Even the 125naira how many fuel station sells @ DAT rate not to talk of 123naira again. Tho good development anyways if they(fuel station) can comply.

This is actually incredible

KomonSense:
Mad government...

Filling stations are yet to comply with the first one and they're still reducing it again....

Why are we deceiving ourselves naa?

Reduce fuel to 80 naira , that will make sense...

But you said filling stations in your area are yet to comply, what have you done about it? , did you report it? I am in lagos, all over lagos, its #125 per litre, even in the most rural parts of lagos.

Though I strongly doubt this your claims.

Bevista:
A lot of folks saying price should be much lower due to the dramatic crash in crude oil prices.

Unfortunately, crude oil accounts for only around 50% of refining cost. Other costs such as personnel, administrative, shipping, insurance, taxes, etc are still either constant or gone higher.

It's important to keep that in mind when forming our expectations on what the ideal fuel price should be.

That's agreed but crude has gone from a high of $70 to $22 which is almost a 70% decrease. Right now, everyone is cutting costs and the refineries should not be different whether imported or not.

Bevista:
A lot of folks saying price should be much lower due to the dramatic crash in crude oil prices.

Unfortunately, crude oil accounts for only around 50% of refining cost. Other costs such as personnel, administrative, shipping, insurance, taxes, etc are still either constant or gone higher.

It's important to keep that in mind when forming our expectations on what the ideal fuel price should be.

how many liters are in one barrel. Let's see if they are cheating us.

Please tell me its a bloody joke! One naira fifty kobo, when the stations are still selling N145?!

The cluelessness of this govt is off the hook.

Tomorrow a robot will list this as an achievement

Only??

When price per barrel is almost as low as 10 dollars?

They want to reduce fuel price and increase electricity bill.....confused govt.

Useless lots. I expect to see a pump price of less than 60 naira.

I will not be cajoled into believing the government is helping us with this 123.5 naira per litre

Bevista:
A lot of folks saying price should be much lower due to the dramatic crash in crude oil prices.

Unfortunately, crude oil accounts for only around 50% of refining cost. Other costs such as personnel, administrative, shipping, insurance, taxes, etc are still either constant or gone higher.

It's important to keep that in mind when forming our expectations on what the ideal fuel price should be.

NNPC staff don show to defend his corporation.
Let it come down to 100 a ltr.,it will still benefit both parties.

I think this is pure madness. The FG should stop acting busy doing nothing

blank:
That's agreed but crude has gone from a high of $70 to $22 which is almost a 70% decrease. Right now, everyone is cutting costs and the refineries should not be different whether imported or not.

Fair point. It's always been my candid view, though, that govt should completely hands off trying to determine prices of petroleum products (and power as well). Prices should be driven by competitive market forces.

The current model of price fixing and subsidies is not sustainable. Apart from the fact that it encourages corruption, the major drawback is that it discourages private sector investments. We should just adopt the telecoms model for POWER and PETROLEUM PRODUCTS.

KomonSense:
Mad government...

Filling stations are yet to comply with the first one and they're still reducing it again....

Why are we deceiving ourselves naa?

Reduce fuel to 80 naira , that will make sense...

Buy from a major marketer. If you don't buy from IPMAN filling station, they will reduce it by force

Bevista:
A lot of folks saying price should be much lower due to the dramatic crash in crude oil prices.

Unfortunately, crude oil accounts for only around 50% of refining cost. Other costs such as personnel, administrative, shipping, insurance, taxes, etc are still either constant or gone higher.

It's important to keep that in mind when forming our expectations on what the ideal fuel price should be.

Keep finding excuses for gov.

SocialJustice:
Petrol should be selling for under N100. If not for NNPC greed and fraud, this is the time to truly deregulate petroleum products.

NNPC and fraud ended in 2015 when Diezani was replaced by a new minister of petroleum with plenty integrity.

Despite Being Dormant, Refineries Receive N80.74bn Crude Oil
March 9, 2020


A total of 4,084,560 barrels of crude oil valued at N80.74bn were supplied to Nigeria’s refineries for a period of 13 months despite the poor performance of the often dormant facilities at various intervals.

