Why so much attention on N1 drop in price ?. The significance of the price drop is a confirmation that demand has dropped (because smuggling has reduced) following the border closure. If Government pays subsidy on 60million litres of fuel daily and half of it is smuggled through the borders. That is a colossal waste. Government is reported to be paying as much as N750B annullly on subsidy. Imagine if that reduces by half. That amount is enough to double our annual capital expenditure.

they. should open the. border please bussiness is grounded you should not because you are fighting smugglers and kill the sme some customers. who bought perishable goods are grinding their teeth now and the economy is goi down day by day instead reinforce. security at the. bor

jidemoh:
I think we should look at this from the standpoint of the larger benefit to the country as really, N1 is insignificant to the man on the street.

Fewer loading at the depots means the propensity to import fuel is equally reduced which eases the pressure on the need for dollar which in turn eases pressure on foreign reserves.

Oil dey your brain unlike these ones who don't know nor understand what is being talked about, theirs is just to comment so that they can be noticed

frowland:


Multiply that by millions of liters and you will have an idea!

Individual will buy 1million litres of fuel, for what please?
E wan drive go heaven?

Mr Crasher, lies 1naira difference

COURVOISier:


It will make sense when the masses benefits from it. Make sense abi

LOL Na u sabi... At least, you don learn economics today.

presh001:
I'm sick and tired of Nigeria ... what's the difference between ₦145 and ₦144

1 naira.

For the benefit of those who wish to know, landing price of petrol has fluctuated between N150 and N188 per litre for a few months. Mr Rewane indicating that a price of petrol now being N144 per litre means that the sort of under recovery that the NNPC has been sustaining for a few years can be balanced out where this sort of blockage operation can be sustained.

At N44 per litre, the value of under recovery going on in NNPC for the past few years will be very significant to NNPC's revenues with this development, however this will depend on how long this blockage is sustained and how soon those responsible for the sabotage to the country's revenues are brought to book.

I bought it 140 per liter this morning in Ibadan and the fuel is one of the best in Ibadan if not the best.

yaki84:

Individual will buy 1million litres of fuel, for what please?
E wan drive go heaven?

Seems you have little understanding of economics. Lets leave the discussion here. It's a busy Monday bro. Thanks.

felaismyhero:
you have suffered so much you can't think straight; so this is an achievement? why would an average nigerian buy a million liters? just continue defending mediocrity! na only you sabi maths.

You also don't get the economics.

Emescot:


Does a common man buy millions of Litres

Na wa.

frowland:


Seems you have little understanding of economics. Lets leave the discussion here. It's a busy Monday bro. Thanks.

Nothing like little economics bro...
I understand economics to the fullest..
U didn't make sense atall admit it.
Depot price is the same, so dont even think filling stations r gaining.
The only people or organisation that gains from this is nnpc cos thr is now less import of product n d overbloated figure of 60millionlitres consumption tagged will now be adjusted to something lesser.

And you called that crash? Next please

ELERIKERI

Islie:




* Products loading at depots has dropped, says Mele Kyari




https://www.thisdaylive.com/index.php/2019/09/09/border-closure-crashes-prices-of-petrol-diesel/

presh001:
I'm sick and tired of Nigeria ... what's the difference between ₦145 and ₦144

you will know when you multiply #1 by 1million litres bro

yaki84:

Nothing like little economics bro...
I understand economics to the fullest..
U didn't make sense atall admit it.
Depot price is the same, so dont even think filling stations r gaining.
The only people or organisation that gains from this is nnpc cos thr is now less import of product n d overbloated figure of 60millionlitres consumption tagged will now be adjusted to something lesser.

Alright let me break it down a bit. I know complex things like this is difficult to understand by the common man on the street.
So the news is like; Nigerians save #1 on fuel due to border closure.
What does this mean?
Bureau of statistics have reported that WE (Nigerians) consume 40 Million liters of fuel daily.
This means that a price change from 145 to 144 means Nigerians (WE) save 40Million a day or 1.2 billion a month OR in order words we (Nigerians) can then spend this 1.2 billion Naira on other commodities that month.
Capital market use indices like this to predict growth and market rates. One naira difference is even huge! 25Kobo can make a huge difference.
When you break this down to individuals it then looks like its nothing.
Like; Each consumer saves #1 on fuel which someone like you dont find interesting. Thanks.

EkoAcademy:


LOL Na u sabi... At least, you don learn economics today.

No be lie sha

Imagine paying subsidy for other countries

presh001:
I'm sick and tired of Nigeria ... what's the difference between ₦145 and ₦144

Some have been selling for N143 since! Who dey buy

Foolish man. Pms has been selling for 142 even today. DPK is what is not available currently.

Anybody not in the sector doesn't know jack about it, your education notwithstanding

Islie:




* Products loading at depots has dropped, says Mele Kyari




https://www.thisdaylive.com/index.php/2019/09/09/border-closure-crashes-prices-of-petrol-diesel/

Davash222:
From N145 to N144 is now ‘Crashes’
These people are fond of celebrating mediocrity.

The level or arrogant ignorance on social media is amazing.

The saying “ look before you leap” applies to so many responses on NL.

Unfortunately, I know my comments will just amount to water off a duck’s back for many.

The crash the article is referring to is the spike to N350 per liter of petrol that happened in many border towns as an immediate consequence f the border closure as at 6 days ago.


https://www.premiumtimesng.com/regional/ssouth-west/350290-border-closure-ogun-monarch-cries-out-says-petrol-now-n350-per-litre.html

350 to 144 is the crash being referred to. Not 144.

Read and learn people