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Opinion: Why FG MUST Reduce Pump Price To N66 Per Litre - Politics - Nairaland

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Opinion: Why FG MUST Reduce Pump Price To N66 Per Litre by Validated: 5:32am On Aug 25, 2015
On January 18, 2015 the GEJ government reduced pump price of PMS from N97 to N87 per litre on account of falling oil prices in the international market. This was after the government was accused repeatedly by the then opposition (APC) of insensitive to the plight of Nigerians with the falling oil prices. At that that time Oil prices hovered between $55 - $60 per barrel. Now prices have plummeted to all time low of $43.66 per barrel, the obvious thing for the same APC that accused PDP of insensitive to the plight of the masses, ought to do is to live above board by following suit the same policy of adjusting prices downwards.

Simply put, if at the average price of crude of $58, the GEJ government reduced pump price to N87, then the APC government should reduce pump price to N66 per litre since crude prices have come down to $43.66. This is just simple proportion or extrapolation.

Please, all change advocates/chanters should prevail on Mr. President and Vice including the National Economic Council (NEC) to do the needful. Just like GEJ humbly reduced pump price from N97 to N87 per litre, let all Nigerians join this call on the FG of Mohammadu Buhari to reduce pump price to N66 per litre in line with the falling oil prices.

Re: Opinion: Why FG MUST Reduce Pump Price To N66 Per Litre by Nobody: 5:43am On Aug 25, 2015
Change should be based on sincerity, fairness and trust. so far none of these have been shown by APC and Buhari.

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Re: Opinion: Why FG MUST Reduce Pump Price To N66 Per Litre by WailingWailer00(m): 5:47am On Aug 25, 2015
Nice move
But Nigeria can't sustain it

Where's Introvert and her jobless sister Lady f angry grin

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Re: Opinion: Why FG MUST Reduce Pump Price To N66 Per Litre by Nobody: 5:54am On Aug 25, 2015
Introvert. Preparing her brood of 7kids from. 5marriages for school

Ladyf trying to get over the fourth hubby walking out..

1 Like

Re: Opinion: Why FG MUST Reduce Pump Price To N66 Per Litre by psucc(m): 6:08am On Aug 25, 2015
APC has no idea about governance but unfortunately, the national cake they fought to control is getting sour.

They may end up disappointed and failing.

Still waiting for the N5k allowee for 3months now.
Re: Opinion: Why FG MUST Reduce Pump Price To N66 Per Litre by Nobody: 6:10am On Aug 25, 2015
Fuel price has even gone below $40 a barrel now
Re: Opinion: Why FG MUST Reduce Pump Price To N66 Per Litre by Validated: 6:15am On Aug 25, 2015
chukwudi44:
Fuel price has even gone below $40 a barrel now

Thank you sir, I just confirmed it is now about $38 per barrel. The more reason Buhari has to do the needful
Re: Opinion: Why FG MUST Reduce Pump Price To N66 Per Litre by INTROVERT(f): 6:17am On Aug 25, 2015
Re: Opinion: Why FG MUST Reduce Pump Price To N66 Per Litre by Nobody: 6:20am On Aug 25, 2015
Validated:


Thank you sir, I just confirmed it is now about $38 per barrel. The more reason Buhari has to do the needful

I wonder where Prof Tam David-west is to calculate for us what the pump price of fuel shhould be like he did during the days of GEJ.

Even the now corruption exposed Fashola was also ranting then.These APC fools are the worst hypocrites in the world.
Re: Opinion: Why FG MUST Reduce Pump Price To N66 Per Litre by Nobody: 6:24am On Aug 25, 2015
Fashola is a thief - Ambode
Buhari is a dullard - rufai
Re: Opinion: Why FG MUST Reduce Pump Price To N66 Per Litre by OrlandoOwoh(m): 6:27am On Aug 25, 2015
. . . so would say Jonathan signed it before May 29, but Buhari implemented it thereby taking Jonathan's glory?

