OPINION: Increase In Fuel Price Not Linked To Subsidy Removal. - Politics

OPINION: Increase In Fuel Price Not Linked To Subsidy Removal. - Politics - Nairaland

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OPINION: Increase In Fuel Price Not Linked To Subsidy Removal. by Amya(op): 12:12pm On May 12, 2016

When the price of crude oil goes up, so does the price of fuel price, and when crude oil price go down, so does the price of fuel. Simple commonsense.

When Jonathan was the president, there was at some point, steady increases in the price of crude oil which translated to an increase in fuel price, which further translated to an increase in subsidy payments. When Buhari took the reins, crude oil prices was on a decrease and it got to the point where there wasn't need for payments to be made, but rather for every litre, the govt were making 10 to 15naira.

From what I understand, crude oil prices is still somewhere around 40 something naira per barrel. there hasn't been some dramatic increase in the price of crude to warrant such increase, and there there hasn't been subsidy payments in a while now that would lead to a removal.

What has however happened is that dollars has been refused oil importers by the government, and they have to buy it at the black market rate which automatically translates to this new pump price of 145.

All I want to know however is what the government does with all the dollar it earns from crude oil since it's apparently removed oil marketers from the list of those accessible to it. Who then is accessible? of what use is the official CBN rate of the dollar if it no longer covers fuel imports? Is this not a another way to create a monster forex corruption by the government?

And why in God's name are the government and the media making it look like the increase is directly related to subsidy removal.

Think Nigerians, think!

Amya.

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Re: OPINION: Increase In Fuel Price Not Linked To Subsidy Removal. by tivta(m): 12:37pm On May 12, 2016

We shall survive

Re: OPINION: Increase In Fuel Price Not Linked To Subsidy Removal. by Schipolkky2211: 12:42pm On May 12, 2016

You have just exposed me to my ignorance. this has nothing to do with subsidy removal.

Re: OPINION: Increase In Fuel Price Not Linked To Subsidy Removal. by KINGwax007(m): 1:11pm On May 12, 2016

Amya:
When the price of crude oil goes up, so does the price of fuel price, and when crude oil price go down, so does the price of fuel. Simple commonsense.

When Jonathan was the president, there was at some point, steady increases in the price of crude oil which translated to an increase in fuel price, which further translated to an increase in subsidy payments. When Buhari took the reins, crude oil prices was on a decrease and it got to the point where there wasn't need for payments to be made, but rather for every litre, the govt were making 10 to 15naira.

From what I understand, crude oil prices is still somewhere around 40 something naira per barrel. there hasn't been some dramatic increase in the price of crude to warrant such increase, and there there hasn't been subsidy payments in a while now that would lead to a removal.

What has however happened is that dollars has been refused oil importers by the government, and they have to buy it at the black market rate which automatically translates to this new pump price of 145.

All I want to know however is what the government does with all the dollar it earns from crude oil since it's apparently removed oil marketers from the list of those accessible to it. Who then is accessible? of what use is the official CBN rate of the dollar if it no longer covers fuel imports? Is this not a another way to create a monster forex corruption by the government?

And why in God's name are the government and the media making it look like the increase is directly related to subsidy removal.

Think Nigerians, think!

Amya.

my dear, pls note that the CBN rate of dollar excahnge doesn't extend to our marketers because they were found to collect the large amonth of dollars, sell to black marketers, remove the gain and then use for the intended purpose.

This process of corruption is the reason they were denied access to the CBN rate.

Re: OPINION: Increase In Fuel Price Not Linked To Subsidy Removal. by undisputedk: 1:21pm On May 12, 2016

Amya:
All I want to know however is what the government does with all the dollar it earns from crude oil since it's apparently removed oil marketers from the list of those accessible to it. Who then is accessible?

Are you not a Nigerian? So you were not informed *in mama peace's voice * that a larger chunk of our reserve goes to Alhaji Aliko Putin? While his competitors are starved off it.
Also among the racketeerers are the CBN top goons who operate the various BDCs that we have.

