nonen:
Yea. Fashola has the local logic correct. However there's an expected increase in fuel pump price due to the dollar-naira exchange rate disparity. Since the naira is losing weight against the dollars, the importers will have to pay more to import the product. Fashola logic would have worked only if we refine the crude here.

Do you know the percentage by which crude oil and their products dropped by? The naira was depreciated by 13base points which is less than 10% of the naira depreciation. The government should tell us what they are up to. If they are eliminating subsidy, then what are they using the money for etc.

revolt:
if the lazy way out is what is still helping our telecoms sector then the Lazy way out is what we need. In the long run I dnt see our telecoms sectors plummeting in a 1000yrs.

I like your view on why nothing works under the govt, but what I want to ask is why are there still delays in making all other govt owned industries work in this " lazy way out " . for crying out loud is this not just pure greed and selfishness.

Why the 'ignorant' In the title can som1 explain to me or its just anoda hatred thread for my performing Governor?

VolvoS60:


^^^^
Please don't spare me. I want the details.

I have posted on several threads on this so-called fuel subsidy on petroleum products in Nigeria. Nigerians are not being told the truth by the government. We want the truth!!

I want the Nigerian government to provide details of exactly how much it costs to produce and refine a litre of petrol here in Nigeria. I then want the government to provide details of exactly how much it costs to import a litre of refined petrol into Nigeria. The whole petroleum subsidy argument stands or falls on this information. How hard can it be to provide it?

I do not want production costs on a per barrel basis because you have not at any time told us how many litres of PMS, AGO or DPK can be extracted from a barrel of oil. I want an oranges to oranges comparison or an apples to apples comparison.

For the avoidance of doubt, let me ask again: How much does it cost to produce a litre of petrol (PMS) locally here in Nigeria? Is it 97 Naira? More than 97 Naira? Less than 97 Naira? That is the question Nigerians want an answer to. Surely this information should be in the public domain if there is nothing to hide. And while the government people are at it, Nigerians also want to know how much it costs to import a litre of refined PMS or DPK or AGO. We want to compare these import prices with the local equivalents.

We are waiting.

there is only one man who i believe will stop this nonsense and he will get my Vote next year.

The Naira was devalued by only 8% which is very much lower than the percentage drop in oil prices.

Fashola is quite right!

nonen:
Yea. Fashola has the local logic correct. However there's an expected increase in fuel pump price due to the dollar-naira exchange rate disparity. Since the naira is losing weight against the dollars, the importers will have to pay more to import the product. Fashola logic would have worked only if we refine the crude here.

well said bro.. after reading ur post then I realised all our refineries are worthless, useless as thr can't refine crude (petrol) that can satisfy our daily need and yet billions of dollars have been spent turn around maintenance and will still be spent. . diaris god oo

Abagworo:
There has never been subsidy. It is simply a scam used in stealing. We do not consume as much fuel as claimed by FG. Let a new government enter and all this truth will be revealed.


Why cant the refineries be built in Nigeria and subsidy payed in Naira to indegenous owners?

Without subsidy you will be buying petrol at N300 per litre minimum.
Refining here in Nigeria wouldn't even change much unless the crude oil is subsidized before selling to the refineries.
The likes of Quatar, Venezuela etc subsidize even the crude oil they refine in their countries, that is why their citizens get them cheap.

The idea of refining our own crude oil will:
1. Provide jobs for citizens
2 save us foreign exchange

But it isn't going to reduce the price of petrol to less than what we currently pay unless of course the crude oil is sold at a far cheaper rate or even given free to the refineries, which is a kind of subsidy on its own.

Bayswater:


Are you kidding me? What lowest pump/price reduction in Europe and usa are you talking about? FYI, taking Britain as an example petrol was sold at around 120p (£1.20/ N330 approx) per litre, it now cost around 118p per litre! That's a reduction of 2 effin pence per litre. What difference does that make? Is that what you called reduction? C'mon let's be reasonable here.

Coming to the cost of oil production from shale formations, small scale producers based in the shale sweet spots of the usa can even produce a barrel of oil for as low as $35 per barrel ( how cheap can it get) and in other areas it is produced at about $67 - $70 per barrel which us still cheaper than the break-even price of producing crude oil in most places in the usa.

