THE FEDERAL GOVERNMENT DID NOT REMOVE SUBSIDY BECAUSE THERE IS NO SUBSIDY AT #86.5 PUMP PRICE OF FUEL
Before you go to protest against the removal of fuel subsidy by the Federal Government, be informed that the government did not remove any subsidy because there was no subsidy to be removed in the first place. So don't go and protest against what does not exist. Seek information and be informed. This is what the government has done. The government has simply stopped giving foreign exchange to fuel importers and has asked them to source for foreign exchange through secondary sources. Why has the pump price of fuel increased from #86.5 to between #135 and #145? This is specifically as a result of the difference between the official exchange rate and the informal (parallel) market exchange rate. This is the simple mathematics. The official exchange rate is #199 per dollar while the parallel market exchange rate is #320 per dollar. This represents and increase of 37% (320-199/320 × 100 = 37.8%). This reflected exactly in the new price of petrol as it increased from #86.5 to an average of #140 which is an increase of 38% (140 - 86.5/140 ×100 = 38%). There may be a gap in the dessimination of information to the public and it is totally regrettable and I am sure it will be taken care of, but I encourage Nigeians to seek the right information. I have always insisted that there was nothjng like fuel subsidy and I stand by that. The Federal government cannot continue to be the sole source of foreign exchange for the importation of fuel in the face of falling price of crude resulting in the depletion of our foreign reserve. It is unsustainable and cannot satisfy the domestic consumption of fuel in Nigeria. Nigeria gets foreign currency from the sale of crude and the price of crude has fallen by over 70%. This means that the government no longer has enough dollars to give to fuel importers. A lay man shoud be.

Cc. Seun & Lala

Well said!!

In other words you knw more than Buhari who said that the fuel subsidy has been removed

who is clueless

I guess you know more than the Petroleum State Minister he uses 280 naira for exchange rate you are using 320 naira to a dollar i would have indulge you but i need no waist my time with you. A government that has three monetary policy Official Rate 199 Parallel 320 Fuel Modulation price 280.

Vandieee:
THE FEDERAL GOVERNMENT DID NOT REMOVE SUBSIDY BECAUSE THERE IS NO SUBSIDY AT #86.5 PUMP PRICE OF FUEL
Before you go to protest against the removal of fuel subsidy by the Federal Government, be informed that the government did not remove any subsidy because there was no subsidy to be removed in the first place. So don't go and protest against what does not exist. Seek information and be informed. This is what the government has done. The government has simply stopped giving foreign exchange to fuel importers and has asked them to source for foreign exchange through secondary sources. Why has the pump price of fuel increased from #86.5 to between #135 and #145? This is specifically as a result of the difference between the official exchange rate and the informal (parallel) market exchange rate. This is the simple mathematics. The official exchange rate is #199 per dollar while the parallel market exchange rate is #320 per dollar. This represents and increase of 37% (320-199/320 × 100 = 37.8%). This reflected exactly in the new price of petrol as it increased from #86.5 to an average of #140 which is an increase of 38% (140 - 86.5/140 ×100 = 38%). There may be a gap in the dessimination of information to the public and it is totally regrettable and I am sure it will be taken care of, but I encourage Nigeians to seek the right information. I have always insisted that there was nothjng like fuel subsidy and I stand by that. The Federal government cannot continue to be the sole source of foreign exchange for the importation of fuel in the face of falling price of crude resulting in the depletion of our foreign reserve. It is unsustainable and cannot satisfy the domestic consumption of fuel in Nigeria. Nigeria gets foreign currency from the sale of crude and the price of crude has fallen by over 70%. This means that the government no longer has enough dollars to give to fuel importers. A lay man shoud be.

Cc. Seun & Lala

If subsidy is not removed who has been paying for d different between #86 and #145 all these while because dollar is above 300 for long time now?

2. NNPC use official rate at 199 per dollar how come they still sell fuel around 135 to #145 with independent marketers that get black market dollar at #360 per dollar?

3. Some of NNPC fuel are refined locally. How come selling fuel at 145 again?

4. If dollar is above #400, does it mean fuel can be sold above 145 because of increase in dollar?

5. Kachukwu said it fuel subside removal and osibanjo said it is fuel price modulation and labour said it is price hike and I know it is not deregulation.

6. God save Nigeria.