Jalal:
Just announced by Petroleum Minister, says takes effect from today midnight sunday 18th Jan.

Source NTA news

Details later!


http://www.vanguardngr.com/2015/01/petrol-sell-n87litre/

It is long overdue, bt this is naija for u.

Jalal:
Just announced by Petroleum Minister, says takes effect from today midnight sunday 18th Jan.

Source NTA news

Details later!


http://www.vanguardngr.com/2015/01/petrol-sell-n87litre/

Same fuel subsidy that cost me a son....may God save Nigeria..

IF GMB can reduce the pump price to N15 and sustain it, I will vote him.

I need a V12 900hp sedan.

Until then

Justbright:
this won't still stop gej from returning to otuoke come may 30th by latest....he thinks say Nigerians Na mumun abi?since wen did oil price drop for international market.....gej will hear it come febuhari 14

never knew pple hate gej and his corruption infested gov dis much,over 600 "likes" for my post?...gej u are a gonner

Sorry dude. None of the 'likes' would be converted to 'votes' come Failbuhari 14. You can as well come back here to cry foul play by 15.

Tonniey:
God Bless you my president. Just knw dat people will still castigate you 4 dis reduction of fuel pump price, bt history will not 4get u as u ve included ur name among d presidents dat brought down d price of fuel.

If God say u gonna make another four years, so be it, bt if not, let's wait and see when d same people who re against ur re-election vote 4 GMB starts singing hosana in ur name after dey would have discovered dat APC doesn't even worth a wolf in sheep's clothing.

APC=Always Producing Clowns


If u want change, u will neva find it in GBM/osibanjo.




Mind u, I don't come back to read people dat quotes me.

65+32-10
Pls dis is not a reduction Bros

Enof is enof GEJ the level of corruption in Nigeria has now shown clearly, reducing fuel pump from #97 to #87 @ these time some weeks to the presidential election? Its shows something evil is fishing, that why they PDP feared when Buhari said am gonna fight corruption and jail them all. I will pray like never before Buhari & Osinhbajo will rule Nigeria come next 4year weather PDP likes it or not

kestolove95:
If he likes,let him reduce it to #20..i will still not vote him

YoU are only one out of a million that will vote him. There is nothing that he would do that will please everyone. GEJ well done. You can still reduce the price a day before election no probs.

Justbright:
this won't still stop gej from returning to otuoke come may 30th by latest....he thinks say Nigerians Na mumun abi?since wen did oil price drop for international market.....gej will hear it come febuhari 14

never knew pple hate gej and his corruption infested gov dis much,over 600 "likes" for my post?...gej u are a gonner

So u think d likes u get here will determine d outcome of d election? #jst asking

kestolove95:
If he likes,let him reduce it to #20..i will still not vote him

u r right if u dont vote for GEJ.

U will be one of “many“ that didnt vote for him & you willmiss out of being one ofthe “so many“ that voted for him...

I hope u wont regert it after... However vote wisely, vote GEJ come FailBuhari 14th

taymiitope:
Enof is enof GEJ the level of corruption in Nigeria has now shown clearly, reducing fuel pump from #97 to #87 @ these time some weeks to the presidential election? Its shows something evil is fishing, that why they PDP feared when Buhari said am gonna fight corruption and jail them all. I will pray like never before Buhari & Osinhbajo will rule Nigeria come next 4year weather PDP likes it or not

When Nigerians think and act like you, we will never develop. Some people keep reasoning backward and will never see anything good the FG has done. If you keep attributing everything to election, then what good do you see in FG achieving any meaningful result?
FG may have waited until the price per barrel of crude falls below a particular limit b4 reduction in petrol pump price locally. This might be their calculation, now some clowns are here chanting election campaign.
What a wasted generation of people! Some Nigerians are very very wicked. That is why Nigeria cannot move forward unless we change our attitude. Even the Western countries are tired of Nigeria.

Teacher: When crude oil was N119 per
barrel, we buy petrol for N97 per litre
Now that crude oil is N49 per barrel with
all other things being equal, what is the
expected price of petrol per litre?
Jonathan: N87.
Teacher: Pls who award PhD to this man
who doesn't know simple arithmetic?
Teacher: buhari what is d answer?
Buhari: sir, the only items that change is
price, so our change formular is;
If N119 changed to N49
Then N97 will CHANGE to N27
Teacher: But they said u don't have
certificate?
Buhari: it's a simple arithmetic, even
market woman can solve it.
Teacher: Chai chai..... we need CHANGE

Crude oil products include kerosene, AGO, PMS. How is it that only PMS is reduced by only 10%? What of the other products?

