We wait and see

ogododo:
When oil be $100 dollar, na #87 we dey buy, but when less than $65, we dey pay above #160 per litre.
Lalasticlala.

And they ignorantly asking what did Goodluck Jonathan administration do with 100 dollar cruel oil money with.
When electricity, fuel, food stuffs everything were cheap in the market.

After signing the bill,they will still come up with another story.
Just wait and see

Nigerians should know this,that part of the petroleum subsidy is being paid to the north in that 30% they wanna earmark to themselves.

After how many years of telling us that payment of subsidy is a fraud? Believe these scammers and fraudsters @ your own peril.

With the way things stand,if they should try it, the country will boil.

Senseless leaders

greatiyk4u:




Lolz, many ignorant peeps full here yet insulting the government on daily basis

Are u aware that if the prize gets to $150/barrel that fuel will be sold below 100Naira?

No time to coach you

But when it was sold at $40 range last year we were buying fuel at #120. What's the explanation for that

No wahala, try it and see what will happen in this zoo oh country

Oh wow

ogododo:


https://punchng.com/petrol-subsidy-ends-after-buhari-signs-pib-minister/

This is a joke ... subsidy does not end. How will it when PEF is still retained ..is PEF not a subsidy arrangement meant to favour a certain class of people transporting petrol to the borders for profit.

what bloody PIB. This PIB is legalising and institutionalising enslavement .. and to think the southern people are the tools they use to achieve this.

creating a duopoly by NNPC Limited and Dangote... these guys are taking us from the fire and dropping us into the furnace .. what's the difference .. how much is the entire commonwealth of your people worth..how many millions can u eat.. damn its painful..

Subsidy is being removed for the 6th time by Buhari

We will still hear about subsidy.

Clown.

Now 30%/ we be allocated to Northern Nigeria Petroleum Corporation NNPC for exploration it's better all region should have their own petroleum corporation too.....

Buhari buhari buhari.....how many time I call u so make I no talk again

amc:


There are 6 frontier basins and only 3 of them are in the core North. Stop spreading false information.

Don't be stupid. Out of the 7 frontier basins, 5 are in states whose members are members of the Northern Governors Forum.

Why should the South pay for fake oil search in the North? Why don't you use the gold in Zamfara to pay for it?

that's nice to hear you rob the SS and short change them from their own resource and wealth then you further remove subsidy ensuring whatever change they have they waste it all on the proposed fuel increase una SS leaders and people 3 gbosa for you una be real mumu you actually deserve this after the monumental waste and corruption of SS resources and wealth through the NDDC

Wiseandtrue:

APC anti-people party

With the rate of foodstuffs in the market, while job seekers are everywhere coupled with the fact that those working are struggling to have 3 square meal, who will enjoy the development

Abi no be the person wey chop go see development

This people dey reason at all Are they born stupid or what

Who has seen any of the purge movies? I hope with all this things happening a purge wouldn't happen and ENDSARS was a picture of purge anarchy but foodstuffs which is already in the high and if fuel price goes up problem don enter finish.

Esseite:
Fix up the refineries and kick start Dangote refinery before pulling out the subsidy.. that is suppose to be the cushion on subsidy..

It won't make much significant impact. Dangote is not the owner of the crude, he will buy them at international price rate (ex other costs) refine and sell at a margin.

ogododo:
When oil be $100 dollar, na #87 we dey buy, but when less than $65, we dey pay above #160 per litre.
Lalasticlala.

Because

1.When oil was $100 dollars we had more revenue to pay subsides...and to subsidse fuel to N97 (not N87....that came after oil prices started dropping....and to get to N87 we drained our reserves).

2.Also, at $100, the value of the naira improved due to higher forex in circulation...which was enough to strengthen the naira.

ogododo:
When oil be $100 dollar, na #87 we dey buy, but when less than $65, we dey pay above #160 per litre.
Lalasticlala.

Do you understand subsidy?

cyril10:
The bill will be signed immediately because of the removal of the fuel subsidy, trust this government with anti people policy.

Fuel subsidy is actually anti-people at the end of the day....

greatiyk4u:




Lolz, many ignorant peeps full here yet insulting the government on daily basis

Are u aware that if the prize gets to $150/barrel that fuel will be sold below 100Naira?