Latest industry figures obtained from the Nigerian National Petroleum Corporation on Friday showed that between October 2018 and October 2019, the country’s refineries under the management of the NNPC got N80.74bn worth of crude oil in six out of the 13-month period.

The refineries are the Warri Refining and Petrochemical Company, Port Harcourt Refining Company and Kaduna Refining and Petrochemical Company.

For several months, the facilities operated far below expectation. For instance, in November 2019, the refineries processed no crude oil and their production of finished products was recorded as negative.

https://economicconfidential.com/2020/03/despite-dormant-refineries-n80-74bn-crude/

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Bevista:
A lot of folks saying price should be much lower due to the dramatic crash in crude oil prices.
Unfortunately, crude oil accounts for only around 50% of refining cost. Other costs such as personnel, administrative, shipping, insurance, taxes, etc are still either constant or gone higher.
It's important to keep that in mind when forming our expectations on what the ideal fuel price should be.

Are you smarter than a whole SAN lawyer, two-term governor, super minister of over four years?
Do you know what you are saying


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L3unamm3:

https://punchng.com/nnpc-cbn-pppra-marketers-meet-on-petrol-price/?amp=1

Crude oil 60 dollar per barrel .petrol 145 naira. Crude oil now 25 dollar ➕ ➖.?
Good price 80 naira per liter pump price

April F

these people are nothing but jokers

nedekid:

Keep finding excuses for gov.

I'm a realist. I try to look at what is practicably possible before criticizing the government. I have zero interest or benefit in defending any government...most especially this one.

They should have reduced it to #97 they met it! Who is fooling who?

anonimi:


Are you smarter than a whole SAN lawyer, two-term governor, super minister of over four years?
Do you know what you are saying


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I'm not sure the message you're trying to communicate. The article you posted was from 2014, though still applicable in the current circumstances. The govt has reduced the pump price. That's not the issue. It is how far they should've gone with the reduction.

are these people kidding me?

Such sudden alteration depicts incompetence, lack of analytical and extensive evaluation before making conclusion.
this govt lack brains!!!

Lanretoye:
Sauce pls.

Source? Cos if you need sauce, pls wait make I get Iya Basira number for u

Bevista:
I'm not sure the message you're trying to communicate. The article you posted was from 2014, though still applicable in the current circumstances. The govt had reduced the pump price. That's not the issue is how far they should've gone with the reduction.

How can a confused person understand any message.
No wonder you are defending an incompetent dullard of a lifeless president who has failed to keep even the easiest of his campaign promises.



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But no one is selling?

erospecial:
Such sudden alteration depicts incompetence, lack of analytical and extensive evaluation before making conclusion.
this govt lack brains!!!

You can say that again, boss.


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Bevista:
I'm not sure the message you're trying to communicate. The article you posted was from 2014, though still applicable in the current circumstances. The govt had reduced the pump price. That's not the issue is how far they should've gone with the reduction.

Please rephrase your statement! I wanted to like it, but it's not clear. Especially the last paragraph

CodeTemplar:
This our abrakadaba subsidy is something else.
Price of crude comes down by over 50% but we are only able to see a marginal decrease of arou d 10% in petroleum product prices. How on earth is that possible?
That's magical arithmetics only possible in Nigeria.

The Naijeriya of Mr. Integrity?
You don't know what you are talking about sir.

whatisthetruth:

https://www.youtube.com/watch?v=YmG_dYY7YRA


“Who is subsidizing who?”

Now we are still paying subsidy under his watch.

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anonimi:


How can a confused person understand any message.
No wonder you are defending an incompetent dullard of a lifeless president who has failed to keep even the easiest of his campaign promises.



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lol... You had to resort to insults to drive your message across. If you think I was trying to defend this government, then you are dead wrong. As someone with finance & economics background, I prefer to look at some issues dispassionately, rather than sentimentally or politically.