The FG should do the right thing and stop hesistating in the true reduction to cut across all products.

BTW crude oil barrel cost about $40 as against $115 (estimated). So that 10% reduction in PMS is nothing o!

He shoukd reduce it to 60Naira if hes looking for our votes.

I might be wrong.... but how about this lovely people. Can't this change just be effected?

see all these f**ls jubilating over what is long over-due.. crude oil has over the past 2months reduced by over half its usual price and FG havent being paying subsidy since then. so the questions are:
1. Where has the money budgeted for fuel subsidy being going to?
2. if cost of crude oil fell below 50% of its price, how is it our dumb president GEJ decides to reduce by just 10naira which is not upto 10% 0f its normal price.
3. what happens to price of disel, kerosene and gas, abi no be part of crude oil
4. is there still anything called SUBSIDY? and if yes, what effect is it having on PMS....

NIGERIANS arise and think well.. vote right!!!!

#DropsPen

GOD help us...PMS is now 87naira (10naira reduction) and we r supposed 2 be euphorically happy abi? PMS price has dropped by 50percent worldwide meaning ours should drop by 50percent (i.e 97 divided by 2) instead he removed 10naira and made it 87naira instead of 48naira 50kobo (N48.50k) which means he loots over 40naira from every litre consumed by the poor masses daily, now according to the punch newspaper we consume 40.32million litres daily, pls multiply that by the 40 naira he loots on each litre and tell me how much he loots from poor me and poor u daily and yet people shout "GEJ till 2019" God is not that wicked, even if God is using GEJ 2 punish us 4 our sins I think this penance is enough. Pls God relieve the ignorant ones amongst us from their gullibility for deceit has come 2 stay but we thank u for giving us the right 2 vote it out so help us God.
Vote 4 positive CHANGE.
Vote APC.

Vote Buhari.

galadima77:


why do i feel like GEJ's government is making money out of us with d current pump price....?

They do make a lot of money. Average of 1B per day on fuel consumption by Nigerians. I commented on that post last week

Economists revealed that GEJ makes between 500M and 1B daily selling petrol at 97-100 to Nigerians despite the reduction in world market

Tibins:


If we refine alot in country yes we could get @40 naira. But we still import. By 2017, no more importation, then it will cost alot less.

Hopefully they are smart enough to revive the KD refinery and build others. That's the way forward

eaglechild:

Which part of the country, are you also going to blame Jonathan for not standing up for your right.

Right ? Not standing go for rights ? Nigga please

Deinma1986:


YoU are only one out of a million that will vote him. There is nothing that he would do that will please everyone. GEJ well done. You can still reduce the price a day before election no probs.

look at the following scenario;
1. what is the volume of Nigeria consumption of petrol... like how many litres do we consume in a day?
2. how much is used to subsidize for the product?
3. who are the marketers?
4. what kind of deal di Nigeria gov't engaged in to bring in refined petrol?
5. How can we build our refinery if only dangote can build a refinery that will supply 45% of our domestic need for just $9billion when we pay as mush as $23billion for salaries and allowances of politicians?

who are these fools fooling.
sai BUHARI

I believe if we were refining all our crude for local consumption then the price would have dropped much further to almost half. But let's not forget we still have to import refined petroleum products. Also, we should know the price of can go back up anytime and it would be foolhardy to increase it back anyhow. Let's also not forget the partial subsidy that government has been paying. Am sure they would have done something about it as well. All in all, it's a good development for the GEJ administration.

One of the cheap cards being played by GEJ and his bunch of clue less advicers. Why the reduction not done since. Even if they sell petrol N50/liter, my vote for Buhari no dey shake.

Bamz:
I might be wrong.... but how about this lovely people. Can't this change just be effected?

Pms comes from refined crude, and the price for refining is still the same, labour, transportation, the running of refineries all over world is still the same. Question is what is percentage cost of crude in the total process of producing pms? It is small, so you can't reduce with the same proportion with which crude reduced, because crude is not the only factor that determines the producing cost of pms, labour, refineries, transportation does, and they haven't reduced
Secondly remember that the naira has been devalued, so N97 in 2011 isn't N97 now if u are importing, it can't buy you the same amount of dollars.
Thirdly the government and world still expects a bit of a rebound of crude price, so when it happens you know nobody will want us to increase it again?
However I think that the price of diesel and kerosene should also come down officially since they are also sourced from crude oil. I also think this cancels subsidy, marketers should be making money when they import at this current price. So the money voted for subsidy should now be channelled to other sector of the economy.