No time to coach you

The only person you ought to coach is the clueless president that will still increase the price of petrol even if 1 barrel is sold for $200. Stupid government.

Sunnycliff:


But when it was sold at $40 range last year we were buying fuel at #120. What's the explanation for that

Simple

1.At less than 40 dollars per barrel...we had less income to subsidise fuel.(That was the backdrop to the raising of fuel prices from N87 to N145 in the first place in 2015 because of low forex)..so some money was removed.

2.Also, we did not have enough income at $40 per barrel to buffer the naira, so the value of the naira fell...

3. It would have been higher, if it wasn't for covid, and for people selling oil and fuel at cheap prices to get rid of stocks that were just being unused due to low traffic due to lockdown.

Beancounter93:


Simple

1.At less than 40 dollars per barrel...we had less income to subsidise fuel.(That was the backdrop to the raising of fuel prices from N87 to N145 in the first place in 2015 because of low forex)..so some money was removed.

2.Also, we did not have enough income at $40 per barrel to buffer the naira, so the value of the naira fell...

3. It would have been higher, if it wasn't for covid, and for people selling oil and fuel at cheap prices to get rid of stocks that were just being unused due to low traffic due to lockdown.

Do you agree that the higher the price per barrel the higher we buy per litre

Maxymilliano:
Poor Nigerians will not know what hit them by the time Buhari assent the bill and the whole PIB brouhaha settles.

no need to surprise us again will have seen the hard work

Beancounter93:


Because

1.When oil was $100 dollars we had more revenue to pay subsides...and to subsidse fuel to N97 (not N87....that came after oil prices started dropping....and to get to N87 we drained our reserves).

2.Also, at $100, the value of the naira improved due to higher forex in circulation...which was enough to strengthen the naira.

So you don't no that if it still gets to that level, wee will still be buying almost #300 per litre when you factor in landing costs and profit margin for the entire value chain

amc:


When oil be $100, exchange rate was N180, but when oil is less than $65, exchange rate is N498. Do the maths, that's if you understand basic arithmetic.

But why continuous devaluation of Naira when govt knows that it's economy is import oriented. . Why looking for more dollars when the fools could have received or built up a new refining process.

Buhari is the worst president in the history of Nigeria and the distance is in milleage.

Who are his economic team? Doed he even know that an average Nigerian cannot even eat / afford 1 square meal now?

VillagePipu:


Don't be stupid. Out of the 7 frontier basins, 5 are in states whose members are members of the Northern Governors Forum.

Why should the South pay for fake oil search in the North? Why don't you use the gold in Zamfara to pay for it?

No need for the insults. Have you heard of Middle Belt? Or its only middle belt when it fits the agenda?

Sunnycliff:


Do you agree that the higher the price per barrel the higher we buy per litre

Depends

1.Under GEJ, with higher prices for crude...we had more of a higher income, which we spent massively on keeping fuel cheap..which is part of why we had a depleted forex reserve by the time Bubu took over...which under Bubu fell by another 4 billion dollars...because keeping fuel cheap costs a lot (There is a reason why GEJ wanted to remove fuel subsidy, and the events of the last 8-10 years since the Occupy protesters forced his hands have proven him right).

2.Under Bubu, because of the very low oil prices we have had, there hasn't been much money to pay for subsides, therefore subsides got partially removed , and prices went up.

Also, because of the low crude prices, we have to take loans to meet up with demand for money in this country (Or Buhari raises taxes massively which is what the IMF loves, but the masses hate)

Once prices go up, we spend money paying back the loans we took first....meanwhile we have to take new loans because even with the rising oil prices, the price is not at what is considered our breakeven price (which varies from oil producer to oil producer. Nigeria has the highest at $133 per barrel...down from $139 in 2017, and $122 in 2012.)

Perils of being a resource dependent nation, and one reason why we have to remove subsidy...if we can do that, it means we save more money. Long term, Nigeria cannot rely on just oil.

ogododo:


https://punchng.com/petrol-subsidy-ends-after-buhari-signs-pib-minister/

preparing the way for DANGOTE REFINERY,, ahhh, Fulanis agenda