Nigeria Daily Fuel Subsidy Hits N1.5billion Daily - Politics - Nairaland
Nairaland Forum / Nairaland / General / Politics / Nigeria Daily Fuel Subsidy Hits N1.5billion Daily (1400 Views)
Nigeria’s Daily Fuel Subsidy Falls To N889.44m / Petrol Subsidy Hits N1.69bn Daily / Despite Scarcity, Daily Subsidy On Petrol Hits N1.81bn (2) (3) (4)
| Nigeria Daily Fuel Subsidy Hits N1.5billion Daily by pendy79: 8:30pm On Feb 26, 2015 |
FEDERAL Government’s subsidy on a litre of fuel has increased from N15.82k it recorded one week ago to N30.05k at an exchange rate of N199 to a dollar as at Wednesday. With this latest development, the country’s subsidy on daily fuel consumption is about N1.5 billion at 38 million litre of fuel imports into the country. The country consumes about 40 million litre of fuel daily and the local refineries’ contribution to daily consumption is less than 20 per cent. With the expected open market price per a litre of Premium Motor Spirit, otherwise known as petrol, put at N117.05 as of February 24, the subsidy on the product has increased to N30.05 per litre, according to data obtained from the Petroleum Products Pricing Regulatory Agency on yesterday. This is the highest subsidy on price per litre of fuel since the Federal Government reduced the pump price from N97 to N87 per litre. For example, early this month, the government increased subsidy per litre from N10 to N12.27, to N14.79 per litre, to N15.82k and to N30.05per litre as at yesterday. According to the PPPRA template, the expected open market price per litre is N117.05; landing cost, N102.01; ex-depot price, N77.66; regulated price, N87 while subsidy on expected open market price stands at N30.05 per litre. The country has four refineries, two in Port Harcourt (PHRC), and one each in Kaduna (KRPC) and Warri (WRPC). The refineries have a combined installed capacity of 445,000 bpd, but hardly contribute substantially to Nigeria’s daily fuel consumption. For instance, zero metric tons of dry crude oil, condensate and slop was received by the three refineries-- KRPC, PHRC and WRPC-- in September last year, according to the last statistics from the Nigerian National Petroleum Corporation (NNPC). NNPC stated in the report: “With an opening stock of 253.26 thousand mt, total crude oil available for processing was 253.26 thousand mt, out of which 74.64 thousand mt was processed. The two respective average capacity utilization during the month was 0.00 per cent, 8.77 per cent and 0.00 per cent for KRPC, PHRC and WRPC respectively”. It noted that in the month under review, a total national domestic refining produced 46.92 thousand mt of finished and intermediate products. It disclosed that Pipelines Products and Marketing Company, which lifts products from the refineries, evacuated 174.440 mt of products. Speaking on why the refineries are not working to full installed capacities, the Executive Secretary PPPRA, Ahmed Farouk stated: “The thing with the refineries is that it is not that they are not working, but the problem is vandalism of the pipelines. Crude is supposed to be transported to the refineries but this cannot happen because evacuation is made almost impossible due to pipeline vandalization. For example, Port Harcourt refinery that has a short distance of Bonny and Port Harcourt, we lose about 30 to 40 per cent of crude that is transported through the pipelines. When the cost of the losses is calculated, it is even better for Nigeria to import than refining locally. That is the crux of the matter because of efforts at cutting costs. This is because the NNPC regardless of whether the crude is stolen or not, is billed for that amount of crude. “The Port Harcourt refinery can produce up to 70 per cent; Warri refinery can also go up to 70 per cent and Kaduna refinery can do 60 per cent. So, the refineries can do about 60 per cent capacity on the average.” http://www.ngrguardiannews.com/business/199646-nigeria-s-daily-subsidy-on-fuel-hits-n1-5-billion# 1 Like |
| Re: Nigeria Daily Fuel Subsidy Hits N1.5billion Daily by mustymatic(m): 8:35pm On Feb 26, 2015 |
Nigerian political mugunta 1 Like |
| Re: Nigeria Daily Fuel Subsidy Hits N1.5billion Daily by pendy79: 8:40pm On Feb 26, 2015 |
Ebele says he is spending N1.5billion daily on subsidizing fuel in Nigeria, saw a thread that fuel is being sold in parts of Nigeria as much as N120/litre yet crude is still being sold below 50$ in the international market. who is subsidizing who in Nigeria? they say refineries are now working but pipeline vandalism is preventing local production[b], then can someone ask for which job is TOMPOLO paid N6.8billion monthly, ASARI DOKUBO N5.3billion monthly and other groups like OPC and other militants groups which earn from N500million to N2billion monthly if not to protect the waterways and the pipelines from both pirates and pipeline vandals[/b] Why will any sane Nigerian be wishing and praying GEJ continue in power? I will understand tompolo, dokubo, ateke tom, federick fasheun, gani adams shouting GEJ till 2019 but if you're not a member of those feeding from corruption and yet you're shouting GEJ till 2019 I think you need to see a doctor because you can't be suffering and still be smiling at those holding the entire country to ramsom 4 Likes |
