₦airaland Forum

sotall:
The person who did the mathematics is mad!

Crude oil price crashed from $70 to $30.


That's more than 50% reduction.

Price of fuel was 145 naira....now it should be about 70 naira.



This government is scam

sagitariusbaby:
Someone should tell His Excellency, the Executive Problem of the Federal Republic of Nigeria that it has to be 80 naira or we are not taking it

sotall:
The person who did the mathematics is mad!

Crude oil price crashed from $70 to $30.


That's more than 50% reduction.

Price of fuel was 145 naira....now it should be about 70 naira.



This government is scam

Eteka1:
Petrol is being subsidized. When the depot price was fixed at N133 the real landing cost was about N310.

ITbomb:
Let me assume that you are not using free mode, you should have seen my source from the news of yesterday - Vanguard
Landing price is N92.89 and Open Market adjusted recommended price is N112

erico2k2:
I'm nit as naive as most people in 9ja are who ain't privy to information. So U are telling me you believe in what tha scam of an organization called NNPC says.I believe U are wise si ask urself this
1 if landing cost is93 why pay subsidy?
2 from what country in this world can U import petrol lower than N150.name the country try do a lil bit of research.

The drop in the price of crude oil forced down the Cost plus Freight of the commodity to Nigeria by 35.81 per cent, from $575.81 per metric tonne, an equivalent of N131.82 per litre as at the close of trading, January 31, 2020 to $369.62 per metric tonne, an equivalent of N84.60 per litre.


Giving a breakdown of the PMS pricing template, the PPPRA disclosed that cost plus freight of PMS to Nigeria stood at $369.62 per metric tonne, an equivalent of N84.60 per litre; while lightering expenses stood at N2.75 per litre and Nigerian Ports Authority charges stood at N0.84 per litre.

Nigerian Maritime Administration and Safety Agency, NIMASA, charges stood at N0.22 per litre; jetty throughput charge N0.60; storage charge N2; and financing cost N1.92; putting the landing cost of PMS at N92.89 per litre.

Adding the total distribution margins of N19.37 per litre to the Landing Cost of N92.89 per litre, the PPPRA put the Expected Open Market Price, EOMP, of the commodity at N112.26 per litre.

However, the PPPRA template revealed that the ex-depot price of the commodity, which is the price at which the NNPC sells to oil marketers, currently stands at N125.63 per litre; while the Ex-depot price for collection stood at N133.28 per litre.

fineboynl:
how much is a barrel landing cost. ? there are 159 liters when refined in a barrel.

ITbomb:
That "scam of an organization" are the ones doing the importation and they have the figures. Until that time you start importing petroleum products, maybe I will listen to you.
For now, shed a little of your pride and update your knowledge

1. There's no payment of subsidy with the new oil prices. When pms landing price was N141.07 per litre as at January 31, 2020 and market adjusted price was N156, subsidy payments were necessary

2.

https://www.vanguardngr.com/2020/03/oil-crash-pms-landing-cost-drops-34-2-from-january/amp/

erico2k2:
FYI I'm a fluid mechanic, so that will tell you I know all there is to know when it comes to Petroleum product plus I work globally the cheapest PP is in South America and they are on subsidy,The problem with youths or rather most youths in Nigeria is they fail to think outside the box hence they are being cheated day in day out by not so smart people.The govt can never ever take away subsidy if not pump price will be minimum N400, can you pay that the Uk without subsidy at the moment is £1.16 minimum, in teh EU its slightly cheaper arround £1, the USA is slightly cheaper almost £1, these are all above N450 however in Asia its cheaper but not below £0.50 so not les than N200, so if U add all the cost and taxt to bring it to Nigeria that will go up at least N250 to N300, the difference is the subsidy however b4 the scam in progress was delivering empty figurs and inflating product volume.

Okoroawusa:
You were in secondary school in 2015?

No wonder!

Nna, negodu ndi mu na fa na akoli na Nairaland...umuazi

brightalo1010:
I need not to know things like you abeg. Enjoy your frustrated life.

ikdaddy01:

Nnam Ike gwuru!!
Owu internet

Batam:
I bought @ 145 this morning.
If the the price increases, there is over-compliance, now it reduces, the useless marketers refuse to comply.
If things work well in this country, everything that went up with increase in gasoline price by now should have come down also.

todaynewsreview:
In compliance with the Federal Government directive after it's weekly Federal Executive Council (FEC) meeting, the Nigerian National Petroleum Corporation (NNPC) reviewed pump price all over the country to N125/litre. This is contained in a press release via their Twitter handle. Screenshot below:



https://mobile.twitter.com/NNPCgroup/status/1240317696732004352

Iyiataata92:
I wish you had a little more sense than this

I really wish

Okoroawusa:
You are right

The marketers are still selling #145

omofranyoung:
Nice one.....
Las las.....we go dey alright.