Probably about two years since it’s been this low,” a driver said.

“It’s been a long time,” driver Danielle Jackson said.

In fact, AAA says prices are the lowest they’ve been since January of 2011. More than 20 states will go below the $3.00 mark this week.

“It’s great, I’m so excited I can fill my tank in under $40,” Jackson said.

The price at a Gulf station in Washington Township reads $2.73. But just about anywhere you look along the Black Horse Pike, prices are just as low and dropping.

We found $2.72 if you’re willing to pay cash. But why the drop?

“I’m not asking questions,” driver Jennifer Scott said.

AAA says inexpensive crude oil prices, healthy supplies, low demand and no hurricanes to date have reduced the barrel cost and all that trickles down to the consumer.

“My car is a gas guzzler, so it’s good for me,” a driver said.

“I love them, I love spending less than $50 to fill my tank and I have premium, so that’s awesome,” Scott said.

AAA expects prices to drop another 10 to 20 cents by the end of the year.


http://philadelphia.cbslocal.com/2014/10/22/local-drivers-enjoying-price-drop-at-the-gas-pump/

Hold your breathe though the price drop is in the STATES and not Naija. Why do we still have pump price of petrol at N97 per litre if crude is going at the lowest in 4years.

Importers are getting at reduced prices hence the differential should be felt by the populace.
Where is the Labour Congress, civil society groups, Human rights activists something isn't right in Nigeria. Across Europe and America fuel prices are dropping yet it is stagnant and remained same price when crude was going for $145/barrel now it is $74/barrel why are nigerians still paying same rate.

Government should tell us where the subsidy claim budget will be used for since crude price differential is now consumed by the current prices.

Where are the opposition in Nigeria? Crude prices are down, cost of buying the product is down too so why are Nigerians still paying N97. Nigerians were made to pay more when crude prices when up, now it is down to its lowest in years then the price of petrol should drop.

MODs seun ngwakwe obinoscopy mynd44 help move this thread so awareness can get to Nigerians to demand a cut in price for pump price of petrol and diesel.

And we in Nigeria are crying... Anyway, I blame the clueless government and the 419 economics of Iwaela

Isn't their clime fully deregulated with market forces playing a major part in pricing ?.

Why the sudden comparison with Nigeria.

Rubbish - what's N97 in dollars?

Nigerian fuel is still cheaper than in any western country - and its also imported (refined fuel)

pendy79:
Hold your breathe though the price drop is in the STATES and not Naija. Why do we still have pump price of petrol at N97 per litre if crude is going at the lowest in 4years.

Importers are getting at reduced prices hence the differential should be felt by the populace.

The Oil Price drop should be of a concern to us in Nigeria Sir. Our government over the years failed to use the Oil $$$$$$ to develop other money-spinning sectors of the economy-manufacturing, tourism, Agric, Sport etc that would have positioned us to be less oil dependent. Another funny thing is that our government over the years have been looting all our common wealth accrued from the Oil $$$$$$. It is a shame bros, a very big shame

jmaine:
Isn't their clime fully regulated with market forces playing a major part in pricing ?.

Why the sudden comparison with Nigeria.

Basic understanding of economics should tell you how contradictory you sound.

jmaine:
Isn't their clime fully deregulated with market forces playing a major part in pricing ?.

Why the sudden comparison with Nigeria.

Can you imagine . Nigerians are actually paying more for fuel today than the wholesale market price. You cannot reap the benefits of the free market, when your market is operated under a price control regime.

Principle of force of gravity does not work in Nigeria,in 9ja anything that goes up must conrinue going up or at worst Hang

omenka:
Basic understanding of economics should tell you how contradictory you sound.

I actually meant to say fully deregulated. Thanks for pointing that out.

barcanista:
The Oil Price drop should be of a concern to us in Nigeria Sir. Our government over the years failed to use the Oil $$$$$$ to develop other money sectors of the economy-manufacturing, tourism, Agric, Sport etc that would have positioned us to be less oil dependent. Another funny thing is that our government over the years have been looting all our common wealth accrued from the Oil $$$$$$. It is a shame bros, a very big shame

The silence of the labour unions and the civil society in Nigeria is deafening. If pump price was increased because of high crude prices why will it not go down now if the crude price has dropped?

