By a concerned Nigerian :
We are selling more crude than Jonathan right now at higher prices ($65+) than Jonathan did towards the tail end of his administration($50 thereabout), yet the exchange rate is more than twice.
Of course products are landing now at N180/litre (so you subsidize or ‘under recover’ . . . ‘yada yada yada’), ’cause the rates are at N360 to a dollar, at N180 to a dollar PMS will be at lower than N90/litre.
We have ultimately put ourselves in an economic catch 22, while economies of other oil countries are looking up and exchange rates improving, ours is doing the opposite simply because higher crude prices causes pains to our Naira via excess liquidity (courtesy of our economically faulty allocation disbursement implementation).
And most importantly, via the greed and cluelessness of past and present administrators (politicians and civil servants) of this country who’s fault it is our refineries won’t work at even a third of their capacity, hence, our need to always use the same hard earned Forex to source for refined petroleum products!
Imagine doing that if crude pushes north of $90/$100 per barrel with a confused economic administration seeing N360/$ as an achievement, same team that believes foreign reserves figures that doesn’t translate to reduced inflation on the streets mean anything to an average Joe — then, we will buy fuel at N250/litre!
