Could The Adoption of Bitcoin Help in Petrol Price Regulation in Nigeria?

[Youngrebel]

Nigeria our country is known to have a refinery, and that refinery refines oil and distributes fuel around the country.  Now there's a sudden hike in the price of petrol and other products.
What could be the suden hike in price?
Could it be because of the war currently ongoing because the US/Isreal and Iran ?
Is the country still importing petrol in very large quantity that would lead to the hike? If its because of the war maybe the acceptance of bitcoin in the country will help and its use would have helped in reducing some exchanges rates and unnecessary charges that are involved in currencies since bitcoin does not involve any extra charges.
Currently a lot of people are protesting and seeking for real answers for the main course of the hike in price. What is the way forward?

[Amphenomenon]

Doing this will mean the country is putting bitcoin ahead or equal with their fiat currency which major countries wouldn't. Also, this won't change much while the war is a major factor of the increase, it is also being used as opportunity to get more from customers and Dangote monopoly is already showing up, few months ago he was acting all good but now the public isn't his main concern.

Anyway, I can't be surprised think about his other refinery, Cement are pretty much expensive and elven of economy is bad the fee is obviously ridiculous but we all have come to accept it.

[Mia Chloe]

~snip

Well first let's start with some pretty crazy facts. Nigeria barely refines crude compared to the amount we generate. Most of our oil leaves the country as exports and comeback refined as imports with extra costs and tariff too. Now talking about crude quality Nigeria has one of the best forms known as sweet in basic chemistry.

Back to economics; the government should focus more on balancing the economy reducing unnecessary imports and maximise exports for real profits. Bitcoin has no role to play in a broken economy.

[Agbamoni]

What could be the suden hike in price?

Greed....greed, and extortion.



The current war has no effect on petrol in Nigeria. All the oil we use in Nigeria is produced and refined here under the Dangote, fell the price of petrol when he opened his refinery last year. At that moment, I knew he was up to something.

Now, petrol prices are increasing around the world, in countries that import petrol. Annoyingly, a country like Nigeria that produces its own petrol is affected drastically, tell me if it's not human greed.

It is also annoying to know that the Nigerian NEPA has been acting up ever since the price increased. In my region, you barely get 2 hours of electricity in a day, which is not the usual. They want us to buy petrol so they can gain. The DANGOTE Refinery is responsible for what is happening now.

[Hatchy]

Anyway, I can't be surprised think about his other refinery, Cement are pretty much expensive and elven of economy is bad the fee is obviously ridiculous but we all have come to accept it.

For a man who cannot make things cheap for his own country, I don't think we should expect more from him aside new products to fuel his accounts.. dangote has been the major producer of cement for years in Nigeria, but till now it's price has been on a rocket move with no plans to drop it.. a sudden shift in price of crude oil in other western countries shouldn't impact his refinery but instead he claims to be in some organisation which made him increase price.. I don't blame him though.. if only we had leaders that understands themselves.. Nigeria as a whole doesn't have its own refinery under the government.

Dangote buys his raw crude from the government so I'll guess they don't come cheap to him as well.. one thing is sure we have bad leadership in Nigeria and I don't see anything becoming better soon.. fuel might get even worse than it is now in the coming years.. meanwhile we have people queuing up to collect palatives for renewed hope 2027.. I'm really tired of the people not the country.. suffer nova tire Nigerians, when they are tired, we will know..

[Livingleged]

The current war has no effect on petrol in Nigeria. All the oil we use in Nigeria is produced and refined here under the Dangote,
 

Dangote refinery was supposed to produce fuel that we will use domestically and also export to other neighbouring countries but the government are not allowing that to happen. Therefore  we still import some certain amount of fuel into the country so it is safe to say the War is also a reason for the fuel price hike is true but pointing fingers at the innocent dangote without looking at the government is not fair eve though very recently just last month I heard that the dangote refinery supply about 92% of the fuel used in the country which I’m still doubtful of that stat. It was a report from the Nigeria midstream and downstream petroleum regulatory authority.

It is also annoying to know that the Nigerian NEPA has been acting up ever since the price increased. In my region, you barely get 2 hours of electricity in a day, which is not the usual. They want us to buy petrol so they can gain. The DANGOTE Refinery is responsible for what is happening now.

I disagree with this claim because you’ve not brought any evidence as regards your claim, you talk about bad electricity and you ended your statement by blaming dangote, is he the one responsible for the electricity the government are the problem of all this until dey find solutions to the government refineries they will continue to import fuel because of people like you that are always worried about monopoly.