I've been reading you up from your first post on this thread and was satisfied when someone responded to your false claims. I don't care where you're getting your information from, but presently in Canada and USA, there's been a drastic drop in the price of gas, the best drop so far, I know this cos I drive to school and work everyday with a good difference spent per gallon/litre of gasoline. I don't intend to argue with you, it's no point.

The President and his entire cabinet have a million and one questions to answer and resources to account for. Don't be hoodwinked

MORNDEW:
Why the 'ignorant' In the title can som1 explain to me or its just anoda hatred thread for my performing Governor?

Na d mumu op b d ignorant one

Collynzo9:

Without subsidy you will be buying petrol at N300 per litre minimum.
Refining here in Nigeria wouldn't even change much unless the crude oil is subsidized before selling to the refineries.
The likes of Quatar, Venezuela etc subsidize even the crude oil they refine in their countries, that is why their citizens get them cheap.

The fact you have to explain this simple fact to a Nigerian leaves me flabbergasted.

huptin:


Good explanation, i quite agree with you, but what stops us from refining the crude here? Can we still afford to continue dashing other countries our scarce forex when we can easily refine the crude here?

He's wrong. Pump price has dropped in UK, USA and here in Canada. I fill my tank with much less gas per gallon/litre than I did 3weeks ago. Spending via my GTB MasterCard has also been a pain cos of the naira value. It's fuck3d!!!

Do you have any tax related issue?In need of intstant car vehicle plate number or Company registration?
Contact paymaster007@yahoo.com.
PAY Your Tax and do not patronise touts! Eko o ni baje!

Doyin2:
The Naira was devalued by only 8% which is very much lower than the percentage drop in oil prices.

Fashola is quite right!

Please give us the Naira spread, because I don't see where you get 8%, based on the before and after numbers.

this fashola na learner, he always called people voodoo economist but he has fully shown his ignorance to the universe, the price of crude oil fell, does that in anyway favour the producing or exporting country? those countries buy crude from us, what we buy is refined product which price has nothing to do with either crude price rise or fall, and more over, the marketers get this refined product at different prices, this fashola logic is local, micro and myopic in nature. and somebody want this guy at the presidency? Thank God he has started exposing his daftness and clueless.

Abeg he should keep his speech in his pocket. All he knows how to do make people pay useless taxes. Even common barrow pusher for my area payz tax every day before he passes with hez load.pls all this blabing is just political.

saintopus:
If subsidy was removed, we would have been enjoying the drop in oil prices. But the issue is that, when the government go ahead with that plan, Lagosians will "occupy Ojota for six months ". You cannot eat your cake and have it.

Foolish Thinking. Who told you dat ll solve d problem. Until ur clueless leadership see d need 2 make local refinary work, no amount subsidy removal will lead 2 dis fallacy u wrote.

nonen:
Yea. Fashola has the local logic correct. However there's an expected increase in fuel pump price due to the dollar-naira exchange rate disparity. Since the naira is losing weight against the dollars, the importers will have to pay more to import the product. Fashola logic would have worked only if we refine the crude here.

wish means it can't work or what are you insinuating

Obiagelli:

How does the average man benefit from subsidy removal?

you know they enter motor abi u no they On Generator..Mr common Man

Seun, Obinoscopy, who twisted the headlines and added ignorantly? Thats is very very unfair! I rest my case!

BlackTechnology:



Separate economics from politics

The most dangerous fans are those who supports you when you are wrong


Barcanista

Fashola got this wrong


Amount spent reduces but price remains the same.

Then how about the changes in dollar to Naira how does it affect this cos I know it will

Fashola is 100% correct. The United States for instance depends on locally produced crude oil and imported crude for fuel. Since the oil price started falling we have seen at least a $1 drop per liter in fuel (petrol).
This is the Federal Government clearly exploiting Nigerians. Remember Nigeria imports most of its finished oil products through oil marketers (mostly politicians) including NNPC. These people are clearly exploiting Nigerians. This has nothing to do with oil subsidy. It's a simple logic and we the people have to demand for our rights. They are making a kill (tons of profit ) from us and exploiting our ignorance.

atlwireles:
This is a waste of time argument. You cannot reap where you never sowed. Yaradua made the same mistake, reducing pump prices, because the price of crude fell to the $40s. Only to draw down the excess crude account, to make up the difference in revenue shortfall, when crude oil did what it has always done. Which is go up and down.

