Homextras:
In 2014 Brent crude was sold for $93 and petrol was sold for N87. In 2015 oil fell to $48 or so, and petrol remained the same.

In 2020 oil is selling for $35/barrel and we are buying petrol for N145 with govt paying subsidy and later N125 without subsidy.

2020 is Buhari regime, 2014 was Gej regime.
Case closed.

1.Fuel was selling for N97 in 2014. The reduction to N87 took place in 2015.

2.Even at that, government was finding it difficult to pay subsidy claims by marketers...so there was repeated fuel scarcity, repeated smuggling across the border, and false claims for subsidy (It took until 2018 before the government was able to pay outstanding debts.)

3.Because government was earning higher income from dollar in 2014....they were able to pay for subsides to keep fuel at N97 and then N87 in Jan 2015. Unfortunately , this was done at the expense of our foreign reserves, among other things...because oil at $93 was not enough to keep prices low.

4.Buhari came in, oil prices fell to as low as $29 at one point...which was when he increased fuel to N145. ..BECAUSE....1) Low oil prices meant not enough cash to pay for fuel subsides to keep prices at N87. However the cash could keep fuel subsdised at N145...so he raised the price accordingly (Fuel in many of our neigh bours was costing N200 and above then.).

5.Back to GEJ's regime. Because subsides were making it difficult for marketers, particulary independent marketers to make a profit. ..many of them sold fuel above the offical price as early as 2014. (In some areas, fuel was as high as N150-210 then). Only in the big coties of Lag and Abuja was fuel sold at offical prices.

6.Bubu then, to reduce costs, stopped marketers from importing fuel, made NNPC the sole importer of fuel....and paid them subsidy costs, and forced NNPC to sell fuel at prices below the cost of import, with the subsidy payment covering the difference , to marketers. This ended fuel queues from 2017, but in priactice, it is just lipstick on a wild boar. The industry is still not making enough money, jobs are stagnant, and falling oil prices are always putting the arrangement at risk.


We should have let GEJ remove subsidy in 2012. I thought he did the right thing by raising fuel to N140 PER LITER FROM N65 then. But many Nigerians don't think long term.

Deregulation is the only solution.

This govt drive joy in the suffering of the masses. I can't even count what this useless govt has done for the masses, is so so shameful.
Well I no blame them, I blame some useless Afonjas that voted this useless man and party all bcs of their selfish interest. Shey 2023 dey count, we go see who go tire

slay queens won't be found here oo

NNPC fraud
IPMAN saboteur
DPR scam
NIGERIA itself FANTASTICALLY CORRUPT with CURSED leaders.

This is the kind of news that give marketers orgasm. Fuckers!

kikero:


1.The subsidy is still there...and it is the reason why we are not selling fuel as high as N300 and above.(Benin, Niger and Cameroon sell above n300)

2.Selling fuel at N70 means an incease in subsidy cost...which means more trillions of naira that we don't have goes down the hole...which means more loans.

3.It is when the subsidy is not enough to keep prices at N123 that government increases prices...to a point where it can afford to pay the amount of subsidy that would keep that price low.

4.Truthfully...deregulation is the answer...it meanshigh fuel prices in the meantime...as high as N300...but more investment, more profit for NNPC to build new refinereis, and expand and upgrade exsiting stock, and more jobs..and more investors coming in to build new refinereis.(not just Dangote)...and eventually....low fuel prices as low as N60.

5.iIn Venezuela, fuel is sold at N40. As a result, their fuel industry is broke. Completely broke. No money to fix refienreis, no money to improve stock...and now they have to import fuel. Same thing in Nigeria...and it took us decades to get there...in both countries.

if we refine our products... all dis won't be happening

I'm still shocked why we can't refine our own oil
if na to import 3000 oyinbo to do am.. why nt?

if we can refine nd sell to marketers who den fix there own prices... d prices will be competitive nd d oil industry will be more transparent

The goverment should just leave the downstream sector and quietly walk away. It has done enough damage for 50 years. Once Dangote's refinery is open for business the sector should be completely deregulated.

kikero:


No, it isn't overpriced. Infact, we pay the lowest price for fuel in the whole West African subregion....all our neighbours pay at least N300 per liter of fuel...including countries like Niger where fuel costs N350 per liter.

Infact, it is the subsidy that government is paying that keeps fuel prices at N123.5 for now.

And government want's to hands off oil because over the last 15 years we have paid subsides for fuel to the tune of N15 trillion naira. That's money that could have gone for educaiton, health, etc. And because oil prices are too low for us to keep on paying subsides effectively. We need oil as high as $139 per barrel as our breakeven oil price. It has never been that high for some time.

