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Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre - Politics - Nairaland

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Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by Islie: 7:19am On Apr 29
The real market price for Premium Motor Spirit (PMS) also known as petrol has hit N241 per litre. This is creating a deficit of N76 per litre on every litre of the product sold at N165 subsidised price presently in place across the country. Oil marketers, who declared this yesterday, maintained that the foot dragging on subsidy removal was digging Nigeria into “terrible economic misfortune.” National Operations Controller of the Independent Petroleum Marketers Association of Nigeria,Mr. Mike Osatuyi, who said this in an interview with New Telegraph, maintained that the Nigerian National Petroleum Corporation (NNPC) was not a non-government organisation (NGO).

“It is a corporation set up to make profit and as the reality is dawning on everyone now, it can no longer pay subsidy and pay into FAAC at the same time,” he said in a telephone interview with this newspaper. “N241 is the spot pump price of petrol as at today (yesterday). That is the real price the product is supposed to sell at filling stations across the country based on the crude oil price and other international marker fundamentals. “Last month, the price was at N238 per litre. But all marketers were asked to sell the product at between N162 and N165 per litre. With these, Nigeria, through the NNPC records, has a deficit of at least N76 on every litre sold at filling station. “In all these, you will agree with me that the money has to come from somewhere. The NNPC is not a non-governmental organisation (NGO) or a nonfor- profit organisation. The subsidy is a serious burden for NNPC.

It is a serious burden for Nigeria. It is digging the country into deeper economic misfortunes.” “I have said it times without number that the subsidy regime has to end. That is the position of IPMAN. “The government usually invites marketers for meetings to discuss and we have been doing this as a group with the interest of Nigeria at heart. We have always been clamouring for removal of subsidy.” Asked whether the government is willing to yield to the call of IPMAN on subsidy removal, Osatuyi maintained that the meeting with government had been resourceful.

“The government is already lining up heavy investments for gas to serve as alternative to petrol. The government is feeling the heat of subsidy and it has been doing everything within its means to address the issue of subsidy,” he said. A financial policy analyst, Mrs. Monsurat Hassan- Hamzat, corroborated Osatuyi’s view. She told New Telegraph that the implication of NNPC not contributing to FAAC was that there will be little or nothing to share by the government at the three tiers of government by May. “What this means is that we have traded development for fuel subsidy.

We have replaced what we are supposed to use to fund the states to subsidise petrol. “And, now that the NNPC might not be able to contribute to the vault, we will all understand the implication of foot-dragging on removal of subsidy,” she said. Acknowledging that government all over the world engaged in subsidising some essential products or commodities, Hassan-Hamzat noted that petrol was now on the list of elitist products, which, based on reality on ground in the country, does not require subsidy any longer.
https://www.newtelegraphng.com/petrol-market-price-hits-n241-pushes-subsidy-to-n76-per-litre/

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Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by Dcube212: 7:22am On Apr 29
A country blessed with somuch, but has little or nothing to offer her people

39 Likes 3 Shares

Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by inoki247: 7:23am On Apr 29
Confused country with confused president....


if we du anoda Election today people will still come out and vote the Natural Disaster we have there now....

68 Likes 3 Shares

Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by PissfulProtester: 7:27am On Apr 29
We are getting there!

33 Likes 1 Share

Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by Xpol: 7:39am On Apr 29
XPOL MUSIC
Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by Teibaba(m): 7:44am On Apr 29
They should just make it 500

So that we can get to wherever we are going quick

48 Likes 7 Shares

Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by Racoon(m): 7:44am On Apr 29

https://www.youtube.com/watch?v=YmG_dYY7YRA
"There is no such thing as subsidy.It is corruption that they are calling subsidy. Anyone that tells you he is paying subsidy is not telling the truth.Subsidy is a scam...."

The subsidy or under-recovery fraud/scam that Buhari rightly called is just manifesting itself without any hitch like pregnancy that can never be hidden.Yet the sanctimonious hypocrite has never apologized for insulting the sensibility of a nation.

This government needs to leave our national life but let's see how the zombies will defend this again.Those who live and govern by lies and propaganda will surely die off from lies and propaganda.

27 Likes 6 Shares

Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by helinues: 7:45am On Apr 29


What is is subsidy or subsidized? undecided
Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by BigSarah(f): 7:47am On Apr 29
After The Ramadan fast or probably democracy day, they're going to hit Nigerians with the new price.