[Futurexxx]

As in how?
How adoption of Bitcoin wan take help the price of petrol when we no dy refine our oil by ourselves?
The problem wey Nigeria dy face since in the past years is that our refineries no dy work, and nupeng and most government officials know wetin them dy do, and na because of their selfish interest all this things dy happen.

Just imagine say each state get the least one refinery, petrol price or wetin dy happen for the middle east no go concern us because we get the oil, and we still get wetin to refine am and put an to use, but because of say our government dy only concern on milking the state funds, all these things no dy in place, instead, dangote refinery wey for help to an extent, most government officials dy use their power to fight am, so I no see how Bitcoin adoption wan take help in this kind of situation, because na mostly for payment we fit use Bitcoin for, and right now, no be payments be the problem, na availability of petrol be the problem.

[Hardyrobust]

The cause of the price in fuel hike is as a result of the ongoing war between USA, Israel and Iran. Notwithstanding this war isn't supposed to affect Nigeria since we have crude oil and refinery. Although it just one refinery, so even if we are not importing fuel from other countries .Dangote being the only one that has refinery in Nigeria would want to increase the price of fuel as a result of the economy effect of the war between USA , Israel and Iran on crude oil.

[Rockson1]

The cause of the price in fuel hike is as a result of the ongoing war between USA, Israel and Iran. Notwithstanding this war isn't supposed to affect Nigeria since we have crude oil and refinery. Although it just one refinery, so even if we are not importing fuel from other countries .Dangote being the only one that has refinery in Nigeria would want to increase the price of fuel as a result of the economy effect of the war between USA , Israel and Iran on crude oil.

Even with one refinery we can still manage, and it shouldn't be a problem for us, but you know that our leaders will always have a way to validate their excuses, the war is actually affecting the global economy no doubt about that, but we have a country that's never prepared for anything, we are seriously in a big problem because the current war between the countries you mentioned has a lot to say about the ruling part at this present time, let me deviate a bit, I do not know if you have heard about the recent story making round that Asorock will disconnect form the national before the end of this match, it means that Nigeria power system isn't getting better anytime soon, my guy make I talk am eh, I do not think that anything is getting better soon, make we just try for ourselves individuallly na wetin I get to talk be that .

[Agbamoni]

It is also annoying to know that the Nigerian NEPA has been acting up ever since the price increased. In my region, you barely get 2 hours of electricity in a day, which is not the usual. They want us to buy petrol so they can gain. The DANGOTE Refinery is responsible for what is happening now.

I disagree with this claim because you’ve not brought any evidence as regards your claim, you talk about bad electricity and you ended your statement by blaming dangote, is he the one responsible for the electricity the government are the problem of all this until dey find solutions to the government refineries they will continue to import fuel because of people like you that are always worried about monopoly.

What more evidence should I provide? Haven't you seen the image I shared in my first comment? You also said it too, that DANGOTE refinery produces 92% of the fuel we consume in Nigeria, so tell me how Nigeria is affected by the war? Is it the remaining 8% that we import?

Give me one good reason why we should be importing fuel when we are a fuel-producing nation, blessed with enough oil to supply the country? The government is a total mess because if this were a greater nation, we wont be importing oil.

[Youngrebel]

The cause of the price in fuel hike is as a result of the ongoing war between USA, Israel and Iran. Notwithstanding this war isn't supposed to affect Nigeria since we have crude oil and refinery. Although it just one refinery, so even if we are not importing fuel from other countries .Dangote being the only one that has refinery in Nigeria would want to increase the price of fuel as a result of the economy effect of the war between USA , Israel and Iran on crude oil.

From your explanation it is obvious that we are doing comfortable with the one refinery of hangover. A clear indication that we were not importing oil before now for a while now. So how is the war now affecting the activities that are dine in the refinery now? This is a refinery that has started operations long before now and has been self sufficient in operation,  now that there is a war in another country it is been affected and fuel and other petrochemical prices have gone up. Doesn't really give a clear explanation of why fuel is going up. Hence the protests in some parts of the country to get proper explanation of the price hike happened so far

[Odusko]

Nigeria is part of the global oil wall, which means the price of petroleum is controlled by the global market determining bodies, when the price of crude increased significantly at the beginning of the war, I know already that we are going to face also t of fuel crisis and hike which did happen, but what I what to be clear on is that, the current petroleum price is as a result of the war and not because of internal politics.