Rawani's Posts
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dhorlipizzu: ![]() |
With regard to Universities, until the authorities realize and allow their policies reflect that quality and not quantity is the issue, then we can start to get things right. |
owobokiri: |
omenka:She's gorgeous, sai biafra! |
elipheleh: bunmititi:You call someone a 'certificateless' dullard yet you can't read a simple article to know the author was referring to western nations and not western Nigeria. Shame. @OP I share in your excitement and anticipation of this revisionist policy direction as aligning with the BRICS countries will help sever the umbilical cord which Sai Baba. |
shortgun: eaglechild: Truth24: knockturnal:
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...watching. What genre is this music they're dancing to ![]() |
The Twinkles boss must have gotten ideas for a new logo after the stars he saw after that hot slap. But seriously, this is just pathetic. Impunity until the last minute, the legacy of the PDP. |
anonimi:These are SUV's. Sport UTILITY Vehicles. RR on the other hand is a high end luxury executive Sedan. |
I just love this man. Welcome back Ogbuagu 1 of Aba. The Lion killer. |
For a party that was as humongous and monstrous like the PDP, information which is the only, yet most lethal power available to free men was utilized, enhanced and amplified by the power of the web and social media in order to uproot the fangs of the party that was so powerful it boasted of ruling for 60 years uninterrupted. All the APC did was provide awareness that Nigeria is not completely helpless and change is possible if the people can unite across borders and tongues. Information is power. |
The British don't like to be touched and regard personal space, how awkward it must have been for Cameron. |
I love that ad. Happy Birthday to the Hero of change and Lion of Ubima, the Jonathan slayer. |
Gbawe:True words succinctly put. Nigerians have never been so collectively dismissive and anxious about hand-over of any government like Jonathan's; I dare say even Abacha's. GEJ's slimy vindictive nature was thankfully revealed to Nigerians before his inglorious exit. The can of worms will soon be fully opened my brother. |
AdamsBashforth:It's alright. Comprehension is dynamic. |
AdamsBashforth:General Buhari will keep getting stronger while his detractors continue to gnash their teeth in frustration that the man they swore was an unelectable 'certificateless' sick old cattle-rearer, is about to be sworn-in in a few hours as the Next President of the Federal Republic of Nigeria. Sai Baba. AdamsBashforth if you read carefully, you would see I was addressing GMB's detractors. Now look at the posters before and after me to understand the context of my post. TANoids consumed by bitterness keep claiming the great General is sick anywhere from the North Pole to Timbuktu... Clearly frustrated by the fact the General Buhari is going to be sworn in to govern us all in a few hours. I hope you understand.
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AdamsBashforth:I don't think you understand how petroleum subsidy works. Buy what at subsidized price? The subsidy we talk about is on imported PMS by the marketers, and that's because we now lack refining capacity for our crude. There is no defence for this fraud which was fostered by Jonathan's sheer incompetence. |
chuna1985:What you should do is apologise for falsely accusing me, not posting that tripe up there. Not that I expected much though...Cheers. |
AdamsBashforth:What are you talking about? Please explain. |
chuna1985:The source is in the post. I'm waiting for the evidence to prove you were not blabbing earlier. |
chuna1985:There's nothing brief about such an explanation. The bottom line is the true landing cost of imported PMS is about N35/litre. Here's the analysis: What is the true cost of a litre of petrol in Nigeria ? The Nigerian government has earmarked 445000 barrel per day throughput for meeting domestic refinery products demands. These volumes are not for export. They are public goods reserved for internal consumption. We will limit our analysis to this volume of crude oil. At the refinery gate in Port Harcourt, the cost of a barrel of Qua Iboe crude oil is made up of the finding /development cost ($3.5/bbl) and a production/storage /transportation cost of $1.50 per barrel. Thus, at $5 per barrel, we can get Nigerian Qua Iboe crude to the refining gates at Port Harcourt and Warri. One barrel is 42 gallons or 168 litres. The price of 1 barrel of petrol at the Depot gate is the sum of the cost of crude oil, the refining cost and the pipeline transportation cost. Refining costs are at $12.6 per barrel and pipeline distribution cost are $1.50 per barrel. The Distribution Margins (Retailers, Transporters, Dealers, Bridging Funds, Administrative charges etc) are N15.49/litre or $16.58 per barrel. The true cost of 1 litre of petrol at the Mobil filling station in Port Harcourt or anywhere else in Nigeria is therefore ($5 +$12.6+$1.5+$16.6) or $35.7 per barrel . This is equal to N33.36 per litre compared to the official price of N65 per litre. Prof. Tam David West is right. There is no petrol subsidy in Nigeria . Rather the current official prices are too high. Let us continue with some basic energy economics. The government claims we are currently operating our refineries at 38.2% efficiency. When we refine a barrel of crude oil, we get more than just petrol. If we refine 1 barrel (42 gallons) of crude oil, we will get 45 gallons of petroleum products. The 45 gallons of petroleum products consist of 4 gallons of LPG, 19.5 gallons of Gasoline, 10 gallons of Diesel, 4 gallons of Jet Fuel/Kerosene, 2.5 gallons of Fuel Oil and 5 gallons of Bottoms. Thus, at 38.2% of refining capacity, we have about 170000 bbls of throughput refined for about 13.26 