16 Likes 1 Share

Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by Racoon(m): 7:49am On Apr 29
“N241 is the spot pump price of petrol as at today (yesterday). That is the real price the product is supposed to sell at filling stations across the country based on the crude oil price and other international marker fundamentals.

“Last month, the price was at N238 per litre. But all marketers were asked to sell the product at between N162 and N165 per litre. With these, Nigeria, through the NNPC records, has a deficit of at least N76 on every litre sold at filling station.

“In all these, you will agree with me that the money has to come from somewhere. The NNPC is not a non-governmental organisation (NGO) or a nonfor- profit organisation. The subsidy is a serious burden for NNPC.
Whao! After all the lies of removing the fraudulent subsidy about two times this year? Lies has a beginning and end.Bunch of scammers and fraudsters in government.

cc: Mannabbqgrills, Seunmsg, NgeneUkwenu,

10 Likes

Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by gambia(m): 7:53am On Apr 29
I'm not surprised, by the time Buhari and his deluded team members are done with Nigerians, even their gullible followers will prefer to stay in Somalia.

20 Likes

Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by damon77: 8:38am On Apr 29
tired of this country tbvh

4 Likes

Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by Alejobs: 8:38am On Apr 29
shocked
Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by ignis: 8:38am On Apr 29
Next level.
Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by nautybride: 8:38am On Apr 29
They better keep subsidizing then. I wonder where the promise of cheap pms lies now with pmb.
pickatyouu:
Every day one depression news to make our lives more harder than it is
In fact, if one continue to think about the terrible situation of the country, it's Auto HBP for one.

6 Likes

Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by Bbqgrillsnafool: 8:39am On Apr 29
Buhari, a towering failure.

3 Likes 1 Share

Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by ImDStar: 8:39am On Apr 29
Oya gbera!
Nigeria sai Baba!!!
Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by MALIGNANTGuest: 8:39am On Apr 29
Still waiting 4 dose SEERS who communicate directly wit ?God, who said dey saw a New Nigeria wit Buhari in 2015.
Truly speaking, they saw a NEW NIGERIA grin grin grin

6 Likes 1 Share

Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by heckymaicon(m): 8:40am On Apr 29
Next level shit
Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by pickatyouu: 8:40am On Apr 29
Every day one depression news to make our lives more harder than it is

5 Likes

Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by yourshopkwikguy(m): 8:40am On Apr 29
This will surely happen when nation doesn't have a working Refinery after many years of lies and manipulations. I remember when Buhari said subsidy was corruption, but now he is now the epitome corruption. I hope dangote refinery help us at least sha.

I have quality and Premium Men Casual shoes for sales, check my signature to see.
Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by blinking001(m): 8:40am On Apr 29
Okay....
Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by Donbabafx1(m): 8:40am On Apr 29
Some times I really wonder how some low income earning Nigerians survive this harsh government. I'm very certain that Buhari and his cohorts do not even know what leadership is, this is just a " by trial and error governance" now the masses are paying for such errors.

1 Like

Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by 9jaRealist: 8:40am On Apr 29
>
What a DUMB government...
Spending MORE money on subsidizing CONSUMPTION of petrol yearly than on each of education, health or agriculture!

Btw, kerosene, diesel (used to transport goods/food/people), and aviation fuel (used for cargo/logistics) are NOT subsidized...
But the government that buys thousands of cars (for every political appointee/officeholder) subsidizes wasteful petrol consumption.

>

2 Likes

Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by Lanre4uonly(m): 8:40am On Apr 29
It is well.
Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by Ololanla: 8:41am On Apr 29
hmm
Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by ngadaAwo: 8:41am On Apr 29
cheesy

lol by the time terrorist Buhari is done with Nigeria ehhh
we'll beg Abacha ghost for forgiveness and beg Chad to colonise us.

Buhari is a criminal bastard terrorist vagabond gworo chewing burukutu guzzling old hag.
Apc is bokoharam

Thunder scatter all Buhari supporters insha Allah amin

1 Like

Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by HIGHESTPOPORI(m): 8:41am On Apr 29
NNPC should bear the burden, after all the money saved might still be looted if subsidy is removed.

2 Likes

Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by Ceeogbaru2: 8:41am On Apr 29
Failed Nation... 9ja not my country anymore am typing from Anambra state...
Re: Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre by rowosky(m): 8:41am On Apr 29
But all marketers were asked to sell the product at between N162 and N165 per litre.
Lies, Petrol is being sold for 170 in most places.

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