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Nairaland Forum / Nairaland / General / Politics / Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 (33973 Views)
Marketers Sell Petrol Above N145/L In 16 States (see the states) / Filling Stations In Awka Sell Petrol For N250 Per Litre / FG Ends Kerosene Subsidy, To Sell For N83 Per Litre (2) (3) (4)
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Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by Standing5(m): 9:23am On Dec 15, 2015 |
tuniski:Your ignorance is legendary. The govt earns the dollar from crude sold and not you the end user per se. The marketers you indirectly buy from take ur accrued Naira and change it at N260/$ as against N165/$ because they buy it outside Nigeria. Get it? Summary is, for importation of crude, any reduction in prices from around $100 to $37 is negated by Naira devaluation and the flat fee ( constant cost of production et al) involved while exportation of same crude by FG means more naira value to obtain services from you and I. |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by porka: 9:30am On Dec 15, 2015 |
4C2215131: Every time you armchair analysts do your mumbo jumbo analyses you end up looking pathetic. You have been making conjectures since Buhari came in and then end up going offline every time yet you won't stop. Crude oil is not selling at an all time low price. It's selling at $36-$38 per barrel currently and those are not all time low prices in any way. Crude oil once sold for $8 per barrel during Shagari's administration. 'Ideally' does not explain the economics of fuel pump price. PPPRA's calculations are different from your own 'ideally' conjecture. And if Buhari's government knows that fuel price should be below N87 it would have reduced it long ago. Buhari would have been the first person to announce it to the world. Why are you people too eager to deceive yourselves? Even what Buhari is not thinking about, you will attribute to him. Is that not foolishness? 3 Likes 2 Shares |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by 989900: 9:30am On Dec 15, 2015 |
runz: That is not a major here. The 'meat' of the matter is, the international price of crude which largely dictates our refined products import. $147/barrel vs $38/barrel now. As at October, our monthly subsidy payment was less than a billion Naira vs 2-3 trillion (depending on who you believe) over roughly a year thereabout in 2011/2012. Then factor in a weak Naira; if the Naira were any close to N155/$, we should 'probably' not be paying more than N50/litre right now @ no subsidy even. |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by aramideji(m): 9:31am On Dec 15, 2015 |
989900:have you forgotten the petrol is just an extraction from crude,dont you know its isnt refined in Nigeria Dont you know Nigeria doesn't own the ships that imports Dont you know importers would wana make profit too dont u knw The price of crude doesn't directly affect price of petrol.please goan learn about the science of crude market before you comment.thank you |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by olayisa1987: 9:32am On Dec 15, 2015 |
Alhaji Burhar dnt forget dat u promise us that u ll reduce fuel price why why subsidy remove |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by yoksy(f): 9:32am On Dec 15, 2015 |
buhari's govt can lie |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by Jwonder(m): 9:33am On Dec 15, 2015 |
ourema: Help Me tell them ooh!!!! |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by Toks2008(m): 9:33am On Dec 15, 2015 |
porka: Who is this tout that can't express himself with proper decorum? If you dare quote me again i will place an e-curse on you. 1 Like |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by porka: 9:36am On Dec 15, 2015 |
Where Oshinbajo in all this? He was widely reported last month to have said that government was working on reducing pump price by next year. Was he misquoted? Did he lie? |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by Boss13: 9:36am On Dec 15, 2015 |
989900: 1 barrel is equal to 158 litres. In dollars that is approximately N4 dollars per liter of cruel oil @ $38 per barrel. Convert that to naira, you get N1,008 per liter of crude oil @ N252 exchange rate. I did not add the cost of refining the crude and other logistic costs. N97 per liter of refined crude oil is perfectly fair. I was thinking it would be higher than N200 per liter. |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by porka: 9:38am On Dec 15, 2015 |
Toks2008: You can be rest assured that you don't have the monopoly on e-curse (or any curse for that matter.) |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by Boss13: 9:40am On Dec 15, 2015 |
My concern is not the removal of subsidy but whether we would be able to increase our overall production capacity. Now that fuel subsidy will be removed, the cost of production and logistics will increase. This is the time to be less dependent on imported goods. |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by 989900: 9:42am On Dec 15, 2015 |
aramideji: This is beyond you. Read my previous topics and posts -- it will help you. The one (my post) couple of posts above you will help too. BTW, tell us how 'cost price' of raw materials is not significant/less significant in determining the 'selling price' of a finished product? How $147/barrel is same as $38/barrel? Even in non- producing countries, pump prices are falling! |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by Tmaritas76(m): 9:45am On Dec 15, 2015 |
ORAFA:2015-$100/barrel,2016-$38/barrel where is the change. |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by Inspectahdeck(m): 9:49am On Dec 15, 2015 |
Very true but that is were regulation comes in. DPR, NNPC will regulate the market, so as not to exceed a certain amount of money to avoid exploitation. Flets: |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by Tmaritas76(m): 9:50am On Dec 15, 2015 |
Boss13:so Nigeria will sell to us in dollar too,are we using dollar here |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by 989900: 9:50am On Dec 15, 2015 |
Boss13: Sorry my brother, that is not how it is calculated o! Also importers get $ @ N199/$. |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by Montaque(m): 9:52am On Dec 15, 2015 |
Boss13: I don't think you got that math well calculated. If one barrel cost 38$, and it's 158L, then divide the cost by the quantity. 1 Like |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by elmisti(m): 9:59am On Dec 15, 2015 |
skidskid: U really need to shut up before U stat soundn mad!....did u jst ask what SureP has done....well lemme tell you a lil, it paid school fees ( mine for four years)....and nt even directly from FG, the subsidy was shared among states....oh, nd it constructed roads ( see fashola for reference )...Start up SMEs for people!....if you ddnt benefit from sureP, go and hang your state government!.... 3 Likes 1 Share |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by Themandator: 10:00am On Dec 15, 2015 |
