The Federal Government has approved a new pump price for Premium Motor Spirit (PMS) otherwise known as petrol. This new price of N86.50k was announced night of Tuesday, 29th December 2015.


Details later

This news also came up on Channels news at 10.00pm and was also captured on the news bar as shown:

Lol. What kind of rubbish is this? Im an APC fan but This is nonsense!

This is madness.......what is this when the oil price at the International Market had been projected by the IMF to hit a bottom $20 per barrel in the coming year. By now this administration should be talking about crashing the PMS to N50 and do likewise to other fuel like kerosene and diesel and not this killing and robbing N86.50k in a country where prices of other commodities had skyrocketted against the buying power of the Naira, that is inching close to N300 to a dollar

The change is in coins now

Why is this government afraid of just deregulating this petroleum sector now?... Why cant they just throw subsidy away and deregulate now that oil prices are low?

Even at N87 people are suffering terribly to purchase pms at exorbitant rates.

Yet these clowns believe a reduction of 50Kobo will change the skyrocketing prices of commodity in the market.

www.nairaland.com/attachments/3207821_83060_jpeg4bd2434ccd1fbeec7e7826a910da63ea

With the present low prices of Crude oil in the international market, should we still be talking about pms/ fuel subsidy?

I think subsidy has gone.

tomakint:
This is madness.......what is this when the oil price at the International Market had been projected by the IMF to hit a bottom $20 per barrel in the coming year. By now this administration should be talking about crashing the PMS to N50 and do likewise to other fuel like kerosene and diesel and not this killing and robbing N86.50k in a country where prices of other commodities had skyrocketted against the buying power of the Naira, that is inching close to N300 to a dollar

What is the current global price of PMS as of today?

asala1:


What is the current global price of PMS as of today?

$37.87!

Rad1cal:
Even at N87 people are suffering terribly to purchase pms at exorbitant rates.

Yet these clowns believe a reduction of 50Kobo will change the skyrocketing prices of commodities in the market.

www.nairaland.com/attachments/3207821_83060_jpeg4bd2434ccd1fbeec7e7826a910da63ea

Lolz . . . . . .

If it is full deregulation, then with time the demand and supply forces should drive the prices down.

My little knowledge on economics sha.

tomakint:

$37.87!

I mean PMS- Premium Motor Spirit aka Petrol.

mars123:
source?

Channels TV news.

Now uploaded

50kobo Change.










. Sai Baba

We are now in coins people. Hehehehehehehehehe.

What is the meaning of this. GEJ reduced it by N10 and Fashola with Lai mohmed were giving us economic lectures why it shud be N5 per liter. Wonder what happened to their mouth now.

*Modified*

I heard subsidy has been removed, that no provision for it was made available in 2016 budget.
Now they have reduced it by 50k.

If there is no subsidy it means any marketer bringing in PMS or DPK will not get shishi frm FG .
If they are not going to get subsidy payment it means it has been deregulated unless they are teling us only NNPC will be importing cuz nobody imports to loose.

I'm as confused as a groundnut seller regarding this PMS issue and that is prolly bcuz govt has not come clean.
For them to be still controling the price means it has not been deregulated. And for them to say no subsidy means ....infact I don't know again.

Soo many economic comedians in dis govt. Or shud I say liars.

oshyno:
We are now in coins people. Hehehehehehehehehe.

What is the meaning of this. GEJ reduced it by N10 and Fashola with Lai mohmed were giving us economic lectures why it shud be N5 per liter. Wonder what happened to their mouth now.

Great argument you are presenting here, dude

asala1:


I mean PMS- Premium Motor Spirit aka Petrol.

Nothing like global price of PMS but Crude oil

I blame buhari

86.50k good but where u see d fuel?

Rubbish, are we making use of our Kobo coins here in Nigeria? if i want buy one liter how I go take get change

Rubbish, are we making use of our Kobo coins here in Nigeria? if i want buy one liter how I go take get change...

Confirmed, na comedians full this government with their own alibaba in aso villa.

cele360:
Rubbish, are we making use of our Kobo coins here in Nigeria? if i want buy one liter how I go take get change

This is the "Change" that APC promise to bring; how you go collect am ........well!!

Na ya thoro!!

Great development. Bringing down the cost of PMS has always been a challenging one. PDP/Obasanjo era was worse. Obj spent 8 years and increased the cost for 8 times.

I am pretty sure Buhari is doing a wonderful job up there.

God help the current leadership.

This is unfortunate

tomakint:
This is madness.......what is this when the oil price at the International Market had been projected by the IMF to hit a bottom $20 per barrel in the coming year. By now this administration should be talking about crashing the PMS to N50 and do likewise to other fuel like kerosene and diesel and not this killing and robbing N86.50k in a country where prices of other commodities had skyrocketted against the buying power of the Naira, that is inching close to N300 to a dollar

U for go run government urself,
that scam called subsidy has been removed.

mars123:
I think subsidy has gone.

My brother there is still subsidy, this govt is telling some lies for people to think they are working.
Bros. try reason this subsidy theory well and you will come to conclusion of what I said

tomakint:

Nothing like global price of PMS but Crude oil

The average price of PMS around the world is 1.00 U.S dollars.

Why is government trying to deregulate and regulate at the same time? If you are going to remove subsidy, why not let d forces of demand and supply determine d price of the commodity?
You can't stop subsidy and impose price check again now abi?

Reduction has been confirmed yes.
However, no details has been provided.

Fair enough pmb will be addressing the nation by 7.00pm today, why don't let's wait for more details before rushing on name calling,labeling, mudslinging and all sorts of speculations?