idrezee:
GOD help us...PMS is now 87naira (10naira reduction) and we r supposed 2 be euphorically happy abi? PMS price has dropped by 50percent worldwide meaning ours should drop by 50percent (i.e 97 divided by 2) instead he removed 10naira and made it 87naira instead of 48naira 50kobo (N48.50k) which means he loots over 40naira from every litre consumed by the poor masses daily, now according to the punch newspaper we consume 40.32million litres daily, pls multiply that by the 40 naira he loots on each litre and tell me how much he loots from poor me and poor u daily and yet people shout "GEJ till 2019" God is not that wicked, even if God is using GEJ 2 punish us 4 our sins I think this penance is enough. Pls God relieve the ignorant ones amongst us from their gullibility for deceit has come 2 stay but we thank u for giving us the right 2 vote it out so help us God.
Vote 4 positive CHANGE.
Vote APC.

Vote Buhari.

Very wrong assessment, read my post

Less than 30 days to election. I am not fooled!

[size=20pt]PEOPLE DECEIVERS PARTY![/size]

Chigold101:
u r right if u dont vote for GEJ.

U will be one of “many“ that didnt vote for him & you willmiss out of being one ofthe “so many“ that voted for him...

I hope u wont regert it after... However vote wisely, vote GEJ come FailBuhari 14th

d one I voted for him 2011 am still regrtin..I can't b fooled

See desperation.

dammytosh:


Only an imbec1le will call the reduction an achievement and commit another 4 years of frustration into GEJ's hands.


After we have lost naira to dollars in FX. One drunken master is removing 10naira from fuel price.

U see reason why we said no to subsidy removal ? Now we paid, there is still no difference. No infrastructure as a result of the removal.

Fuel price crashed, 1 billion dollars disppeared from excess crude oil account. Her Excellency President Oknojo iweala said they used it to pay subsidy and i kept wondering, when will the Tunisia revolution start. What are we subsidizing again after that kind of crash in price !!!!!!

Only one jobless graduate was frustrated and Tunisia was on fire. That revolution spread to egypt, liberia etc.

Millions of jobless frustrated graduates are still shouting GEJ till 2019.

Go and queue for your destiny and vote these imbec1les outtttt !!! You are afraid to fight yet cant vote with ur brain.

Wasted generation.

If you check my antecedents on this forum, i dislike apc, i dislike Tinubu but only a mad man will do something for 6years , fail and still says he wants to continue with the same approach.

Compare Buhari / Osinbajo vs Gej / sambo man to man achievement to achievement.
Compare the likely cabinet of this 2 teams and leave sentiment of christianity, our brother, shoelessness etc u know the best team

GEJ must go back to Otuoke.

what is gej takin us to b self?..fool lyk him or what?

Teacher: When crude oil was N119 per barrel, we buy petrol for N97 per litre Now that crude oil is N49 per barrel with all things being equal, what is the expected price of petrol per litre? Jonathan: N87.Teacher: Pls who awarded PhD to this man who doesn't know simple arithmetic? Teacher: Buhari what is the answer?

Buhari: sir, the only item that change is price, so the N22 difference will only be deducted from both scenario. If N119 changed to N49 Then N97 will CHANGE to N27Teacher: But they said you don't have certificate?

Buhari: it's a simple arithmetic, even market woman can solve it.Teacher: Chai chai..... we need CHANGE oooooooooo, Jonathan is killing is gradually.

Let me do some calculations

Average crude oil price in the last one month
Dec 2014 = $60.70 (www.ycharts.com/indicators/average_crude_oil_spot_price)
This is -21.16% from previous month ($76.99)

Average crude oil price in the last one year = $105.48

Old PMS price with partial subsidy = N97
Old PMS price without subsidy - N138/N140, but let's assume it's = N138

Actual oil price at $105.48 = N138 PMS (without subsidy)
New oil price at $60.70 = (60.70/105.48)^138 = N79.41 ~ N80.

Without subsidy, PMS price should be about N80.

However, let's assume because of the fluctuations in price, we can allow for 20% fluctuation.

This implies,
Fluctuation allowance = 0.2*N80 = N16

Actual PMS price without subsidy = N80 + N16 = N96

To allow for some partial subsidy of say N9 per liter,

This implies,
Current PMS Price = N96 - N9 = N87.

*This doesn't put into consideration the recent devaluation of our naira.

My assumptions sha.

I hope we are not gonna be fooled by this, very sure wen he enter again the price will go up again.