Government cannot claim it is still subsidising now can it?

atlwireles:


You cannot reap the benefits of the free market, when your market is operated under a price control regime.

Transparently stated . We are even paying less than the referenced price of the OP, so am wondering where this thread is driving at .

Gej can't do great things in his government only for him and his partner to embezzle d treasury Gej is a clueless President he failed in his assignment Cos' he doesn't prepared well.he's bound to fail and he will fail in his Presidential bid.

There is a large disconnect between the government and the populace. The arguement of deregulation or not is not tenable here. If prices were jacked upwards based on Crude highcost 2years ago, then it is normal and desirable for the price to go down now that crude is ridiculously low.

Even in Iran, pump prices which was increased has gone down.

We demand same for Nigeria and Nigerians

pendy79:


The silence of the labour unions and the civil society in Nigeria is deafening. If pump price was increased because of high crude prices why will it not go down now if the crude price has dropped?

Government cannot claim it is still subsidising now can it?

That is exactly the issue. Two things is expected to happen with the drop in oil price:
1. It is either the pump price per litre of petrol drops from N97 OR
2. The money appropriated for the subsidy is reviewed, and the balance be used for capital projects.

iamodenigbo1:
Principle of force of gravity does not work in Nigeria,in 9ja anything that goes up must conrinue going up or at worst Hang

That's a wrong assumption prices of commodity is govern by the laws of nature but thatof demand and supply.

Crude is at its worst in 4years, and it is appropriate that the populace should feel the impact of the drop. When it was high Nigerians paid higher and now it is low the goodwill should go round.

barcanista:
That is exactly the issue. Two things is expected to happen with the drop in oil price:
1. It is either the pump price per litre of petrol drops from N97 OR
2. The money appropriated for the subsidy is reviewed, and the balance be used for capital projects.

That's my exact arguement. Deregulation or not, the importers are not buying at same prices they did in june or july.

Yar-Adua reviewed lower from N70 to N65 per litre when crude suffered same type of drop when he came into power.

Governent should not take the quietness of people as foolishness.

It is either pump price is revised lower or the subsidy budget appropriated is returned to the federation account and is verified to be so.

Can't believe the opposition and trade unions are quiet about this clear rip off.

pendy79:


That's a wrong assumption prices of commodity is govern by the laws of nature but thatof demand and supply.

Crude is at its worst in 4years, and it is appropriate that the populace should feel the impact of the drop. When it was high Nigerians paid higher and now it is low the goodwill should go round.

so

pendy79:


That's my exact arguement. Deregulation or not, the importers are not buying at same prices they did in june or july.

Yar-Adua reviewed lower from N70 to N65 per litre when crude suffered same type of drop when he came into power.

Governent should not take the quietness of people as foolishness.

It is either pump price is revised lower or the subsidy budget appropriated is returned to the federation account and is verified to be so.

Can't believe the opposition and trade unions are quiet about this clear rip off.

My Oga, the people are less informed on the effect of this price of crude oil on the economy. If it increases, we won't bother to ask what the government does with the money. If it falls, we won't bother to ask our government what happens to the money appropriated for Subsidy during the period of price drop or why isn't it affecting petrol pump price here. It is "shameful" my bros. Sadly, the Labour Union are almost extinct

.

You should know Iweala's response to this. She'll tell the media very soon that they've been spending less with respect to fuel subsidy, but there was no need informing nigerians. Afterall, the money is in FG's account.

pendy79:


The silence of the labour unions and the civil society in Nigeria is deafening. If pump price was increased because of high crude prices why will it not go down now if the crude price has dropped?

Government cannot claim it is still subsidising now can it?

Firstly our labour union looters should be more concerned about the DISPARITY between the ridiculous N18,000 minimum wage and the mega millions collected by our elected public servants working for the SAME government.

