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Timipre Sylva: Petrol Price Should Be N181 Per Litre - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Timipre Sylva: Petrol Price Should Be N181 Per Litre (30895 Views)

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Timipre Sylva: Petrol Price Should Be N181 Per Litre by Islie: 7:27am On Sep 16
The Premium Motor Spirit (PMS), popularly called petrol should be sold for N181 per litre, if all costs implications are considered and factored in rather than the present pump price of N161; the Federal Government disclosed on Tuesday.

The Minister of State for Petroleum, Timipre Silver, made this known even as he pointed out that Nigeria lost a total N10.413 trillion to subsidy between 2006 and 2019, while between the year 2016 and 2019, the Federal Government lost a total sum of N2.193 trillion on subsidy.

Silver was speaking at the bipartite meeting between the Federal Government and the Organised labour, held at the Banquet Hall of the Presidential Villa, in Abuja. The Federal Government was led by the Minister of Labour and Employment, Dr Chris Ngige with five other ministers and chief executives of relevant government agencies; while the organized labour was led by the President of NLC, Comrade Ayuba Wabba, and the TUC President, Comrade Quadri Olaleye.

In its presentation titled: “Understanding the Impact of fuel Subsidy on the Nigerian Economy… and the Gains of Deregulation,” the Silver pointed out that if the sector was fully deregulated and the dollar exchange rate was fully factored in, the fuel price would not be N161 but N183 per litre.

The minister of state for petroleum said with the present price increase, the price of fuel in Nigeria at N161 per litre is still the cheapest in the sub-region, comparing with Senegal N549 equivalent, Cameroon N449, Benin N359, Ghana N332 and other neighbouring countries.

He said: “Between 2016 and 2019, we were losing an average of N1 billion a day because it was like a leaking basket. We import the thing, and as we bring it to Nigeria, it will leak out through all the borders. Before that, we are even losing as much as N3. 7 billion a day because we would be importing the thing, as you are importing it is not enough because it was leaking out.

“So we now felt instead of this leaking basket that we were trying to manage, why don’t we try to see, so that we can at least make it profitable so that if it is sold at market price in Nigeria, even if it goes out of Nigeria, it is okay, it becomes a business opportunity. At least, the government will not be losing from the process of importing.

“But even when we now raised the price, with deregulation today, in Nigeria our price is still N161 per litre, in Senegal the price of petrol is still N549, in Cameroon, it is N449 per litre. You can see that we are still the cheapest in this sub-region.


“Why have we kept it at N161? Frankly speaking, let us face it and this is what I will tell you. One of the things that the president considered; he said if you take it to the full scale of deregulation, today, prices should have been around N183 because you all know this.

“The cost of subsidy at the pump is different from the cost of subsidy at the FX (forex) cite. At the FX cite, we are still calculating it at N391 to the dollar, that is why you can still have N161. But you know that not all of us know today that the dollar cannot be bought at N391 but it is because we are still trying to see that the government should take some of the burdens. That is why you see that it is N161. If you are taking the dollars at the market parity price, and say let us calculate the dollar at N450 per dollar, it would have been N183 per barrel.

“So today, we can say yes we have deregulated, but we can also tell you here now, we have not fully deregulated because of the concerns that the government have for Nigerians.”

He explained that subsidy has caused Nigeria a whooping, adding that between 2006 and 2019, the government spent a total sum of N10.413 trillion, an average of N743.8 billion per annum; while between 2016 and 2019, the government had spent N2.193 trillion, an average of N548 billion per year.

However, on PMS plus forex (FX) subsidy between 2016 and 2019, he pointed out that the government had spent N3.663 trillion, an average of N916 billion per year.

He said: “You can see what subsidy cost us in 2011, the subsidy cost us N2.105 trillion. We are talking of losing a job, we are talking of people suffering, in 2010, it cost us N1.355 trillion, 2013 N1.316, and by 2015 the subsidy figure came down to N654 billion, by 2016 we didn’t even have any under-recovery. So, you can see that in 2018, prices came up again.

“So you can see that this is a policy direction that should have been taken long ago. No wonder every government comes to that point when they realised that subsidy was not sustainable but unfortunately some of those government did not have the political will; also the time probably was not ripe and they couldn’t take it because you can see that the cost of subsidy from 2016 to 2019 was N3.6 63 trillion, an average of N916 billion per annum.”

TRIBUNE

6 Likes 2 Shares

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by SpecTTraP: 7:28am On Sep 16
Lol. Fuel price is tilting towards N300 like it or leave it.

YOU ASKED FOR CHANGE, NOW YOU HAVE CHANGE.

120 Likes 5 Shares

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by Brandstudio01: 7:28am On Sep 16
Oya supporters club please over to you.
My only joy is that we are in together.

And I wish this will continue for the next 70 years,to help you tell your unborn kids how you made life earlier for them due to religious and ethnic intolerance

Abeg jare , I will Design a Professional Logo for your product or Business for 2k Only.

