High Oil Price Pushes Subsidy On Petrol To N65.6 Per Litre - Politics (3)

High Oil Price Pushes Subsidy On Petrol To N65.6 Per Litre - Politics (3) - Nairaland

Nairaland Forum › Nairaland General › Politics › High Oil Price Pushes Subsidy On Petrol To N65.6 Per Litre (14137 Views)

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Re: High Oil Price Pushes Subsidy On Petrol To N65.6 Per Litre by backspaced(f): 4:02pm On Sep 17, 2018

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Re: High Oil Price Pushes Subsidy On Petrol To N65.6 Per Litre by AreaFada2: 4:25pm On Sep 17, 2018

jayson87:
This singular news has vindicated GEJ's payment of subsidy. Imagine how much that man paid when the price was about 111 - 120 USD per bbl

Zombies are just hateful zealots. They says GEJ rakes in high oil money. But they deliberately left out the huge subsidy cost at the time. shocked

Re: High Oil Price Pushes Subsidy On Petrol To N65.6 Per Litre by Yankee101: 4:32pm On Sep 17, 2018

They held their people in bondage. But a Samson was born, and he broke the chains of bondage and freed his people of all their pains.

Selah.

Re: High Oil Price Pushes Subsidy On Petrol To N65.6 Per Litre by themanderon: 5:21pm On Sep 17, 2018

Whichever way it goes, up or down we are doomed. Why are our refineries not working after more than 3.5 yrs of Mr integrity's rule?

Re: High Oil Price Pushes Subsidy On Petrol To N65.6 Per Litre by theoldpretender(m): 5:26pm On Sep 17, 2018

The truth of the matter is simple

That is N65 that could have gone elsewhere...like transport, health, education, etc.

But the government keeps on spending N65 because the alternative....complete deregulation....is horrifying politically

But from an economic point of view....removing subsidy could enable us save more forex, and free up more money for public spending projects.

I think it is high time we faced the truth...and removed subsidy. Yes...fuel price will shoot up to N300 per liter...BUT....foreign investment would flow in, more investment will flow into our oil sector...and eventually prices will come down.

GEJ and Okonjo Iweala had the right idea in 2012....the problem was Nigerians of all shapes and sizes...GEJ fans inclusive...prefer cheap oil. Well, cheap oil is costing us money that is better spent elsewhere...and money that to begin with...is not enough (and I haven;t even talked about corruption).

Oil subsidy must go. It should have gone since 1986...since 1993 since 2006 and since 2012. It has to go now.

Re: High Oil Price Pushes Subsidy On Petrol To N65.6 Per Litre by theoldpretender(m): 5:32pm On Sep 17, 2018

jayson87:
This singular news has vindicated GEJ's payment of subsidy. Imagine how much that man paid when the price was about 111 - 120 USD per bbl

It was a lot of money...considering the trillions saved when GEJ partially removed subsidy by raising fuel price from N65 to N140 before Nigerians forced him to beat it back to N97.

(SURE-P was funded by the billions saved).

But even then paying subsidy was the wrong decsion then...and it is the wrong decison now. Fuel price should have been left at N140 per liter...then by now.....thanks to massive investment...jobs and investment would have flowed in.

But instead...GEJ continued to subsidse fuel...and we continued to have fuel queues...because most marketers could not afford to sell fuel at N97 later N87 per liter.Plus....the subsidy payments were not sustainable: by 2015 when GEJ left office...he owed billions in subsidy payments. Buhari had to do emergency payment at one stage to stave off a crisis.

Thing is...GEJ was right to remove subsidy. And he should have remained firm at N140 per liter. But Nigerians did not see the benefits...they just saw N65 go to N140 and then N97.

Re: High Oil Price Pushes Subsidy On Petrol To N65.6 Per Litre by theoldpretender(m): 5:36pm On Sep 17, 2018

emmie14:
Which subsidies again? Does it mean without subsidies PMS will be #210.6 per litre against #87?

Exactly.

We import the vast majority of fuel we use in this country.

If we wanted to stop importation completely, we should have all our refineries operating at max capacity plus four new refinereis like Dangote's own plus Dangote's own. Plus dozens of mini-refineries.

Thing is,even if we do that...fuel will still cost N180 at least (My estimate...not official!). Dangote wants to make a profit...seeing as he took a loan to build his refinery.

Subsidizing the imported fuel really is the wrong thing to do. Yet both GEJ and PMB did it because both of them don't want to lose power.

Re: High Oil Price Pushes Subsidy On Petrol To N65.6 Per Litre by theoldpretender(m): 5:38pm On Sep 17, 2018

tetralogyfallot:
We voted this administration hoping oil subsidy can be thing of the past but here are we. Its really pathetic and pitiable seeing my country put all their hopes in dangote refinery.