GBAM... I just dey read since dey laff untill I see ur post. People don forget say the fall in oil price dey affect govt budget and they will surely make us pay for that loop hole through higher cost of oil price. Lmao* govt will increase fuel bet it... See as people for this thread miss the big picture. Its a war between Governemnt(fat budgets for embezzling) and masses(lower oil price) you sef know who go win na fashola right but him miss road small.

yemaldo:

Na d mumu op b d ignorant one

then the slowpoke should change that now with immediate effect. This forum is realy insane.

deeflamez:


I've been reading you up from your first post on this thread and was satisfied when someone responded to your false claims. I don't care where you're getting your information from, but presently in Canada and USA, there's been a drastic drop in the price of gas, the best drop so far, I know this cos I drive to school and work everyday with a good difference spent per gallon/litre of gasoline. I don't intend to argue with you, it's no point.

The President and his entire cabinet have a million and one questions to answer and resources to account for. Don't be hoodwinked

help us ask am oooo...like say him they sell fuel for us

deeflamez:


I've been reading you up from your first post on this thread and was satisfied when someone responded to your false claims. I don't care where you're getting your information from, but presently in Canada and USA, there's been a drastic drop in the price of gas, the best drop so far, I know this cos I drive to school and work everyday with a good difference spent per gallon/litre of gasoline. I don't intend to argue with you, it's no point.

The President and his entire cabinet have a million and one questions to answer and resources to account for. Don't be hoodwinked

help us ask am oooo...like say him they sell fuel for USA Europe

In nigeria, what ever goes up never comes down

Bayswater:
That's Fashola playing to the gallery again saying rubbish under the pretence of not being an economist. He has economic advisers, he could have sought their advise before displaying his hypocrisy. That a barrel of oil is now $65 does not mean the cost of producing it or bringing it to the pump will change. Pump price has not been reduced in the UK, usa and across Europe. His attempt at using a bushmeat seller's logic has failed woefully.

Even if we refine the crude oil here, the cost if producing a barrel of oil would still be more than $65 per barrel. Even the average cost of producing the shale which people consider cheaper, is above $70 per barrel. As long as we don't refine crude here, it would take months for us to see reduction in pump prices.

Our greedy oil marketers too will not allow us feel the positive impact even when they start getting oil at reduced prices, they would want to maximise their profit.

Point of correction. Pump price had been reduced in the US. There was wide jubilation in some states in the US only two weeks ago over it.

Bayswater:
That's Fashola playing to the gallery again saying rubbish under the pretence of not being an economist. He has economic advisers, he could have sought their advise before displaying his hypocrisy. That a barrel of oil is now $65 does not mean the cost of producing it or bringing it to the pump will change. Pump price has not been reduced in the UK, usa and across Europe. His attempt at using a bushmeat seller's logic has failed woefully.

Even if we refine the crude oil here, the cost if producing a barrel of oil would still be more than $65 per barrel. Even the average cost of producing the shale which people consider cheaper, is above $70 per barrel. As long as we don't refine crude here, it would take months for us to see reduction in pump prices.

Our greedy oil marketers too will not allow us feel the positive impact even when they start getting oil at reduced prices, they would want to maximise their profit.

Pump price has dropped in the US (http://www.nytimes.com/2014/11/05/business/oil-prices-continue-to-plummet.html?_r=0) what are you talking about?

Too many dunderheads here. Kai!

This will have been possible if Nigerians had not stupidly protested against the removal of subsidies. Fashola should not forget that 97 is at a subsidised rate to nigerians.

Clerverly:
Seun, Obinoscopy, who twisted the headlines and added ignorantly? Thats is very very unfair! I rest my case!

Are the mods trying to shape reports now? Sad