202 Likes 10 Shares

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by EmptyGarden(m): 7:29am On Sep 16
I was thinking N200... They can't think of more ways to make life difficult for Nigerians. 4+4 merchants should really be proud.

148 Likes 7 Shares

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by haryorbarmie83(m): 7:29am On Sep 16
Even 400, awọn weere

62 Likes 4 Shares

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by 415volt: 7:30am On Sep 16
Please make it ₦300 per liter...
Useless government

101 Likes 4 Shares

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by Oyiboman69: 7:31am On Sep 16
I'm not surprise

6 Likes 2 Shares

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by Abouwaza(m): 7:32am On Sep 16
We still dey go 200
We all know

24 Likes 1 Share

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by superCleanworks(m): 7:33am On Sep 16
Please make it 750.

Sai Baba for ever.

this is still Part One. Part 5 still dey front.

107 Likes 3 Shares

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by EastGold(m): 7:40am On Sep 16
Make una kuku put am for round figure, N200 will be better.


At N161 per litre, he's indirectly saying that they are subsidising it with N20 per litre.

Watch out for 2021, subsidy payments will find its way back.

76 Likes 2 Shares

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by Maxymilliano(m): 7:44am On Sep 16
Politicians campaign in poetry, but govern in prose - Mario Cuomo.

This was the same Buhari who never believed in subsidy payment, and even described it as fraud but now pleading with Nigerians for understanding on its removal after over promising and under delivered.

66 Likes 5 Shares

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by psucc(m): 7:45am On Sep 16
Las Las by December, 2020 petrol pump price will attend the next level of N200/L and by 2023 at handing over, we will be buying at N300/L.

16 Likes 2 Shares

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by Abouwaza(m): 8:33am On Sep 16
Hehe

2 Likes

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by solmus: 8:33am On Sep 16
Weyrey

11 Likes 1 Share

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by 1realBobby(m): 8:33am On Sep 16
Sai Baba! if after every every, vision 2020 turned out like this, I wonder how vision 2050 would be. . smh!

Anyways, please patronize me so I'd see money to buy fuel...

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3 Likes

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by PureGoldh(m): 8:33am On Sep 16
To port go Canada dey hungry me....dx country yaff spoil finish

34 Likes 1 Share

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by Maxcollins042(m): 8:33am On Sep 16
By the time this administration is done with Nigeria eh

11 Likes 1 Share

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by paulolee(m): 8:33am On Sep 16
just inagine, the same people dt protested and didnt agree with GEJ #145, the same people dt promised to make it just #45 per liter..
pls APC we all know we av been scammed, dnt keep reminding us about our mistakes because u are making the masses looks like a fool by purnishing us for voting u in..
my timipre i think that #185 is too small, u guys should make the pump price #387 per litter so we know that fuel is now $1...

40 Likes 2 Shares

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by Dailymice: 8:33am On Sep 16
sad

1 Like 1 Share

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by Aufbauh(m): 8:33am On Sep 16
Timipreye are you for real? Your statement is insensitive and thoughtless.

16 Likes 1 Share

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by chuddyforlife(m): 8:33am On Sep 16
may God punish you and your generation

26 Likes 4 Shares

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by Glossyclick(m): 8:33am On Sep 16
Okay. We did this to ourselves q

8 Likes 1 Share

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by UDOKABESTLUV(m): 8:34am On Sep 16
Oh My God, We Are Finished In This Country, From 162naira to 181naira

6 Likes 1 Share

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by Bratking(m): 8:34am On Sep 16
So these fools actually believe they are doing us a favor?? Wow!

26 Likes 2 Shares

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by Kendumazy(m): 8:34am On Sep 16
Hmmm
Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by Luckydubby7(m): 8:34am On Sep 16
So does it means you guys are still paying subsidy?

7 Likes 1 Share

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by naira123: 8:34am On Sep 16
Nigeria is not working and Nigeria CANNOT work. Anyone still supporting or believing in one Nigeria then that person is either benefitting from the corrupt system or he's ignorrant of reality.

Open your eyes, this people are evil and only meant well for their selfish interest and their families.


Oh Israel to your tents.....THE BETTER FOR EVERYONE TO LISTEN TO NNADI KANU THE BETTER FOR EVERYONE

21 Likes 3 Shares

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by Administration1: 8:34am On Sep 16
$1 = 1 Litre of Fuel

4 Likes 1 Share

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by Osagyefo98: 8:34am On Sep 16
Good
Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by BOOKWORMLUX(m): 8:34am On Sep 16
E DON TEY WEY ANYBODY "SAI BABA"

14 Likes 1 Share

Re: Timipre Sylva: Petrol Price Should Be N181 Per Litre by Lewisalexander(m): 8:34am On Sep 16
This is what u get when u elect a mugu as your president

29 Likes 2 Shares

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