It was highly overprice. The news was all over the world even for the past 3 weeks now. Oil price per a barrel almost dropped to 0$ per a barrel but we were still paying N125 per a litre.

awoo47:
if we refine our products... all dis won't be happening

I'm still shocked why we can't refine our own oil
if na to import 3000 oyinbo to do am.. why nt?

if we can refine nd sell to marketers who den fix there own prices... d prices will be competitive nd d oil industry will be more transparent

The only way refining fuel at home is going to work is if there is no fuel subsidy, and everyone is allowed to raise prices as high as they want to N300 per liter.

Harsh, yes, but it would provide the profits needed to pay for new refienreies, expand on exsiting ones, and eventually more jobs, and low prices...as low as N100 or even less self.

Swingate:
The government should not even dare to increase the price of petrol, this will brake the back of Nigerians who are almost at the end of the road.

I disagree nothing will break the back of any Nigerians.

Nigerians are used to hardship, suffering and smiling

Nigeria is a cursed country, anything that can bring enjoyment,ease and good life to her citizens can't be sustained.

Kingrefreshed:


It was highly overprice. The news was all over the world even for the past 3 weeks now. Oil price per a barrel almost dropped to 0$ per a barrel but we were still paying N125 per a litre.

Yes, because oil prices were going to rise again, and because most marketers still have to pay salaries for many of their staff, who are sadly ordinary Nigerians like you and me.

Welcome to the life of a businessperson.

The marketers are sharks!

It was actually a smart move / trap by the government to let the rates fall first.

If people didn’t protest when price fell, then they shouldn’t protest when rates soar due to market forces.

But the people will still protest at some point though

vicdom:

The marketers will rush and increase the price, I know. But would be reluctant to reduce the price when the crude oil price crashes. Bunch of greedy cretins

kikero:


Yes, because oil prices were going to rise again, and because most marketers still have to pay salaries for many of their staff, who are sadly ordinary Nigerians like you and me.

Welcome to the life of a businessperson.

When it was low,almost 0$, how much are we supposed to have been paying ? Is it our responsibilties to pay for the salaries of people the PRIVATE companys hired.

kikero:


The only way refining fuel at home is going to work is if there is no fuel subsidy, and everyone is allowed to raise prices as high as they want to N300 per liter.

Harsh, yes, but it would provide the profits needed to pay for new refienreies, expand on exsiting ones, and eventually more jobs, and low prices...as low as N100 or even less self.

rubbish...
saudi has 2heads abi??
frm start to finish saudi controls dere own oil
but here shell chevron etc epp us feast on d limited resources

Kingrefreshed:



When it was low,almost 0$, how much are supposed to have been paying ? Is it our responsibilties to pay for the salaries of people the PRIVATE companys hired.

Well, first off, oil was never at $0 per barrel. That was the local American price, at which local American crude oil salesmen sell their oil to their local buyers within the States.

Oil at that point in time on the international market...which is different from the American market ...was selling at $24 per barrel...and this was harmful to Nigeria because our crude costs $24 to produce.

And yeah, it is your responsibility to pay a private company for the services it gives you...and here in Nigeria, we pay for fuel at the cheapest rate in West Africa (in Liberia it is close to N400 per liter, and all our neighbours pay at N300 and above...and Niger and Benin produce oil too).

If you were a businessman, would you start giving out your goods for free just because times are hard? If you did that , you would be broke, and you would sack staff.

kikero:


No, it isn't overpriced. Infact, we pay the lowest price for fuel in the whole West African subregion....all our neighbours pay at least N300 per liter of fuel...including countries like Niger where fuel costs N350 per liter.

Infact, it is the subsidy that government is paying that keeps fuel prices at N123.5 for now.

And government want's to hands off oil because over the last 15 years we have paid subsides for fuel to the tune of N15 trillion naira. That's money that could have gone for educaiton, health, etc. And because oil prices are too low for us to keep on paying subsides effectively. We need oil as high as $139 per barrel as our breakeven oil price. It has never been that high for some time.

You and I know that it couldn't have gone anywhere else other than the pockets of those men in power

This song that year.

Tone tone
tos nah
Tah
Tarn toe toto
Toe nor torntan toetoe
Wohala dey.



https://www.youtube.com/watch?v=mfabP2_sYQY

kikero:


No, it isn't overpriced. Infact, we pay the lowest price for fuel in the whole West African subregion....all our neighbours pay at least N300 per liter of fuel...including countries like Niger where fuel costs N350 per liter.

Infact, it is the subsidy that government is paying that keeps fuel prices at N123.5 for now.

