Validated:

When Buhari took over on May 29, 2015, the USD was N190, and Crude Oil was selling at $60.30 per barrel (see Global Oil Price chart). At that time, GEJ was still able to offer PMS at N80 at the pump.
Today, the crude price is standing at $77.77, which is $17.47 above the price GEJ sold crude. Assuming that Buhari and APC were able to sustain the exchange at say N200 to USD, the difference would have only been about N46, thereby making the pump price to be N126 at the maximum.

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Validated:
According to Investopedia, Subsidy refers to the “direct or indirect payment to individuals or firms, usually in the form of a cash payment from the government or a targeted tax cut. In economic theory, subsidies can be used to offset market failures and externalities to achieve greater economic efficiency.”

Nigeria Politicians have been campaigning for the removal of subsidies, especially on gasoline, otherwise known as Petrol or Premium Motor spirits (PMS). PMS is the most used petroleum product in Nigeria, with estimated daily consumption said to average daily consumption is put at 16.5 million per day. According to the Group General Manager, Group Public Affairs Division, NNPCL, Garba-Deen Muhammad, insisted that between January and August 2022, “the total volume of PMS imported into the country was 16.46 billion litres, which translates to an average supply of 68 million litres per day.

The issue of subsidy of PMS has continued to be a debate in Nigeria. So, the question is what constitutes the subsidy on PMS and who should we blame for the continued subsidy, if any? The truth is that subsidy does not exist in our PMS. What we have is the payment for the bad economic policies of APC and Buhari. This difference is essential, Exchange Rate Loss or put simply the impact of continued Naira devaluation under Buhari and APC.

When Buhari took over on May 29, 2015, the USD was N190, and Crude Oil was selling at $60.30 per barrel (see Global Oil Price chart). At that time, GEJ was still able to offer PMS at N80 at the pump.
Today, the crude price is standing at $77.77, which is $17.47 above the price GEJ sold crude. Assuming that Buhari and APC were able to sustain the exchange at say N200 to USD, the difference would have only been about N46, thereby making the pump price to be N126 at the maximum.

What do we have now, with the exchange rate soaring to N449.50, the ex-factory cost per litre of PMS goes as far high as N459.97. The loss of N334 per Litre is actually the result of APC’s failure in keeping the exchange rate at a manageable position.

This is more reason Nigerians should vote in a responsible government to STOP PAYING "SUBSIDY"

Kobonaire234:
Subsidy remains because Nigerians want it.Most Nigerians want cheap fuel. That's why it has not gone.

Most Nigerians do not want that, so the subsidy remains.( The dollar savings that would improve the value of the naira, and then cause a reduction in the price, they see not.) Also, most Nigerians have a flawed understanding of what constitutes a subsidy, and why it is damaging to domestic refining.