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Nairaland Forum / Nairaland / General / Politics / Why FG Increased Petrol Pump Price To N145 Per Litre- Ibe Kachikwu (2796 Views)
Petrol Pump Price: Three Possible Solutions Being Considered By FG / Femi Adesina: When Petrol Went To N145 Under PMB, Nigerians Held Their Peace / MOMAN: Petrol Sales Drop 40% Since Price Adjustment To N145 (2) (3) (4)
Why FG Increased Petrol Pump Price To N145 Per Litre- Ibe Kachikwu by BeeBeeOoh(m): 6:46pm On May 11, 2016 |
*says any Nigerian entity is now free to import the product based on govt regulations By Levinus Nwabughiogu ABUJA – Minister of State for Petroleum, Mr. Ibe Kachikwu, Wednesday, defended the jerking up of pump price of Premium Motor Spirit, PMS, also known as fuel by the federal government from N86:50 to N145, saying that it was the only way out of the exorbitant prices of N150 to N250 Nigerians were subjected to at many filling stations across the country. Read more at: http://www.vanguardngr.com/2016/05/fg-increased-petrol-pump-price-n145-per-litre-kachikwu/ Lalasticlala 1 Like |
Re: Why FG Increased Petrol Pump Price To N145 Per Litre- Ibe Kachikwu by kodded(m): 6:52pm On May 11, 2016 |
cc pat077 : This administration is a scam. In 2012, when fuel was about 100 dollars per barrel the then govt said fuel will b sold for 140 naira after subsidy removal. Now, that the price is around 40 dollars per barrel, how come the price is now 145 naira per litter after subsidy removal. 2 Likes |
Re: Why FG Increased Petrol Pump Price To N145 Per Litre- Ibe Kachikwu by moneybag100: 6:57pm On May 11, 2016 |
Buhari a fu.king scammer...shege dan barawo, dan ke ria 1 Like |
Re: Why FG Increased Petrol Pump Price To N145 Per Litre- Ibe Kachikwu by talk2alabama: 6:57pm On May 11, 2016 |
kodded:Nigeria has expired already 2 Likes |
Re: Why FG Increased Petrol Pump Price To N145 Per Litre- Ibe Kachikwu by tempest01(m): 7:02pm On May 11, 2016 |
I remember many uninformed people taking to the street when the same thing was to be done back then.... It's simple...you've been used and dumped by these politicians...as always. 1 Like |
Re: Why FG Increased Petrol Pump Price To N145 Per Litre- Ibe Kachikwu by YourMrBoo: 7:59pm On May 11, 2016 |
This administration castigated the previous government for this said action they are about to implement... So much said for this administration... People will suffer... 1 Like |
Re: Why FG Increased Petrol Pump Price To N145 Per Litre- Ibe Kachikwu by tolurainbow(m): 8:19pm On May 11, 2016 |
change indeed.. 1 Like |
Re: Why FG Increased Petrol Pump Price To N145 Per Litre- Ibe Kachikwu by jlinkd78(m): 8:22pm On May 11, 2016 |
f |
Re: Why FG Increased Petrol Pump Price To N145 Per Litre- Ibe Kachikwu by aljharem(m): 8:28pm On May 11, 2016 |
We are in trouble, thanks to the stupid youths that voted a scam government full of lies and deceit 1 Like |
Re: Why FG Increased Petrol Pump Price To N145 Per Litre- Ibe Kachikwu by grandstar(m): 8:29pm On May 11, 2016 |
kodded:exchange rate then was 155 . Now 320 1 Like |
Re: Why FG Increased Petrol Pump Price To N145 Per Litre- Ibe Kachikwu by kodded(m): 8:33pm On May 11, 2016 |
2 Likes |
Re: Why FG Increased Petrol Pump Price To N145 Per Litre- Ibe Kachikwu by aljharem(m): 8:35pm On May 11, 2016 |
kodded: don't mind the iddiooot |
Re: Why FG Increased Petrol Pump Price To N145 Per Litre- Ibe Kachikwu by grandstar(m): 8:35pm On May 11, 2016 |
kodded:oil price drop and Buhari |
Re: Why FG Increased Petrol Pump Price To N145 Per Litre- Ibe Kachikwu by eledalo: 8:37pm On May 11, 2016 |
