₦airaland Forum

Good

Why not just sell at 100 Naira per Litre

Wickedfact:
Mobil in Nigeria is considering shutting down some rigs cos demand is more than supplies.
Total is talking about making losses.
Nigeria currently has more than 80 Million barrels of crude on oil tankers at anchor in different destination countries. No buyers. It's not about Buhari.

They would still call all of us to carry basin to Nnpc and be sharing crude as palliatives. Be using it to cook soup like our brothers under bondage in Abia.

In addition, the ships carrying the barels are rented ships and they will sure pay for demurrage. Mad Error!

Let's be watching. Person wey dey chew garri get plans.

Uiii

Can't they make this shit 80 naira for God's sake?

They are still cheating us
The price is not supposed to be more than 80 naiara by now

Going by the market price, a litre of petrol is supposed to sell at #35 now.

They are still collecting more from us with naira devaluation.

I thought they said the downstream sector is deregulated, why is ppmc still dictating prices.
Since the crash in crude oil price due to covid19, the pump price of AGO (diesel) hasn't come down and it is said to have been deregulated long time ago. Is price of diesel immune to market forces. My fear on this deregulation is that when price of crude oil climbs back, the Shylock marketers will form a cartel that will make it difficult to review prices of petrol downwards when crude crashes again as it is happening to diesel now. Diesel has steadied at average 210 for months as crude crashes by 60%

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This is what they'll post now yet fuel stations will still sell how they like

Good news...or not.

Government still controls the price. That has to end.

They should leave it at N50 since there is no steady light for now.

jumper524:
Very few countries sells petroleum cheaper than Nigeria.
Subsidies gas been completely revoked and it sells this low.
We need to take advantage and stop complaining..

Check ur minimum wage to those country u are looking at

If there is transparency in Nigeria the pms should be sells at #100

martowskin1:
Check ur minimum wage to those country u are looking at

minimum wage doesn't determine the price of foreign products.

roqrules04:
Why not just sell at 100 Naira per Litre

or even 45 naira abi?

Wickedfact:
Mobil in Nigeria is considering shutting down some rigs cos demand is more than supplies.
Total is talking about making losses.
Nigeria currently has more than 80 Million barrels of crude on oil tankers at anchor in different destination countries. No buyers. It's not about Buhari.

They would still call all of us to carry basin to Nnpc and be sharing crude as palliatives. Be using it to cook soup like our brothers under bondage in Abia.

Supply is more than demand, correct ur self

ignis:
Going by the market price, a litre of petrol is supposed to sell at #35 now.

your source for this please..
Cos market price according to report is 108.

jumper524:
minimum wage doesn't determine the price of foreign products.

The point is, as u are quick to compare our petroleum price and advice us to stop complaining.

Why not compare our minimum wage and advice the government to also match up

jumper524:
Very few countries sells petroleum cheaper than Nigeria.
Subsidies gas been completely revoked and it sells this low.
We need to take advantage and stop complaining..

I was just about to post the same message to these people complaining. They just don't know how much fuel is sold in countries like the US and UK. The US is the top oil producing country in the whole world yet it cost about N230 for a liter of fuel. The cost is way more the closer you get to the west coast. It's cheaper in the SE.

Racoon:
Petrol should sell much more lower than this price if the govt truly wants to be sincere to itself.

The government can never be sincere.
E get bad spirits wey dey control Aso Rock.

Why not N70

martowskin1:
The point is, as u are quick to compare our petroleum price and advice us to stop complaining.

Why not compare our minimum wage and advice the government to also match up

well we shouldn't stop at minimum wage. We should extend to human productivity of those countries. REM most of their source of income comes from tax.
Majorly private firm ..

Prizes of things that are very expenses in the country will now come down including the prizes of oloshos


Dominique I miss you die

You no go school

Maxymilliano:
Please get it right , deport price is different from pump price. Pump price is still N125


Ex depot price means the price depots sell to marketers before transporting to filling stations. The news never said the pump price is N108.

According to the statement, the pump price should be N115, not that FG made it N115.

It is an assumption on what the price should be and not what it will be.

There is no change in the current pump price yet according to the news.

jumper524:
Very few countries sells petroleum cheaper than Nigeria.
Subsidies has been completely revoked and it sells this low.
We need to take advantage and stop complaining..

the standard of life in those countries nko? you take one factor but refuse to include all possible factors leading to the same situation or otherwise..

Is Buhari looking for crude oil in Chad basin?He needs to publicly apologise to Nigerians for wasting billions in searching for a product that is loosing value while shouting diversification from oil.

THAT'S GOOD. THE PRICE OF KUKUNASE WILL ALSO DROP.

otherwise called diesel.

The new ex-depot price for petrol is now N108 per litre for the month of May while ex-depot price for diesel is now N164 per litre for same month.

In a memo to oil marketers and other stakeholders in the petroleum marketing business, dated May 5, 2020, titled: ‘Re: PPMC Petroleum Products Prices for May 2020,’ the PPMC reduced the ex-depot price for diesel to N164 per litre for depots in Lagos and N166 per litre for depots in Oghara, Calabar, Port Harcourt, among others.

The PPMC said in the memo that the new prices would take effect from May 5, 2020.

Confirming the new price change, the spokesman of NNPC, Dr. Kenny Obateru, stated that the price change for petrol from N113.28 per litre to N108 per litre is a marketing strategy to make more sales while complying with the PPPRA price template.

“We reviewed the ex-depot price to enable us make more sales. For AGO, it is a deregulated product and as such is its prices are determined by market forces,” he said.

The ex-depot price is the price at which the depot owners sell the commodity to retail outlets across the country. Though, the PPMC did not state the Expected Open Market Price of the commodity, which is the pump price of the price, but over the years, the difference between the ex-depot price and the pump price of petrol is usually around N9 per litre.

This means that at an ex-depot price of N108 per litre, the pump price of PMS should be around N115 per litre, N10 lower than the current highest price band of N125 per litre.

The current retail price of petrol is N123.50 per litre at NNPC Retail outlets and N125 per litre at private petrol stations, while diesel is sold around N200 per litre.

It would be recalled that the NNPC GMD, Mallam Mele Kyari, had announced that era of fuel subsidy is gone forever recently.

The problem of this country big pass Zuma rock