million litres of petrol, 6.8 million litres of diesel and 2.72 million litres of kerosene/jet fuel. This is not enough to meet internal national demand. So, we send the remaining of our non-export crude oil volume (275000 barrels per day) to be refined abroad and import the petroleum product back into the country. We will just pay for shipping and refining. The Nigerian government exchanges the 275000 barrels per day with commodity traders (90000 barrels per day to Duke Oil, 60000 barrels per day to Trafigura (Puma Energy), 60000 barrels per day to Societe Ivoirienne de Raffinage (SIR) in Abidjan, Ivory Coast and 65000 barrels per days to unknown sources) in a swap deal. The landing cost of a litre of petrol is N123.32 and the distribution margins are N15.49 according to the government. The cost of a litre is therefore (N123.32+N15.49) or N138.81 . This is equivalent to $3.54 per gallon or $148.54 per barrel. In technical terms, one barrel of Nigerian crude oil has a volume yield of 6.6% of AGO, 20.7% of Gasoline, 9.5% of Kerosene/Jet fuel, 30.6% of Diesel, 32.6% of Fuel oil / Bottoms when it is refined. Using a netback calculation method, we can easily calculate the true cost of a litre of imported petrol from swapped oil. The gross product revenue of a refined barrel of crude oil is the sum of the volume of each refined product multiplied by its price. Domestic prices are $174.48/barrel for AGO, $69.55/barrel for Gasoline (PMS or petrol), $172.22/barrel for Diesel Oil, $53.5/barrel for Kerosene and $129.68/barrel for Fuel Oil. Let us substitute the government imported PMS price of $148.54 per barrel for the domestic price of petrol/gasoline. Our gross product revenue per swapped barrel would be (174.48*0.066 +148.54*0.207+172.22*0.306+ 53.5*0.095+129.68*0.326) or $142.32 per barrel. We have to remove the international cost of a barrel of Nigerian crude oil ($107 per barrel) from this to get the net cost of imported swapped petroleum products to Nigerian consumers. The net cost of swapped petroleum products would therefore be $142.32 -$107 or $35.32 per barrel of swapped crude oil. This comes out to be a net of $36.86 per barrel of petrol or N34.45 per litre. This is the true cost of a litre of imported swapped petrol and not the landing cost of N138 per litre claimed by the government. The pro-subsidy Nigerian government pretends the price of swapped crude oil is $0 per barrel (N0 per litre) while the resulting petroleum products is $148.54 per barrel (N138 per litre). The government therefore argues that the “subsidy” is N138.81-N65 or N73.81 per litre. But, if landing cost of the petroleum products is at international price ($148.54 per barrel), then the take-off price of the swapped crude oil should be at international price ($107 per barrel). This is basic economic logic outside the ideological prisms of the World Bank. The traders/petroleum products importers and the Nigerian government are charging Nigerians for the crude oil while they are getting it free. So let us conclude this basic economic exercise. If the true price of 38.2% of our petrol supply from our local refinery is N33.36/litre and the remaining 61.8% has a true price of N34.45 per litre, then the average true price is (0.382*33.36+0.618*34.45) or N34.03 per litre. The official price is N65 per litre and the true price with government figures is about N34 per litre (even with our moribund refineries). Source Meanwhile chuna1985 I'm waiting for the evidence you claimed to prove I ever supported the subsidy programme, or it will be taken you say things you know absolutely nothing about. |
chuna1985:The subsidy has always been a scam, I challenge you to present a single shred of evidence of my express or implied support for its continuation. |
This is the best news I've heard so far today. Kudos sir. |
micktoxin:Now that's more like it. The rail project apart from easing transportation, will enhance the economies of both states through increased trade and the ability of workers to commute to either state for work. Furthermore mono rail being the most efficient form of transport in terms of energy consumption, space occupancy and numbers transported is eco-friendly and therefore a welcome development. I trust that it's viability has been established. |
micktoxin:Glad you agree to stick to the topic. Cheers. |
Wsdm:Poor and insincere leadership cuts across all regions, but I understand your point. |
micktoxin:Did you not read what I wrote? No one asked you to ignore a comment; open a thread if you need understanding as you stated. The mods are up to task and it's their prerogative to decide what threads to close, not yours. |
General Buhari will keep getting stronger while his detractors continue to gnash their teeth in frustration that the man they swore was an unelectable 'certificateless' sick old cattle-rearer, is about to be sworn-in in a few hours as the Next President of the Federal Republic of Nigeria. Sai Baba. |
Eugenedimgba:In order to ensure the continuity of this entity, it would only be fair that power is rotated among the people, what we should focus on is pressuring our elected leaders to massively develop the north's resources for our collective benefit. Allah ya ba mu sa'a. |
micktoxin:That would derail this thread which is focused on the developments in the SW. Create a separate thread for your overflogged intentions. Other Nigerians are focused on progress. |
Gaskiya (truth) is one of the unique qualities of the northerner/HF, lending credence to the claim of most Nigerians that the northerner is the most honest person to do business with. Proudly Arewa. |
The legality of the conference was never established so there is no way illegality can be implemented within the confines of the rule of law. http://www.bbc.co.uk/news/world-africa-28929532
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