Subsidy has never been in the interest of the masses. 1 Like |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by elmisti(m): 10:02am On Dec 15, 2015 |
Inspectahdeck: Lol, the way the airline is regulated...or the education sector Or telecommunication....or power....bro, I see dangote and co taking nitro speed on forbes list next year!.... |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by sammhi(m): 10:05am On Dec 15, 2015 |
Standing5: stop the balme game..arent u tired of it? people buy dead companies and resurrect it..if you cant do the job then resign and let others who have something upstairs do it when you were applying to be president you told us it was to rescue ...so why all these moans , wailing and cries ....it signs of failure.. if you are overwhlemed, then back off...period 1 Like 2 Shares |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by tuniski: 10:06am On Dec 15, 2015 |
Standing5:Warped! Transaction currency risks is a two way thing. You don't get. Selling in foreign where naira is weak is a plus it when buying with a weak naira that we are on the receiving end. Do the maths and see d net difference. That is why selling countries like Japan and China with weak currencies are still best economies! |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by Themandator: 10:10am On Dec 15, 2015 |
Boss13: How did you arrive at this ridiculous conclusion? If a barrel is 38 dollar and it contains 158 litres, commonsense would dictate that you divide the cost by the quantity... 38/158=0.241 dollars per litres To be sure, multiply 0.241*158=37.99999,which is approximately 40 dollars. 1 Like |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by ademoladeji(m): 10:10am On Dec 15, 2015 |
eagleeye2:SE is Biafra, Biafra is SE.... I'm not against the movement bro |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by Standing5(m): 10:14am On Dec 15, 2015 |
tuniski:Stop being half smart and don't try to copy & paste my own ideas as ur argument. The government sells to open intl market and you buy indirectly from same intl market via local marketers who are constantly changing the accrued Naira to Dollars. |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by Nobody: 10:14am On Dec 15, 2015 |
That was where GEJ got it wrong. Removing the whole subsidy. Buhari's government just removed a part. May be in future, all will be removed. However, it's usually easy for Government to jump on those measures that affect the voiceless Nigerians while they enjoy our common fund. Why should we buy cars at the tune of 4.2 billion for lawmakers or give them wardrobe allowance. when a Nigerian can't even access loan for a car, not even for free but to make it within his reach. A lot of Nigerians find it difficult to pay hospital bill. And these politicians can afford these things we provide for them 10times! When Government start doing things like stopping foreign medical treatment for public office holders, stop all these unnecessary expenses by our leaders in the name of estacodes, protocols then I will take them serious. They should start from themselves not masses all the time. Soon PHCN will roll out new tarrif, plans are on to cut down salary of some federal government staff by removing certain allowances while their's keep swelling to reflect current rise in dollar I like the increase in capital expenditure, and their projection but they shouldn't put us into huge debt again. And this social welfare programme is useless, how can you pay 5k to millions of people, how sustainable is that? They would probably pay it for few months and stop just to justify their campaign promise. It's crystal clear that it's not a sustainable development. Where will the money be coming from? How do you determine who is unemployed? It would have been easier if we had a national data of Nigerians. The best approach is to mop up by creating jobs, then work towards national data, at same time register all new born babies while deaths are recorded too. These things aren't rocket science. We have federal government, state government, local government, wards, coalition can be done at any level. So that in the next 3 years of Buhari's administration, government can effectively plan and budget with specific number of Nigerians. Buhari's government, if not careful will still end like others. We need to work on our systems not combing issues by suffering Nigerians, closing up BDCs, and distracting us with Dasuki when economy is crumbling. ORAFA: |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by omolami: 10:15am On Dec 15, 2015 |
If the fuel subsidy is removed, then shame on FASHOLA the former governor of Lagos state, shame on Falana, shame on Buhari, shame on Shoyinka, shame on Lagosians who trooped out in Jan 2012 to demonstrate against its removal. Shame on TUC, Shame on NLC, shame on all Nigerians who castigated GEJ for attempting to remove it then. The great philosopher has said Nigerians would beg for fuel subsidy removal. The truth is that today, Nigerians are begging for subsidy removal. GEJ is our Hero no doubt What GEJ sought to do in 2012 which was opposed by Buhari is what Buhari government is seeking to do in 2016 , Big shame 3 Likes 1 Share |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by Standing5(m): 10:17am On Dec 15, 2015 |
sammhi:You fùcked up again. People may buy dead company and ressurect but do not buy & ressurect market conditions. |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by Nobody: 10:18am On Dec 15, 2015 |
The price of pms will change from #87 to #97. PMS has no price now. Mr president promised you that he would effect petroleum price in international market. Still looking forward to that. The way Nigerians will react to subsidy removal will shake the country more than what we experienced in 2012. No need fixing prices because market forces will surely prevail. |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by dyn1800: 10:18am On Dec 15, 2015 |
Better to prepare your mind down ...... Than wake up on a new year day to the rude shock of the news ikorodureporta: |
Re: Fuel Subsidy To Go Next Year. FG To Sell Petrol At 97 by Boss13: 10:22am On Dec 15, 2015 |
Apologies on the calculation. I was having a delicious breakfast 1 barrel equals 158 liters 158 liters @ $38 equals $0.2 per liter $0.2 @ N252 equal N50 per liter of crude oil Add cost of refining the crude oil, labor cost, other direct and indirect cost plus margin. Overall, I still think N97 per liter of refined oil is a fair price. Probably market forces might bring down the price once competition sets in and immediately our refineries start operating in full capacity. Apologies again |
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