APC could remove subsidy....but that means fuel would cost N300 per liter .

And that would provoke riots in the street.

See when GEJ raised price from 65 to 140....there were protests...and that was a partial removal mind.

Thingis....govt should remove subsidy...and charge a tax on the profits made by marketers in return. We can't continue like this.

Re: High Oil Price Pushes Subsidy On Petrol To N65.6 Per Litre by Naijaguy12345(m): 6:14pm On Sep 17, 2018

PrecisionFx:

As if u can pay N25 per litre of gasoline. aturu mmuo

Re: High Oil Price Pushes Subsidy On Petrol To N65.6 Per Litre by Ugosample(m): 6:23pm On Sep 17, 2018

RevenGeMission:
Because the cost of processing your crude oil is rising everyday and it's not in your favor because you don't have good exchange rates , and while this administration is trying it's best to keep you on the road , all you can do is hate the man who is making all sacrifices to ensure that you use fuel by all means

If i mention Jonathan now , you will complain, he's the only one who sold petrol for 150$/barrel and never thought of repairing or building refineries, he preferred to settle the likes of Tompolo, Dokubo and Yahoo CAN pastor if they threaten him a little bit

That's why we are suffering now

If Dangote completes his refinery right now , i bet he will charge us less to refine our crude oil , but in the process make more money to build more refineries

Dangote refinery costs 10B usd , That's half the amount the cancer patient (Denziani ) took to UK and why Lamido lost his Job

$10B = 3,625,000,000,000 That's ~ 4Trillion but Mama Piss has 1B in her fidelity bank account frozen by EFCC

all these things we are suffering is cause and effect , take it or leave it , i have said my own

Patience Jonathan

stop lying

Petrol NEVER sold for $150 in the last 7 years

Re: High Oil Price Pushes Subsidy On Petrol To N65.6 Per Litre by Ugosample(m): 6:27pm On Sep 17, 2018

theoldpretender:
The truth of the matter is simple

That is N65 that could have gone elsewhere...like transport, health, education, etc.

But the government keeps on spending N65 because the alternative....complete deregulation....is horrifying politically

But from an economic point of view....removing subsidy could enable us save more forex, and free up more money for public spending projects.

I think it is high time we faced the truth...and removed subsidy. Yes...fuel price will shoot up to N300 per liter...BUT....foreign investment would flow in, more investment will flow into our oil sector...and eventually prices will come down.

GEJ and Okonjo Iweala had the right idea in 2012....the problem was Nigerians of all shapes and sizes...GEJ fans inclusive...prefer cheap oil. Well, cheap oil is costing us money that is better spent elsewhere...and money that to begin with...is not enough (and I haven;t even talked about corruption).

Oil subsidy must go. It should have gone since 1986...since 1993 since 2006 and since 2012. It has to go now.

exactly

Re: High Oil Price Pushes Subsidy On Petrol To N65.6 Per Litre by RevenGeMission: 6:31pm On Sep 17, 2018

Ugosample:
stop lying

Petrol NEVER sold for $150 in the last 7 years

It pays to be sensible, I was talking about crude oil / Brent

Re: High Oil Price Pushes Subsidy On Petrol To N65.6 Per Litre by Ugosample(m): 6:37pm On Sep 17, 2018

RevenGeMission:
It pays to be sensible, I was talking about crude oil / Brent

crude oil is what I meant

Re: High Oil Price Pushes Subsidy On Petrol To N65.6 Per Litre by Nobody: 6:56pm On Sep 17, 2018

[quote author=Naijaguy12345 post=71285013][/quote]Are u the correct Aturu Mmuo?

Re: High Oil Price Pushes Subsidy On Petrol To N65.6 Per Litre by RevenGeMission: 7:40pm On Sep 17, 2018

Ugosample:
crude oil is what I meant

Check national statistics

Re: High Oil Price Pushes Subsidy On Petrol To N65.6 Per Litre by obailala(m): 8:55pm On Sep 17, 2018

koladebrainiac:
its only in Nigeria that the economics of oil price to consumer and subsidy is always complicated.

when Oil price was high in the market. it will increase the price in our country when there is a lower oil price in the market,it will still increase our local sales of oil.

so its difficult to know what to pray for when it comes to oil sector.

We don accept our wahala i swear.

Nigeria simply needs functioning refineries; just pray for that.

Nigeria spends a stupendous amount of forex importing petroleum products daily. When oil price goes up, it cost more to import fuel because the international sellers increase the price per litre. On the other hand, when oil price drops, the Naira value crashes (because Nigeria depends on only oil sales for its forex), so even though oil price in dollars might drop, it would still cost a fortune in Naira to buy the same products because the Naira is devalued. That explains why with either high or low oil price, it will still cost high to import products either way.

Solution = Nigeria stops importing fuel or Nigeria stops depending on only oil sales for forex.

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