the downstream section of the oil chain. The list is not exhaustive but these are the main players in the industry. The information is available both in the ta...

Photo Credit: "Confusion Of The Nigerian Youth" from Information Nigeria.Org Behold the Nigerian Generation of Olodos! Shocking reports of mass failures in Nigerian school examinations have only confirmed the observations of many scholars and social watchdogs since the past and present incompetent administrations of the Nigerian government have failed to address the systemic failure of modern education in Africa’s most populous nation. How can pupils and students pass examinations and excel in scholarship when they no longer read! They prefer to waste their quality time chatting and pinging on smart phones, babbling and gossiping on Facebook filled with their trivia of junk, Twitter and other social network sites, hooked on European soccer leagues and championships and messing around in wanton promiscuous sexual intercourse spun by psychedelic X-rated hip hop music videos and pornographic movies on the Internet and TV while their equally corrupt parents and g...