DaBullIT:



They do make a lot of money. Average of 1B per day on fuel consumption by Nigerians. I commented on that post last week

Economists revealed that GEJ makes between 500M and 1B daily selling petrol at 97-100 to Nigerians despite the reduction in world market

sleekymag:
Let me do some calculations

Average crude oil price in the last one month
Dec 2014 = $60.70 (www.ycharts.com/indicators/average_crude_oil_spot_price)
This is -21.16% from previous month ($76.99)

Average crude oil price in the last one year = $105.48

Old PMS price with partial subsidy = N97
Old PMS price without subsidy - N138/N140, but let's assume it's = N138

Actual oil price at $105.48 = N138 PMS (without subsidy)
New oil price at $60.70 = (60.70/105.48)^138 = N79.41 ~ N80.

Without subsidy, PMS price should be about N80.

However, let's assume because of the fluctuations in price, we can allow for 20% fluctuation.

This implies,
Fluctuation allowance = 0.2*N80 = N16

Actual PMS price without subsidy = N80 + N16 = N96

To allow for some partial subsidy of say N9 per liter,

This implies,
Current PMS Price = N96 - N9 = N87.

*This doesn't put into consideration the recent devaluation of our naira.

My assumptions sha.

Justbright:
this won't still stop gej from returning to otuoke come may 30th by latest....he thinks say Nigerians Na mumun abi?since wen did oil price drop for international market.....gej will hear it come febuhari 14

never knew pple hate gej and his corruption infested gov dis much,over 600 "likes" for my post?...gej u are a gonner

Justbright:
this won't still stop gej from returning to otuoke come may 30th by latest....he thinks say Nigerians Na mumun abi?since wen did oil price drop for international market.....gej will hear it come febuhari 14

never knew pple hate gej and his corruption infested gov dis much,over 600 "likes" for my post?...gej u are a gonner

SO YOU STILL BELIEVE PEOPLE ARE SO DUMB TO FIGURE OUT THAT ALL THIS APC "likes" ON Nairaland are paid for

Justbright:
this won't still stop gej from returning to otuoke come may 30th by latest....he thinks say Nigerians Na mumun abi?since wen did oil price drop for international market.....gej will hear it come febuhari 14

never knew pple hate gej and his corruption infested gov dis much,over 600 "likes" for my post?...gej u are a gonner

Justbright:
this won't still stop gej from returning to otuoke come may 30th by latest....he thinks say Nigerians Na mumun abi?since wen did oil price drop for international market.....gej will hear it come febuhari 14

never knew pple hate gej and his corruption infested gov dis much,over 600 "likes" for my post?...gej u are a gonner

kestolove95:
d one I voted for him 2011 am still regrtin..I can't b fooled

wirinet:
WHY IS NOBODY ASKING THE MOST RELEVANT QUESTION.

WHAT ABOUT DIESEL AND KEROSINE? WHY DID THE REDUCTION NOT AFFECT KEROSINE AND DIESEL ALSO?

dammytosh:


Only an imbec1le will call the reduction an achievement and commit another 4 years of frustration into GEJ's hands.


After we have lost naira to dollars in FX. One drunken master is removing 10naira from fuel price.

U see reason why we said no to subsidy removal ? Now we paid, there is still no difference. No infrastructure as a result of the removal.

Fuel price crashed, 1 billion dollars disppeared from excess crude oil account. Her Excellency President Oknojo iweala said they used it to pay subsidy and i kept wondering, when will the Tunisia revolution start. What are we subsidizing again after that kind of crash in price !!!!!!

Only one jobless graduate was frustrated and Tunisia was on fire. That revolution spread to egypt, liberia etc.

Millions of jobless frustrated graduates are still shouting GEJ till 2019.

Go and queue for your destiny and vote these imbec1les outtttt !!! You are afraid to fight yet cant vote with ur brain.

Wasted generation.

If you check my antecedents on this forum, i dislike apc, i dislike Tinubu but only a mad man will do something for 6years , fail and still says he wants to continue with the same approach.

Compare Buhari / Osinbajo vs Gej / sambo man to man achievement to achievement.
Compare the likely cabinet of this 2 teams and leave sentiment of christianity, our brother, shoelessness etc u know the best team

GEJ must go back to Otuoke.

SailorXY:

do u know Nigeria still import PMS? have you checked the landing cost of these importations vis-a-vis the current value of the naira??

straight2point:


SO YOU STILL BELIEVE PEOPLE ARE SO DUMB TO FIGURE OUT THAT ALL THIS APC "likes" ON Nairaland are paid for

DaBullIT:
[size=18pt]There's nothing great about this news, first because it's long over due

secondly , 10 fourking naira ? ? ? WTF ... BARREL of OIL is less than half the price it used to be , I expected the pump price to be reduced by at least 40 naira


Finally, last minute reduction in fuel price just as the election draws closer ? ?

Heck No GEJ , I ain't voting for ya , sorry dude [/size]

jide333:




EvEn if it's #30 your sorry a s s will still demand it to be #10 or #5... To hell with you and what you or who u vote for...

Nobleval:
This is part of their election strategy. I know some guilible Nigerians are already taken in by this news. What assurance do you have that the price would be the same after 14th feb?

holluwai:
Now I believe this current government is useless! Senseless! Clueless! And visionless! Is this the best they can do!? Desperation in it's highest form! Nevertheless Buhari has my vote!

tueituei:

[size=8pt]Only a clueless person will talk like you because intelligent people express themselves through meaningful words and facts not insults, the Buhari you are voting doesn't portray the Qualities of a Future Leader.
The government saw the reduction in the International Price of crude Oil years before now that's why he Boosted the #Agricultural sector & improved the Railway to make farm products available in the market.