ellovee:
Considering the free fall in price of crude oil, one would expect fall in price of PMS.
Recalling the arithmetical analysis carried out in 2012 when GEJ administration hiked the price of PMS, it is expected that people like Nasir El Rufai, Lai Mohammed, Dino Malaye, etc should advise PMB to reverse the price to N45 per litre knowing that he isn't good in mathematics.

The words of El Rufai...

"As I said, the issue is one of trust. If another government was in power, let us assume General Buhari was the President of Nigeria, he would not withdraw the subsidy. He will fix the problem. He will audit who is taking the money in the subsidy, who is paying what, how the money multiply three times in one year and fish out the thieves and deal with them".

So, why do you think Jonathan lacks the political will to deal with them?

"Because they financed his election. But Buhari would have sorted that out. That is the first thing to do. Now, while you are paying the subsidy, even one quarter of what you are paying is a lot. General Buhari's administration would have ensured that within 12 months all the refineries are working at full capacity. His administration would have built the fourth refinery that will bring our domestic production to the point that we don't need to import a single drop of petrol. And once we can produce our petrol from our own crude oil, at out own cost, we can sell it at any price we like. That is what Buhari's government would have done. Nigerians made a very big mistake for not electing Buhari, and they are learning every day. Many people have told me that they voted for Jonathan and they are regretting it now. There is no question of Buhari withdrawing subsidy because he has been Petroleum Minister, Chairman of Petroleum Trust Fund (PTF) and so on. He built three out of the four refineries we have in this country. And he built that out of patriotism to ensure that we can produce domestically. So, the question of withdrawing subsidy would not even be on the table." -(El-rufai 2011)

Oga don win, story dn change. #Internet_no_dey_forget!!!

Nigerians should prepare for times, Nigerians will never learn to do things at the right time, except through the hard way, politicians will always paint a good policy bad one, how I wish we are out of this long during Obj or Gej period.

No need to explain since you said you will not reverse the price, LET THE SRIKE AND PROTEST START.NLC,TUC,JAF,CSO over to you show this govt that we are in a democracy.Thanks.

2sexynet:


Source: http://guardian.ng/news/how-we-arrived-at-n145-price-for-fuel-by-government/

Does that mean that the exchange rate of N285-N340 to $1 has come to stay?

Okeycima:
what do u mean by that is CBN the one that set the price ☀̤̣̈̇f dollars for secondary market? And by the way is 285 the price that dollars is been sold at the secondary market?

Of course not. They were ask to source for Forex at secondary market, but a benchmark of 285 will be used, irrespective of whether they can get it higher or lower than that rate.

“If you convert it and throw it in, you will get about N141, N142 or N143.
the first figure was calculated using standard calculator, the second was done by APC calculator n the last figure was done using dullard spinning n manipulative calculator.

dont know how calculating two distinct figures will give 3 different figures.

not4sure:
The government said anybody can now import the petrol. Why organized labor decide to import the fuel and sell it #45 for their members. Just thinking...

The NLC is fighting for a lower pump price. Tell me, what is it you can say you enjoy from the Govt?
- We pay for light yet its highly erractic
- we pay for security yet still sleep one eyed
- we pay for water
- the only thing we said let's enjoy atleast, which is fuel subsidy, now cease to exist
My brother what else are we to enjoy from the Govt?

It seems Buhari is practising voodoo economics. How do you peg both CBN and interbank rate ?. How do you also expect an ailing economy to survive a 67% increase in fuel price? The government must support the importers to enable them continue to source for forex at the CBN rate for now. The effect of fuel increase is spiral. Prices of good and services will increase by more than double. The government should support the economy till it is able to withstand the shock.When the country is stable enough, then the government can completely deregulate the oil sector.

Before you join the bandwagon get atleast a little orientation, and always have a reason for your decision, otherwise its herd mentality if you criticize a decision only because it has become a trend.

In simple economic parlance, non removal of fuel subsidy does not mean the price of petrol will remain at all time low or there would be no scarcity or queues. Other economic factors could warrant scarcity and hike in prices, even if subsidy is not removed. Cast your mind a few months back then you'll understand what am saying.

