Manny21:
What do you expect? It is just a matter of time, the forces of demand and supply will force down the price. Most petrol marketers rely on small profits quick turnover. The 540 per litre is NNPC price. Some of them will start reducing their profit margin to be able to offload what they present store.

only when they buy from dangote

Manny21:
What do you expect? It is just a matter of time, the forces of demand and supply will force down the price. Most petrol marketers rely on small profits quick turnover. The 540 per litre is NNPC price. Some of them will start reducing their profit margin to be able to offload what they present store.

Nigerians will buy petrol 2500 this year, save this I said

pandoragirigory:
The higher the price the lower the quantity demanded

Simple economies.

Basic123:

GEJ could have begged too ma

You didn't answer the question.

How did Tinubu forge on? I thought he begged the NLC not to.embark on strike?

JAMO84:
There were no reasons for Jonathan not to pay subsidy, if he had the brain to reduce the fraud in his government. He had the highest revenue in Nigeria's history since 1914. Explain to me why he spent almost the same amount on Subsidy in 5 years, as Buhari in 8 years.

Amnot a Gej supporter, let's start from there

But to answer your question

1. Crude oil was between 90 to 130 dollars under GEJ and this had a knock on effect on cost of refining petrol AND cost of subsidies.

And the crude prices were so high that by 2013 subsidy could not cover the loss sustained from selling petrol at subsidy price.

2. Multiplicity of importers. Part of the subsidy costs went to them. Buhari cut costs by making nnpc the sole importer in 2016.

3. Smuggling too increased the costs.

There are good reasons why GEJ should have ended subsidy in 2012. But as we know he chose to listen to Nigerians and did parrial removal. Which reduced the costs.

4. Buhari spent less because crude was between 20 to 80 dollars under his regime. Subsidy costs fell. At one point crude oil prices were very low to render subsidy non existent as seen in 2020. Also, Buhari did far more partial removals of subsidies than GEJ. And as mentioned earlier he made NNPC the sole importer

Creamypie:
After obj/yar Adua, no government anymore

GEJ tried too. I respect him and Yaradua the most

KingKO22:
I see PMS price depreciating any moment from now especially when there is competition among importers

BAT has done remarkably well within short period of time in office


I never regret voting and canvassing for you

Reduce to what, if you are thinking its going to be less than N500 you must rethink, Have a think from what country on this earth can you land petrol from into Nigeria @ N400?

Islie:
The rise in the price of petrol has reduced the level of patronage at filling stations as Nigerians grapple with the ripple effects of the…




https://dailytrust.com/subsidy-removal-filling-stations-record-low-sales-as-govs-back-tinubu/

Both Tinubu and the governors are jokers,how on earth they think all Nigerians are workers.

How many % of workers do we have in Nigeria? Probably 25%-30% what happens to the remaining %, they will stay at home for all they care.

From the test of time Tinubu has nothing to offer, the same way we warned them about failure Bullhari, play play 100 days don reach with the same old story.

millionboi2:
By next month people will start selling their cars.


Tinubu should open border thats when i will confirm that he is working.
Atiku promised to open border,tinubu should do that now if he wants a second term.

some borders have been open

nairalanda1:


Amnot a Gej supporter, let's start from there

But to answer your question

1. Crude oil was between[b] 90 to 130 d[/b]ollars under GEJ and this had a knock on effect on cost of refining petrol AND cost of subsidies.

And the crude prices were so high that by 2013 subsidy could not cover the loss sustained from selling petrol at subsidy price.

2. Multiplicity of importers. Part of the subsidy costs went to them. Buhari cut costs by making nnpc the sole importer in 2016.

3. Smuggling too increased the costs.

There are good reasons why GEJ should have ended subsidy in 2012. But as we know he chose to listen to Nigerians and did parrial removal. Which reduced the costs.

4. Buhari spent less because crude was between 20 to 80 dollars under his regime. Subsidy costs fell. At one point crude oil prices were very low to render subsidy non existent as seen in 2020. Also, Buhari did far more partial removals of subsidies than GEJ. And as mentioned earlier he made NNPC the sole importer

Have you asked yourself howmuch crude oil was for the last three years?
if the price of oil was very high removing subsidy would be deemed death?I think once the electricity is fixed, the Biz of petrol would bw left to the motorist.

SmartyPants:
This is the beauty of free market economics.

Remove subsidies and people will only buy the amount of petrol needed. Excessive, wasteful usage decreases, more people will walk, more people will use public transport.

Eventually the retail outlets will be forced to reduce the prices, leading to that beautiful marriage between demand and supply known as equilibrium.

Wonderful, beautiful, efficient.

I agree!

worksmart:
Remember that in December Mr President has another gift waiting for us, he is going to finally withdraw the old Naira notes, should make things even more chaotic , so much so we would even forget about fuel.