| Re: Nigeria Daily Fuel Subsidy Hits N1.5billion Daily by pendy79: 12:01am On Feb 27, 2015 |
mustymatic: Na real political mugunta. |
| Re: Nigeria Daily Fuel Subsidy Hits N1.5billion Daily by masseratti: 12:58am On Feb 27, 2015 |
You guys should take a chill pill,am not a Gej fan but have you considered the exchange rate?anyway the issue is we should look at the root cause if the difference, I don't see the reason why the price of crude oil should fall by 65% and the price of pms cannot fall by 30% atleast. Once we can block the loop hole then we are good to go,trust me building local refinery won't solve it,this guy's will always come up with something new. |
| Re: Nigeria Daily Fuel Subsidy Hits N1.5billion Daily by Adminisher: 1:05am On Feb 27, 2015 |
masseratti: You are doing great damage to your life taking a chill pill when your destiny is being negatively re arranged. They are carting away your future and you arevtaking chill pills all because the man doing it has fulfilled a record as the first Niger Delta/SE related person to enter office. Celebrate that all you can but whole sale robbery by a few people is unacceptable. 3 Likes |
| Re: Nigeria Daily Fuel Subsidy Hits N1.5billion Daily by LordMecuzy(m): 1:11am On Feb 27, 2015 |
I'm buying Fuel in Benue @150 well I can't wait for March28.... IHaveDecided |
| Re: Nigeria Daily Fuel Subsidy Hits N1.5billion Daily by masseratti: 1:14am On Feb 27, 2015 |
Adminisher:Oga please read my post again,when you comprehend what I wrote then we can correspond. |
| Re: Nigeria Daily Fuel Subsidy Hits N1.5billion Daily by pendy79: 7:53am On Feb 27, 2015 |
LordMecuzy: Yet they say they are subsidizing that same fuel for every Nigerian at N1.5billion daily. Every right thinking Nigerian should know re-electing this government is rewarding criminality and saying " WE JUST LOVE BEING RIPPED OFF BY OUR GOVERNMENT AT LEAST GEJ IS OUR BROTHER" we don't like Hausa people. |
| Re: Nigeria Daily Fuel Subsidy Hits N1.5billion Daily by Nobody: 7:57am On Feb 27, 2015 |
LordMecuzy: Where in Benue State? I have friends in Benue who recently confirmed buying at N87 too. Who brought this Stat if I may ask? It is well. ------------------------------------------------------------------------------- Cheap MTN Data for Andriod/iPhone, Phone or Modem, 1GB for N1,200 (Credit you within 5 minutes/ 24hours service available) Convert Airtime to Cash (20% Processing Fee) Design a Simple Dynamic Website + Domain Name + Hosting in One Day for N30, 000 (Negotiable) Call: 08107873795 Thanks and God bless |
| Re: Nigeria Daily Fuel Subsidy Hits N1.5billion Daily by LordMecuzy(m): 8:02am On Feb 27, 2015 |
myhoodlink: Makurdi bro Queue so long I can't waste my precious time there. Black market tins |
| Re: Nigeria Daily Fuel Subsidy Hits N1.5billion Daily by Nobody: 8:08am On Feb 27, 2015 |
LordMecuzy: Maybe you bought at that price from BM due to the long queue. Just confirmed they still sell at N87 but some marketers are keeping the product from the public. I believe appropriate agencies address the situation soon. |
| Re: Nigeria Daily Fuel Subsidy Hits N1.5billion Daily by Canme4u(m): 8:18am On Feb 27, 2015 |
pendy79: |
| Re: Nigeria Daily Fuel Subsidy Hits N1.5billion Daily by LordMecuzy(m): 8:24am On Feb 27, 2015 |
myhoodlink: Appropriate agencies  ?? lol bro I doubt if u live here in Nigeria.....well no Probs.... March28 isn't that far... Jonathan got over 600,000 votes here again Buhari 110,000 votes in 2011..... March28 let's watch n see. God Bless Nigeria |
| Re: Nigeria Daily Fuel Subsidy Hits N1.5billion Daily by pendy79: 8:41am On Feb 27, 2015 |
LordMecuzy: The most useless and brainless set of people I've ever come across are those supporting PDP and GEJ because they will even defend the clueless and tactless idiot even if he was caught rap.ing their mother. How many states in Nigeria is fuel sold at official prices aside Lagos and Abuja yet you see someone talking of "appropriate agencies" God will help Nigeria and Nigerians to grow and look beyond Ethnic amd religious bigotry and help them.realize that a WORKING AND PROPERLY MANAGED COUNTRY will be to the advantage of all and sundry no matter your tribe or the religion you practise. 2 Likes |
| Re: Nigeria Daily Fuel Subsidy Hits N1.5billion Daily by Nobody: 8:43am On Feb 27, 2015 |
LordMecuzy: I still very much believe that issue will be resolve soonest. Benue will still go for GEJ bro. David Mark or Ribadu may be next for 2019. Thanks. |
| Re: Nigeria Daily Fuel Subsidy Hits N1.5billion Daily by LordMecuzy(m): 8:55am On Feb 27, 2015 |
myhoodlink: Surely Jonathan would win here bt nt above 56% and that's so poor cos this was his former stronghold .. well let's watch n see bro |
| Re: Nigeria Daily Fuel Subsidy Hits N1.5billion Daily by LordMecuzy(m): 8:57am On Feb 27, 2015 |
pendy79: lol bro I just tire for blind politics ooooooh..... Hmmm well let's see how it goes .. |
| Re: Nigeria Daily Fuel Subsidy Hits N1.5billion Daily by Nobody: 9:00am On Feb 27, 2015 |
LordMecuzy: Kk. Thanks and God bless. |
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