Maybe I'm wrong but I believe NNPC still imports PMS which forex rate are they using. If it's the official rate which I think they'll use, how much then would they sell? Refineries in Nigeria still produce PMS how much would it sell. The pricing templet is for importation.

I don't get how prices would come down due to "competition" from the pricing templet no marketer would sell below #135 and above #145. Even if some marketers some how gets forex at cheaper rates to the templet do we really think they would sell less than #135. Even if all marketers miraculously decide to sell at #135, the price is still high.

The current pricing templet is based on the assumptions that 1. The price of crude oil doesn't rise, once it does this templet would be revised upwards. 2. Marketers are able to source forex around the stipulated rate, which by the way is the current interbank rate not parallel market rate.

Una think say to face boko boys na beans? Abegi leave dem make una go catch better drug barons.

Bottom line; fuel price don increase.

Common national id card una no do na DNA bank.....

I never doubted Buhari's integrity as an individual, but as the president of Nigeria I feel he lacks the flexibility and in-depth knowledge required for the office. If Nigeria were to have a ministry strictly for fighting corruption, Buhari would be my ideal candidate, because apart hating corruption there is nothing really about him.

I never doubted Buhari's integrity as an individual, but as the president of Nigeria I feel he lacks the flexibility and in-depth knowledge required for the office. If Nigeria were to have a ministry strictly for fighting corruption, Buhari would be my ideal candidate, because apart hating corruption there is nothing really about him.

In the telecom industry there was competition between service providers, which brought down prices of their goods and services. Competition between marketers and distributors of telecom products didn't bring down the prices of anything. Prices of petroleum products will only go down if there is competition between local refiners. Producers determine the lower limit of prices of goods in the market not marketers, no marketer will sell below the price he buys. We already know the minimum and maximum price of PMS from the gov't templet. Now tell me which sane marketer would sell below the templet just because there is competition? Moreover the current price is based on the assumptions that: 1. The price of crude oil wouldn't change. If today the price of crude goes to say $45-50 this templet would be revised upwards. 2. Marketers are able to source enough forex at or below #298 to a 1$. If marketers can't source enough at the stipulated rates, they would not import. As long as we import the PMS prices would remain high. Gov't talks about new players in the industry, I hope they are referring to refiners and not importers, new importers will still buy and sell PMS at similar rates to existing ones. Finally I have some questions how much is PMS produced in Nigeria going to sell, because the templet we have is for imports. Would NNPC still import and if yes, which exchange rate would they use official(196) or interbank (285-298).

#000000

If gov't were to pay subsidy how much would it cost? Lets assume gov't pays #45 per liter as subsidy that would bring the price of pms around #100 at most. Even if we entirely import our daily needs which is around 35000000 liters that's a daily payment of #1.575 billion and about #575 billion yearly. A gov't that plans to spend #500 billion on the payment of #5000 to unemployed people can't pay subsidy that would ease the suffering of ALL Nigerians. Of what use is the #5000 anyway when cost of living has risen sky high. They need to get their priorities right. Subsidy removal should be gradual while refineries are fixed/built.

What did they expect, dollars to sell at #298 just because they used that in their pricing templet? Even a kid knows that this would happen.

Have you seen the pricing templet? How much is gov't paying on subsidy since it has not been removed?

If gov't were to pay subsidy how much would it cost? Lets assume gov't pays #45 per liter as subsidy that would bring the price of pms around #100 at most. Even if we entirely import our daily needs which is around 35000000 liters that's a daily payment of #1.575 billion and about #575 billion yearly. A gov't that plans to spend #500 billion on the payment of #5000 to unemployed people can't pay subsidy that would ease the suffering of ALL Nigerians. Of what use is the #5000 anyway when cost of living has risen sky high. They need to get their priorities right. Subsidy removal should be gradual while refineries are fixed/built.

What happens if marketers can't source for forex at your expected rates.

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In the telecom industry there was competition between service providers, which brought down prices of their goods and services. Competition between marketers and distributors of telecom products didn't bring down the prices of anything. Prices of petroleum products will only go down if there is competition between local refiners. Producers determine the lower limit of prices of goods in the market not marketers, no marketer will sell below the price he buys. We already know the minimum and maximum price of PMS from the gov't templet. Now tell me which sane marketer would sell below the templet just because there is competition? Moreover the current price is based on the assumptions that: 1. The price of crude oil wouldn't change. If today the price of crude goes to say $45 this templet would be revised upwards. 2. Marketers are able to source enough forex at or below #298 to a 1$. If marketers can't source enough at the stipulated rates, there would not import. As long as we import the PMS prices would remain high. Gov't talks about new players in the industry, I hope they are referring to refiners and not importers, new importers will still buy and sell PMS at similar rates to existing ones. Finally I have a question how much is PMS produced in Nigeria going to sell, because the templet we have is for imports.

#000000

Eruditor:


Don't be obtuse, FG never mentioned deregulation or subsidy removal. FG only said they will not grant Marketers access to bank rate dollars. Period

For ur mind subsidy still dey abi?

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Naija I hail! Instead of analyzing what Buhari is saying we are busy analyzing his accent.

In na ordinary person way steal phone plenty people go dey praise the signboard way im carry, but since na rich man dem go say " its embarrassing, he shouldn't be treated in this manner". Poor man thief we no defend am rich man thief, he no even require lawyer people go queue to defend am.

Me I no see am dey control any traffic

Smartsyn:
GEJ met same problem as much as Buhari did, the only difference is that he didn't take the nation hostage because of it..

You mean Buhari shouldn't fix the problem, but just continue abi?

You u like am?

orisa37:
There are two classes of looters. The dead and the living. The dead, recover their loots through The Hague. The living, cooperate with them and with carrots and sticks, to sign the repatriation themselves. Diezaini Allison Madueke promised to pay back Two Billion Dollars. Ask her for Three Billion Dollars, to fulfil other promises and be forgiven. Then the Three Billion Dollars, you share as follows: $120millions to FG and , $80millions to each of our 36State Governments. Nigeria and Diezani will live happily thereafter.

Some people actually believe the crap about Diezani promising to return $2 billion.

Secondary school teachers unko? Abi dem think say na only lecturers dey follow students?

mencade5:
Lets train our own cows so that the fulanis wont have market anymore.

Ma guy you wan train cow carry am go circus, abi u wan rear cow sell and chop?

Why are some people mischievous? FYI this happened in the US, L.A to be precise.

Love Machine:
Why he no enter taxi?Buhari's economic policy is inhumane.

Why must he take a taxi? Do you take taxis every were you go? I forgot, to people like you any "white" person is special.

Pipe line vandals were warned by the president to stop or be dealt with like boko haram. Why not leave the warnings and actions to state governors ?

So some senators still think Nigerians are not capable of senseless killings.