A few days of Tinubu and Nigerians already gaining an appreciation of how much better off we were under Buhari

Since everyone want to be mad, let everything go well jejely or it all scatter. That December should zoom in asap.

erico2k2:

Have you asked yourself howmuch crude oil was for the last three years?
if the price of oil was very high removing subsidy would be deemed death?I think once the electricity is fixed, the Biz of petrol would bw left to the motorist.

From 2021.dec , crude did go above 100.dollars perbarrel.

But the problem was from 2014 to 2021, crude prices were around 20 to 80 dollars. For a large nation like Nigeria we needs it above 10p dollars per barrel.

We had to borrow to keep our head above water during the lean times and pay debts.

Which is why we never did benefit from the recent high prices.

If it sounds familiar we were here before. High oil prices from 1973 to 82 followed by low oil prices for the rest of the.decade

That's why i don't take this apc govt serious. No plan to take us away.from reliance on oil.

On god

Nairalanda1 hope your marketers can pay salaries, taxes and other costs now

Kukutenla:
Nairalanda1 hope your marketers can pay salaries, taxes and other costs now

They have to, Wilson.

Warl0ck:
u fit afford fuel?

Urch!n

What z ur problem here?,or don't u understand the write up.?

Dem private car people dey over calcu now lol.. make God no make person car spoil for house as e b like dis

KingKO22:
I see PMS price depreciating any moment from now especially when there is competition among importers

BAT has done remarkably well within short period of time in office


I never regret voting and canvassing for you

U guys really have no sense

Bovis:


Spineless Jonathan no get the liver to remove the subsidy regardless of the protests - there are levels to power and authority

Your protested in 2012...

why not protest now..

i hate hypocrisy and it's lame defense

Corridon:
It has also reduced the number of vehicles on the road.

Not reducing anything on ikorodu road.

Racoon:
All the wicked demons in government since 2015 were shouting fuel subsidy was a fraud but ended up committing the same fraud for the 8 years of their miserable reign.

Now they suddenly see the compulsive reason to do away with this economic disaster that ought to have been avoided since 2012. Playing partisan politics with a sensitive national issue they have zilch knowledge about.

Oga rest... This is 2023... One can only realise their mistakes .. So no kee yourself

grandstar:


At times, the problem wasn't hypocrisy but ignorance

The average person, even politicians have a very poor understanding of economics.

Oshiomole was dumbfounded when he became governor and realized that fuel subsidies actually cost money to provide. The cost will be deducted from the already lean allocation from federation account.

Had he known, he would have done things differently.

Oshiomole was governor in 2012 oga.

KingKO22:
I see PMS price depreciating any moment from now especially when there is competition among importers

BAT has done remarkably well within short period of time in office


I never regret voting and canvassing for you

And you are now buying fuel at N100/L. Thumbs 👍 up

Elxandre:

Oshiomole was governor in 2012 oga.

What did I say wrong? He was one of the governors that supported GEJ's removal of petrol subsidies in January 2012. Please crosscheck.

KingKO22:
I see PMS price depreciating any moment from now especially when there is competition among importers

BAT has done remarkably well within short period of time in office


I never regret voting and canvassing for you

U can say that again. They can now drink their fuel. I didn't know that this was serious until I saw motorists begging me to board their vehicles. 😏

slawomir:
Damnnn niggar

Hmmm

For almost four days now I never drive my Lexus

Any how waka way nor make sense I nor dey go

I better relax for house dey smoke and drink...even if I want to go beer parlour....na the one-way dey near me..the one trackable

For the 36k full tank way I buy, I go make sure to say I manage till next year

That's a good development, and walking to drink is also healthy.

You can also get a bicycle. You won't regret it

ZombiePUNISHER:


Governors Back Tinubu's Subsidy removal

But in 2012 when Jonathan did same

The then Lagos State Governor and APc organized a protest against subsidy removal..
They mocked Jonathan
Taunted him and even carried a coffin.

There are levels to evil.

It was a gang up against the minority group by the major ethnic groups. Unfortunately, some people from minority ethnic groups didn't see it as such, and they joined the mob.

An end to the doom that we thought was a boom.oil the curse of Nigeria turns out to be a blessing for a few corrupt but now God is changing the narrative,it would now be curse for a few corrupt and blessing for major poor masses.
When we dump fuel vehicles and embrace electric and CNG vessels ,no one would teach all these idiots how to behave and pump price will reduce

I also back Tinubu on this. Let's leave tribalism aside and support Tinubu on this as Nigeria takes a new shape.

AntiChristian:
Some still dey queue outside!

Come see North west for Close to Anthony here!

Selling from two pumps

AroOkigbo:

Selling from two pumps

Like 10 pumps sef!