Re: OPINION: Increase In Fuel Price Not Linked To Subsidy Removal. by rolchi(m): 1:22pm On May 12, 2016

KINGwax007:
my dear, pls note that the CBN rate of dollar excahnge doesn't extend to our marketers because they were found to collect the large amonth of dollars, sell to black marketers, remove the gain and then use for the intended purpose.

This process of corruption is the reason they were denied access to the CBN rate.

But I thought Dr. Ibe Kachukwu, in a podcast, in April 2016 told us that he has implemented some 'innovative ideas' in solving the problem of ForEx to Marketers. Where for the first time, according to him, he has 'successfully' paired marketers to Oil Majors, who in turn will give them the required ForEx to import since the NNPC cannot do the importation alone.

What happened to this innovative idea? Did it fail to work?

Re: OPINION: Increase In Fuel Price Not Linked To Subsidy Removal. by CAPSLOCKED: 2:00pm On May 12, 2016*

tivta:
We shall survive

AS TRUE AS YOUR STATEMENT IS,
I FEEL ITS A PHRASE MOSTLY USED BY PEOPLE WHO HAVE NO CLUE ON WHAT THIS COUNTRY IS TURNING INTO.

Re: OPINION: Increase In Fuel Price Not Linked To Subsidy Removal. by tivta(m): 2:51pm On May 12, 2016

CAPSLOCKED:

AS TRUE AS YOUR STATEMENT IS,
I FEEL ITS A PHRASE MOSTLY USED BY PEOPLE WHO HAVE NO CLUE ON WHAT THIS COUNTRY IS TURNING INTO.

Should we now go to war? We have no choice but to survive since Nigeria can not be separated...

Re: OPINION: Increase In Fuel Price Not Linked To Subsidy Removal. by ednut1(m): 2:57pm On May 12, 2016

we claim to be educated in this country yet we cant comprehend tins. this has nothing to do with subsidy but FX as d op pointed . the truth of the matter is that the 25 billion dollar reserves they say we have is a big lie. probably not up to 2billion dols.

Re: OPINION: Increase In Fuel Price Not Linked To Subsidy Removal. by jmoore(m): 3:06pm On May 12, 2016

But we have been buying petrol over 150 naira per litre for more than five months before removal of subsidy this week.

Nigeria has defiled the law of economics.

Re: OPINION: Increase In Fuel Price Not Linked To Subsidy Removal. by KINGwax007(m): 3:12pm On May 12, 2016

rolchi:
But I thought Dr. Ibe Kachukwu, in a podcast, in April 2016 told us that he has implemented some 'innovative ideas' in solving the problem of ForEx to Marketers. Where for the first time, according to him, he has 'successfully' paired marketers to Oil Majors, who in turn will give them the required ForEx to import since the NNPC cannot do the importation alone.

What happened to this innovative idea? Did it fail to work?

it didn't work. think about it:

after the govt relaxed the forex for importers, and even paid subsidies, there was no change in the fuel situation. it is apparent that the old dogs will not change for the better.

one thing is this: eventually, if this govt is coerced to stop this plan to remove it, another govt wld be forced to remove it.

Re: OPINION: Increase In Fuel Price Not Linked To Subsidy Removal. by Joel3(m): 3:18pm On May 12, 2016

is this not ridiculous? oil price has crashed in international market. in other countries the price of fuel has reduced drastically. but yet in Nigeria it's going up.

Re: OPINION: Increase In Fuel Price Not Linked To Subsidy Removal. by virud: 3:20pm On May 12, 2016

This is a psychological warfare against Nigerians... Very sophisticated indeed. I have never seen such brazen display of tactfulness at the central before. Things are getting clearer now. From the very beginning, I kept wondering why the recent developments in crude oil / petrol (the world over) was in reverse motion only in Nigeria. It is beginning to fall into place.

#1. The price of crude oil was down internationally, but it systematically didnt reflect in Nigeria.
#2. Government kept FX for oil marketers and some other big players, but somehow, these FX was not used to purchase oil.
#3. Suddenly, there was scarcity of petrol (only in Nigeria). These forced people to getting used to the black market pricing.
#4. All these while, they were only round-tripping and bidding their time.

AM WORKING ON IT...THOUGH I MAY NOT SHARE ANYTHING..

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