The direct consequence of deregulation of course is the fact that the price of petrol becomes expensive but not unaffordable, especially for most businessmen whom only at the news of scarcity increases the cost of services even before the fact comes into play.

An average Nigerian will suffer, but will survive is always the case.
Let's therefore look at the benefits of subsidy removal as the major reason for the decision and have faith.
Sometimes the only way is the hard way.

It's better therefore to take a leap of faith, the trust part will come later.

Elijahrona2:
Well, (my own opinion o) Nigeria is like an old building undergoing renovations. Ask yourself: if you want to renovate a building, won't some parts be demolished before building other parts? Nigeria is still in the demolishing phase. One day the renovation would be complete.

#GodBlessNigeria

Send this massage to the zombies, we r nt interested

APC gvment! always lying to cover the previous lies . .,by the way , when will de every week travel start yielding good fruits? especially the China yen

jauntty:
Of course not. They were ask to source for Forex at secondary market, but a benchmark of 285 will be used, irrespective of whether they can get it higher or lower than that rate.

thanks for the clerification

I think have known reasons why federal government hiking d price of petrol, jst to save money into government account which is a good idea. But am also want to say dis emphatically dat federal government should use d revovery money for its purpose.

Terry68:
My question: is subsidy removed or not?
Nigeria V.P made a press statement about subsidy not removed.
If its not, Why the blood pressure hike in fuel price?
I personally need more light on this scenario.
We no longer comprehend the advancement of this administration.

No more subsidy.

Okeycima:
thanks for the clerification

You welcome sir

Bitter Kola does not test the way it sounds.

Government magic

I think have known reasons why federal government hiking d price of petrol, jst to save money into government account which is a good idea. But am also want to say dis emphatically dat federal government should use d revovery money for its purpose. Chike nah

icelord:
90% of nairalanders r dumb na... Dey dnt read news to d end... Most of dem dnt even understnd wats goin on.. Dey jus follow d band wagon.... Nigeria must be greater.

May God bless you for this...


Join them syndrome is a common disease on nairaland

Talk talk everyday. Buhari will talk today, osibanjo 2morow, kachikwu a day after 2morow just to convince us. Something is wrong somewhere. God help Nigeria and direct our leaders. Amen....

This is a govt of lies and deceit. No longer believe the junks coming from the govt. In six months expect disclaimer from Osinbajo and Kachiku on the so call gain promised by them on removal of subsidy.

Am really sorry for u @rose2014, cos all I can see in u is an enemy of progress.......I dnt really blame u thou, guess u are too dumb to understand wat dis government is doing, any wayn either u like it or not, PMB is here to stay till 2019 and beyound.......GOD BLESS NIGERIA

What now happens when the pipelines are fixed and the refineries come back online? What stops marketers from going to load at nnpc at 80 naira and coming out yo sell at 145?

freshpzy1:
Am really sorry for u @rose2014, cos all I can see in u is an enemy of progress.......I dnt really blame u thou, guess u are too dumb to understand wat dis government is doing, any wayn either u like it or not, PMB is here to stay till 2019 and beyound.......GOD BLESS NIGERIA

lol I don't envy u dearie

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.

icelord:
90% of nairalanders r dumb na... Dey dnt read news to d end... Most of dem dnt even understnd wats goin on.. Dey jus follow d band wagon.... Nigeria must be greater.

You ve read and understand, please enlighten/explain to us/break it down so we can understand.

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.

strawberryinc:
Guess you just came back from cameroon

go fight government nah

Okeycima:
I thought the established exchange price for dollars is 199,so which one be 285?,una don reset am or do CBN not existing?

I also asked that question. Why use 285 to calculate when CBN dollar rate is 199? How did they manage to arrive at 285? Is that now the new CBN rate? I suspect there is something these guys are not telling us.

The government should come clear in this matter.Is fuel subsidised or not?Where is the secondary market where dollar can be sourced for 285?