The price of petrol cannot reduce and here's why: 1. Marketers will source their own dollars: Petroleum Minister of State Ibe Kachikwu announced that Marketers will have to source their own dollars to buy PMS. i.e. Dollars will not be sold to them at CBN rate of N200. Nairaland's daily update of exchange rates lets us know that $1 trades for upwards of N300. For those who don't know, PMS is traded internationally in US Dollars. This means Petrol Marketers will have to spend Dollars to buy this product from traders/refineries abroad, and then come and sell in Naira. Having bought Dollars for N300, will they come back and make a loss? You guess is as good as mine. 2. No matter the price of a barrel of oil, the price remains the same: Despite the rise and falls of crude oil prices from time immemorial, the price of petrol, diesel and kerosene has never come up or down in response to the crude oil price! Instead, it slowly and constantly creeps higher every single year. Diesel was deregulated in 2009 and sold for about N90 (See pic below). Today diesel retails for between N125-135 per litre. Why has the price been going up consistently? Solutions: 1. CBN dollar monopoly must be halted! Surely it benefits many CBN heads from (now) Saint Sanusi to Soludo but you cannot have one body determining who gets a critical business resource, especially in an import dependent economy like Nigeria's. Henry Boyo's writings are instructive here. 2. Deregulation should only occur when there is sufficient and diverse local refining capacity. If multiple companies are able to refine they will be required to sell at a competitive prices, just to stay in business. 3. Remove a regulator like PPPRA setting or suggesting prices: PPPRA also releases 'templates' to guide petroleum prices. This is similar to pure water which sells for N10 regardless of manufaturer. Little known to the public, ATWAP (Association of Table Water Producers) actually sets the price in Nigeria and enforces it! ( Read this and be educated https://www.nairaland.com/418542/pure-water-biz-discuss/20 ) How can there be a free competitive market with marketers forced to retail at 'not above N145? 4. God bless Nigeria! 1 Share
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Re: Why FG Increased Petrol Pump Price To N145 Per Litre- Ibe Kachikwu by PEREP: 9:01pm On May 11, 2016 |
Now it is clearer govt created the scarcity for months to achieve their aim. Too bad 1 Like |
Re: Why FG Increased Petrol Pump Price To N145 Per Litre- Ibe Kachikwu by Ariani: 9:01pm On May 11, 2016 |
The strategy is simple. 1 Create artificial fuel scarcity. 2, make people beg to even see any petrol to buy, let them pass through hell just to access the petrol. 3, Make them buy the petrol at price higher than the price you intend to fix the price, after they must have stayed in queues all day. 4. When they are familiar with buying at exorbitant prices after much queue, remove the artificial scarcity and the attendant queue, and watch them buy the product at an exorbitant price( albeit less exorbitant than they bought during your artificially created scarcity, but nevertheless exorbitant), and still be grateful that they no longer have to queue to buy the product. 5. You have finally succeeded in achieving your goal of increasing petrol price without eliciting public uproar. Buhari might be clueless, but he has first class cunning and devious advisers. 3 Likes |
Re: Why FG Increased Petrol Pump Price To N145 Per Litre- Ibe Kachikwu by Guliver(m): 9:53pm On May 11, 2016 |
ka,y did I vote 4 did dullard buhari.pls GEJ, forgive me ,Jesus ve mercy on me 4 I he sin by campaign 4 dos wicked APC.gej am sorry once more.Ogun kill buhari . .. |
Re: Why FG Increased Petrol Pump Price To N145 Per Litre- Ibe Kachikwu by ademoladeji(m): 10:38pm On May 11, 2016 |
#145/ltr? Na to go buy Bicycle ooooo
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Re: Why FG Increased Petrol Pump Price To N145 Per Litre- Ibe Kachikwu by BrainnewsNg(f): 10:44pm On May 11, 2016 |
eledalo: Nigeria shall be great again |
Re: Why FG Increased Petrol Pump Price To N145 Per Litre- Ibe Kachikwu by Nbote(m): 10:52pm On May 11, 2016 |
Dis govt is totally confused and have a serious issue with telling the truth. Dis same kachikwu who claimed sometime ago dat even if subsidy is removed, fuel cannot sell for more than #95 or so.. I lie a day kips d zombies alive |
Re: Why FG Increased Petrol Pump Price To N145 Per Litre- Ibe Kachikwu by malton: 12:30am On May 12, 2016 |
Re: Why FG Increased Petrol Pump Price To N145 Per Litre- Ibe Kachikwu by Nobody: 8:25am On May 12, 2016 |
eledalo:well done |
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