backbencher:


Basically, for the prolonged period of fall in oil prices, we have to take loans to keep our head above water.

Once oil prices rise again, the loans have to be paid back, so whatever oil windfall we have is gone to loans.

All the more reason why APC has failed...no diversification, no raise in income from taxes, which would have helped.

Opposition parties too have no ideas.

Stop this myth about prolonged low oil prices , the 100 dollar barrel is the anomaly and 50 dollars barrel is the acccepted price of oil ...since Buhari came 95 precent of the the time oil price average has been above 50 dollars so stop this nonsense about low oil prices

Simplythebest:
So with ur analysis are we not supposed to buy fuel at cheaper rate now since the oil price is up and we produce more than before. It means that the government will have more money cus the oil bench price set by the government and the excess oil profit that. I think we should have more than dollar now and the fuel should be cheaper. Cus even when the oil was sold 50 dollars we are still paying more cus the told u the reason is the oil price is low and now that high why are still paying more and what do u think we happen when oil price hit above 100 dollars?

Lol no...if oil prices rises..all the price of it derivatives (fuel) also rises...
The average price of fuel without subsidies is N340.. So under normal circumstances we should pay that amount for a litre...
Let me also state the fact that Nigerian doesn't produce fuel...all the fuel you use..are all imported.. So once crude oil prices rises ..government spend more to keep the price stable (N147) for Nigeria to buy...the oil prices drops..government just save a little from subsidies and ensures fuel prices are still stable (N147)..
All this will change once the sector is deregulated (subsidies removed)..meaning Nigerians will pay more for fuel at nothing less than N300...
The only way government can fight the price is if they increase the value of naira to dollar rate (e.g N150 to a dollar).. I guess that will remain a dream.

So why did we then buy fuel N87 when it was sold 100 dollars and still things were cheaper compared to now. What's the cost beside then we are also paying subsidy and also importing fuel?

Cognitivereason:


Lol no...if oil prices rises..all the price of it derivatives (fuel) also rises...
The average price of fuel without subsidies is N340.. So under normal circumstances we should pay that amount for a litre...
Let me also state the fact that Nigerian doesn't produce fuel...all the fuel you use..are all imported.. So once crude oil prices rises ..government spend more to keep the price stable (N147) for Nigeria to buy...the oil prices drops..government just save a little from subsidies and ensures fuel prices are still stable (N147)..
All this will change once the sector is deregulated (subsidies removed)..meaning Nigerians will pay more for fuel at nothing less than N300...
The only way government can fight the price is if they increase the value of naira to dollar rate (e.g N150 to a dollar).. I guess that will remain a dream.

Simplythebest:
Sometimes i try to understand whats going on. During PDP oil was 100 dollars and we are still buying fuel at N87 and now just 85 dollars they are saying we are going to pay more for fuel and at the same time APC will say PDP wasted oil money when it was high. So pls can someone explain to me why e didn't pay as much as N200 for a little when oil was 100 dollars.

The more you look, the less you see.

When APC came and Increased fuel price they claimed it's cos oil price has gone down. I was asking if price of raw materials reduces shouldn't finished product also be cheaper. But alas d reverse is always D case in my dear country Nigeria. The Oil Phenomenon in Nigeria will never be unraveled.

The truth is exchange rate smashes most of the gains we might have had and corruption consumes what is left. Nobody asks what happens to other products gotten from the crude...it goes to private pockets.

Femijohn198:
Our leaders have crippled what belongs to the future of tomorrow. Why can there build rifinaries or repaired the old one not working. Taking our crude resources abroad to refined will costs us more than refining it here in Nigeria. African leaders are thinking from the anus.

Not thinking from der anus. Is just pure self centeredness, greedineess and wickedness. If the refineries are working good, it means nothing to cash out on. As far as dey are refining in abroad, they make der billions at d expense if d masses hardship.
It is the masses that are not reacting enough to hold them responsible and accountable. Hence, the game continues

SarkinYarki:


Stop this myth about prolonged low oil prices , the 100 dollar barrel is the anomaly and 50 dollars barrel is the acccepted price of oil ...since Buhari came 95 precent of the the time oil price average has been above 50 dollars so stop this nonsense about low oil prices

Meanwhile our fiscal breakeven oil pricehas been above $ 133 per barrel

50 dollars is good enough for countries like Kuwait that have small population. It's bad for countries like Nigeria that have large population.

And anyway our dependence on oil is a disaster

backbencher:


Meanwhile our fiscal breakeven oil pricehas been above $ 133 per barrel

50 dollars is good enough for countries like Kuwait that have small population. It's bad for countries like Nigeria that have large population.

And anyway our dependence on oil is a disaster

Nigerias road out of poverty is through gas and petrochemical bases but our short sighted leaders never get it ..Selling crude oil is like selling cocoa pods or tea leaves and a very expensive to run country like Nigeria can never breakthrough from that .Nigeria should strive to be the top petrochemical base producer in Africa and the middle belt

God will save us from our wicked leaders

Pearl1910:


The more you look, the less you see.

When APC came and Increased fuel price they claimed it's cos oil price has gone down. I was asking if price of raw materials reduces shouldn't finished product also be cheaper. But alas d reverse is always D case in my dear country Nigeria. The Oil Phenomenon in Nigeria will never be unraveled.

The truth is exchange rate smashes most of the gains we might have had and corruption consumes what is left. Nobody asks what happens to other products gotten from the crude...it goes to private pockets.

SarkinYarki:


Nigerias road out of poverty is through gas and petrochemical bases but our short sighted leaders never get it ..Selling crude oil is like selling cocoa pods or tea leaves and a very expensive to run country like Nigeria can never breakthrough from that .Nigeria should strive to be the top petrochemical base producer in Africa and the middle belt

Nigeria's road out of poverty is simple

Industrial development and the export of industrial consumer goods.

Not oil. Not agriculture. Not mining . Not selling raw materials. Industrialzation.

Simplythebest:
So why did we then buy fuel N87 when it was sold 100 dollars and still things were cheaper compared to now. What's the cost beside then we are also paying subsidy and also importing fuel?

Official Dollar rate was N180
Today it is N435

For a product imported abroad how do u expect it to remain the same...
Besides..there is only a fixed amount government can subsidize the product..once it exhide that level..if NNPC can't handle the extra cost to keep the price stable...they pass it on to Nigerians to bear

Common refinery they cannot repair it for it to start to work ....if the refinery is working effectively there will be no need for Nigeria to be importing fuel and paying for fuel subsidy... what they know it's just to be looting money but cannot repair the refinery to make it to work

Revolution2022:
How can we be paying for a natural resource;s that we have in our soil?Does Buhari buys fuel from his salary?The minister of petroleum,governors and senators get this fuel for free and they are making us to cough out our hard-earned money to buy a commodity we produce locally at the international price when they are getting it for free.Election time,they will start making false promises.
African rulers are devil's incarnate.

Tell me which oil producing country in the world that it's citizen doesn't pay for fuel?

Or better still, open a pure water company and start selling water free of charge to your customers. After all, water is water is a free natural resources we have in the country.

Perfectbeing:
Tell me which oil producing country in the world that it's citizen doesn't pay for fuel?

Or better still, open a pure water company and start selling water free of charge to your customers. After all, water is water is a free natural resources we have in the country.

Let Buhari buys fuel from his salary.

Revolution2022:
Let Buhari buys fuel from his salary.

Sorry, it doesn't work that way

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