tuniski:
warped! We are not buying crude we sell so the naira depreciation favours that while the importation of refined products, cancels out the transaction currency gains though a next gain is expected as we sell more than we buy. Overall, the restriction on forex has not been working as naira continue to fall even as reserve falls!
Chanji is just a scam. The streets ain't Smiling sooner the chant will be change baba!

4C2215131:


Me thinks, FG is trying to err on the side of caution. What do I mean? Sell well above acceptable market price now (btw, now is the best time to remove subsidy given the state of "crude oil affairs"-it's selling at an all time low right now, so subsidy removal wouldn't bite too hard as ideally PMS should be selling for even less than N87 right now-market don fall press the thing na!) and be protected when market forces actually push the price up to N97. Given that the product has been accepted at N97, there wouldn't be any uproar from the pocket of the populace who are already used to buying it at N97 and who may not even know the workings of the market as it affects the price of PMS.

runz:
We don't have any functional refinery.

989900:
@$38/barrel, where is the subsidy?

The N97/l is high (considering cost of crude).

ourema:
Hypocrisy is when you remove something you never believed believed to have existed.

Hypocrisy is when you shouted! Crucify GEJ! When he removed fuel subsidy the but hail PMB
for the intention to remove it

porka:


Don't be a f00l.

Subsidy is now 10 naira per litre even when the oil price is $38 per barrel.

How would they have increased it beyond 97 naira.

989900:
@$38/barrel, where is the subsidy?

The N97/l is high (considering cost of crude).

Toks2008:


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.

aramideji:
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

ORAFA:
2015 (157), 2016 (97)= CHANGE

Flets:
And zombies would this half news swallow hook, line and sinker.

How exactly would this govt predict prices after subsidy removal? Only the market forces will determine prices. The cabals who own the tank farms will continue to call the shots.

I hope the same sponsors and participants of Occupy 2012 will be on hand to repeat same. The height of hypocrisy is this geographical space called Nigeria is highly shameful.

Boss13:


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.

Boss13:


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.

Sorry my brother, that is not how it is calculated o!





Also importers get $ @ N199/$.

Boss13:


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.

skidskid:


IGNORANCE is when you analyse something only at face value without @least getting some facts. DONT just try to think before you type ... try to GOOGLE what you think of typing .

in 2011 oil peaked at $100 pb. and on January 1 2012 GEJ New year msg was to tell us he was removing subsidy to reinvest in other sectors. btw 2012 n 2015 you tell me what impact sure-p has had in your life or someone. you know

this is 205 oil has dropped below $40 pb. the nation doesn't want to over borrow and become slaves to the white man this the primary aim is to generate income and reduce expenses. this it's a SOLID. reason to scrap subsidy.

Jonah's reason back then was to stop cabals and there was a probe , what has changed since then? be for jona left there was no fuel to the extent telecoms and banks were about to cut their business hours just to tell you in 6 Years GEJ has yet to stop our economy from being run by generating sets . lmao

better put hands on deck and do ur quota to help the country through this period by hustling hard , paying your taxes and ensuring every. politician is accountable instead of still deluding yourself that the past govt cared about us. *motherfckers never loved us!!!( (in drakes voice )

Inspectahdeck:
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.

Standing5:
A dwindling Naira value has pushed fuel prices up in local market. Imagine the diff when 1$ changed for N165 and N260 that's some 35% increase as against some ~40% decrease intl oil prices. PDP really fùcked things up.
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to the guy below, Subsidy didn't exhist technically. Buhari never meant subsidy isn't in existence. It wasn't logical to carry on with it. Marketters were stealing from it and the same govt who put the marketers into relevance couldn't manage their excesses. Buhari was right.

Standing5:

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.

Boss13:


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.

eagleeye2:
He didn't mention Biafra anywhere in his post.

tuniski:
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!

ORAFA:
2015 (157), 2016 (97)= CHANGE

sammhi:


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

ikorodureporta:



This govt is so amature/insensitive. How can u announce it now wen we'r stil struggling with scarcity........that means this scarcity no go end dis year...