Now to the falling crude price and pump retail petrol price. Why should any SANE person expect a reduction in the pump price without first verifying the % subsidy currently paid by the government COMPARED to the recent fall in crude prices, which may not be fully reflected by those supplying us REFINED fuel.

The situation would have been much different if we had all endorsed Jonathan's proposal two years ago to completely remove subsidy, liberalise the sector and collect REVENUE from investors instead of paying to importers.
We allowed ourselves to be MISLED by the clueless trade unions and political opposition who ONLY wanted to score cheap political points.

iamodenigbo1:
Principle of force of gravity does not work in Nigeria,in 9ja anything that goes up must conrinue going up or at worst Hang

Why are you MISINFORMING others
For what benefit?

- Are mobile phones, Sim cards and call rates not lower than 2001
- Did Dangote & BUA not just reduce their cement price due to glut [more production/supply than demand] as a result of the successful liberalisation of that sector?

Where is madam Konji Iweala? Doyin Okupe? And Mr Reuban Agbaya Abati.. And the complete team of GEJ's sympathizers..

Let Nigerians feel the importance of the highest new low of fuel..

pendy79:
Hold your breathe though the price drop is in the STATES and not Naija. Why do we still have pump price of petrol at N97 per litre if crude is going at the lowest in 4years.

Importers are getting at reduced prices hence the differential should be felt by the populace.
Where is the Labour Congress, civil society groups, Human rights activists something isn't right in Nigeria. Across Europe and America fuel prices are dropping yet it is stagnant and remained same price when crude was going for $145/barrel now it is $74/barrel why are nigerians still paying same rate.

Government should tell us where the subsidy claim budget will be used for since crude price differential is now consumed by the current prices.

Where are the opposition in Nigeria? Crude prices are down, cost of buying the product is down too so why are Nigerians still paying N97. Nigerians were made to pay more when crude prices when up, now it is down to its lowest in years then the price of petrol should drop.

MODs seun ngwakwe obinoscopy mynd44 help move this thread so awareness can get to Nigerians to demand a cut in price for pump price of petrol and diesel.

Bros Nigeria is an oil producing country. The price of crude oil in the international market wouldn't affect the cost price of petrol in Nigeria (we've never paid a dime for crude oil product, why should we, when we produce it?). Rather what would affect the cost price of petrol in Nigeria is the cost of refining crude oil in the international market.

So it means this your criticism doesn't hold water. A true economist knows that it doesn't hold water .

There is need for citizenship rights and information in Nigeria. If the government has a subsidy claim in its budget and now prices are not what they thought it should be, then there is need for nigerians to either feel the impact of the crude oil price reduction on every litre of petrok, diesel and kerosene they buy or they see it reflect in an increase in the Foreign reserve or more funds in the sovereign wealth fund or probably more roads begin fixed, more housing projects, more airports and better and equipped schools.

There is more money to the federal government from the crude price drop since we are still paying same rates when crude was $145 compared to the $74 it is going for now.

I was happy when I saw the price yesterday, it's $3.04 here in Illinois, hopefully by next week it comes down to like $2.80.

God go punish Nigeria leaders....and this stupid present Government.

Like if you think Jonathan deserve a second term.

Like if you think he doesn't deserve second term.

Obinoscopy:
Bros Nigeria is an oil producing country. The price of crude oil in the international market wouldn't affect the cost price of petrol in Nigeria (we've never paid a dime for crude oil product, why should we, when we produce it?). Rather what would affect the cost price of petrol in Nigeria is the cost of refining crude oil in the international market.

So it means this your criticism doesn't hold water. A true economist knows that it doesn't hold water .

Can't really comprehend the incoherent write up.you.put up here. "The price of crude oil in the international market won't affect the price of petrol in Nigeria"

How did you become a MOD on this forum if this is the way you reason? The imported petrol is refined from your pee or what? Are the importers buying at the rate they were few months ago.

If you lack comprehension about something why not just keep quiet rather than show ignorance. How can somebody in this modern age say crude oil price on the international market cannot determine the price of petrol in Nigeria. Is Nigeria on a planet on its own?

Seun what is your criteria for selecting people as MOD