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Re: Opinion: Why FG MUST Reduce Pump Price To N66 Per Litre by DaBullIT(m): 6:29am On Aug 25, 2015
If GEJ didn't condone massive corruption it could have been possible

At this point as long as we still import and pay subsidy, the maths does not add up

Price of refining crude has not changed and the companies delivering petroleum products back to Nigeria won't reduce their prices

And there's still subsidy to pay
Re: Opinion: Why FG MUST Reduce Pump Price To N66 Per Litre by Validated: 6:49am On Aug 25, 2015
DaBullIT:
If GEJ didn't condone massive corruption it could have been possible

At this point as long as we still import and pay subsidy, the maths does not add up

Price of refining crude has not changed and the companies delivering petroleum products back to Nigeria won't reduce their prices

And there's still subsidy to pay

Price of crude represents 80% of cost - Tam David West

If above is right, then obviously there is need to adjust the pump price after all subsidy was meant to cover the cost of crude and not associated costs. In any case, with the crude cost down, the associated cost would also reduce relatively, since most of the associated costs are based on the crude cost.
Re: Opinion: Why FG MUST Reduce Pump Price To N66 Per Litre by otukpo(f): 7:05am On Aug 25, 2015
It should be reduced to 25 naira. Afterall, a barrel of crude oil is now less than 40 naira
Re: Opinion: Why FG MUST Reduce Pump Price To N66 Per Litre by DaBullIT(m): 7:09am On Aug 25, 2015
Validated:


Price of crude represents 80% of cost - Tam David West

If above is right, then obviously there is need to adjust the pump price after all subsidy was meant to cover the cost of crude and not associated costs. In any case, with the crude cost down, the associated cost would also reduce relatively, since most of the associated costs are based on the crude cost.


You got it wrong

Cheaper crude does not imply cheaper cost

Cost is set


Which means Nigeria gives more crude to refiners to cover the costs of refining and transporting which means less petrol for Nigerians

It's inversely or directly proportional not sure I'm not an economist but let's say :


You have laborers who are supposed to collect #2000 per week as the negotiated labor cost

But instead of money you pay them with 5 cups of rice = #2000 @ 400#/cup


If price of rice falls to 50 naira per cup, instead of 5 cups Laborer will demand 40 cups the already agreed price

Otherwise you'll have to renegotiate or look for another laborer


That's logic
Re: Opinion: Why FG MUST Reduce Pump Price To N66 Per Litre by ezeonline2(m): 7:13am On Aug 25, 2015
He go better oo
Re: Opinion: Why FG MUST Reduce Pump Price To N66 Per Litre by omowolewa: 7:27am On Aug 25, 2015
What of the rise in dollar and ..............
Re: Opinion: Why FG MUST Reduce Pump Price To N66 Per Litre by Nobody: 7:30am On Aug 25, 2015
bubu have been making noise since na. APC craze!!
Re: Opinion: Why FG MUST Reduce Pump Price To N66 Per Litre by Segadem(m): 7:44am On Aug 25, 2015
op,your maths sucks!
Re: Opinion: Why FG MUST Reduce Pump Price To N66 Per Litre by Segadem(m): 7:49am On Aug 25, 2015
DaBullIT:



You got it wrong

Cheaper crude does not imply cheaper cost

Cost is set


Which means Nigeria gives more crude to refiners to cover the costs of refining and transporting which means less petrol for Nigerians

It's inversely or directly proportional not sure I'm not an economist but let's say :


You have laborers who are supposed to collect #2000 per week as the negotiated labor cost

But instead of money you pay them with 5 cups of rice = #2000 @ 400#/cup


If price of rice falls to 50 naira per cup, instead of 5 cups Laborer will demand 40 cups the already agreed price

Otherwise you'll have to renegotiate or look for another laborer


That's logic


Re: Opinion: Why FG MUST Reduce Pump Price To N66 Per Litre by ultraGM: 8:23am On Aug 25, 2015
I would believe this if its coming from Chief of Wailer Staff himself, it will contain more logic

Re: Opinion: Why FG MUST Reduce Pump Price To N66 Per Litre by ideykwum: 10:18am On Aug 25, 2015
It's at 38 now!

chukwudi44:
Fuel price has even gone below $40 a barrel now
Re: Opinion: Why FG MUST Reduce Pump Price To N66 Per Litre by Validated: 10:44am On Aug 25, 2015
Segadem:
op,your maths sucks!

Truth hurts sometimes, I understand, but it it is still the TRUTH grin grin grin

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