And government want's to hands off oil because over the last 15 years we have paid subsides for fuel to the tune of N15 trillion naira. That's money that could have gone for educaiton, health, etc. And because oil prices are too low for us to keep on paying subsides effectively. We need oil as high as $139 per barrel as our breakeven oil price. It has never been that high for some time.

a barrel is approximately 159L. There was a time this year a barrel of oil was sold for less than $30 and $30 translate to N11,700 suppose we use a rate of N390/$. Dividing N11700 by 159L yields N73,58k. Suppose there are additional costs which adds N10 to a litre, won't that yield N83:58k? Our products are over priced.

awoo47:
rubbish...
saudi has 2heads abi??
frm start to finish saudi controls dere own oil
but here shell chevron etc epp us feast on d limited resources

1.Saudi inbrief produces oil at 11 million barrels per day, and they also have a population of ten million people. Nigeria produces oil at 2.4 million barrels per day for a population of 200million people. This means we don't have as much money as the Saudis do to pay for things...subsides included.

2.The same foreign companies in Nigeria also operate in Saudi Arabia. Chevorn for example has had a prescence and still has a prescence in Saudi Arabia for decades. As does Shell.

The reason why the Saudis are 'enjoying' is because they produce more oil for a lower populaiton.

Comparing Saudi and Nigeria is like comparing a man earning a salary of N70000 with ten children from three wives, with a man earning a salary of N7million with one wife and three children. Who would look more prosperous.?

kikero:


Well, first off, oil was never at $0 per barrel. That was the local American price, at which local American crude oil salesmen sell their oil to their local buyers within the States.

Oil at that point in time on the international market...which is different from the American market ...was selling at $24 per barrel...and this was harmful to Nigeria because our crude costs $24 to produce.

And yeah, it is your responsibility to pay a private company for the services it gives you...and here in Nigeria, we pay for fuel at the cheapest rate in West Africa (in Liberia it is close to N400 per liter, and all our neighbours pay at N300 and above...and Niger and Benin produce oil too).

If you were a businessman, would you start giving out your goods for free just because times are hard? If you did that , you would be broke, and you would sack staff.

Hope you're being paid for this

Homextras:
In 2014 Brent crude was sold for $93 and petrol was sold for N87. In 2015 oil fell to $48 or so, and petrol remained the same.

In 2020 oil is selling for $35/barrel and we are buying petrol for N145 with govt paying subsidy and later N125 without subsidy.

2020 is Buhari regime, 2014 was Gej regime.
Case closed.

What was the exchange rate then?

Homextras:
In 2014 Brent crude was sold for $93 and petrol was sold for N87. In 2015 oil fell to $48 or so, and petrol remained the same.

In 2020 oil is selling for $35/barrel and we are buying petrol for N145 with govt paying subsidy and later N125 without subsidy.

2020 is Buhari regime, 2014 was Gej regime.
Case closed.

what was the cost of dollar to Naira then.

kikero:


Well, first off, oil was never at $0 per barrel. That was the local American price, at which local American crude oil salesmen sell their oil to their local buyers within the States.

Oil at that point in time on the international market...which is different from the American market ...was selling at $24 per barrel...and this was harmful to Nigeria because our crude costs $24 to produce.

And yeah, it is your responsibility to pay a private company for the services it gives you...and here in Nigeria, we pay for fuel at the cheapest rate in West Africa (in Liberia it is close to N400 per liter, and all our neighbours pay at N300 and above...and Niger and Benin produce oil too).

If you were a businessman, would you start giving out your goods for free just because times are hard? If you did that , you would be broke, and you would sack staff.

Sir,we are not collecting fuel from filling stations as Government pallatives and incentives. We pay !!! So you can see that millions of nigerians have been paying for that. All i am saying is that the Overral Crude fall during this Covid 19 pandemic did not completely reflect in the price that we are paying right now.

There should have been a lower reduction. I see you might be into Oil business thats why youre trying to stand at the gaurd for the federeal government of Nigeria (in your mind).

When there are crisis,all companies have what we call " CMT" or " CMU" Crisis management team or Unit. It is their responsibility to figure out how to get the company afloat so that it wouldnt sink.


Not by putting pressure on the citizens and inflating their oil price in the midst of crisis just to feed their Already rich Staff.


Hope you get it now.

Have a blessed day.

kikero:


No, it isn't overpriced. Infact, we pay the lowest price for fuel in the whole West African subregion....all our neighbours pay at least N300 per liter of fuel...including countries like Niger where fuel costs N350 per liter.

Infact, it is the subsidy that government is paying that keeps fuel prices at N123.5 for now.

And government want's to hands off oil because over the last 15 years we have paid subsides for fuel to the tune of N15 trillion naira. That's money that could have gone for educaiton, health, etc. And because oil prices are too low for us to keep on paying subsides effectively. We need oil as high as $139 per barrel as our breakeven oil price. It has never been that high for some time.

This is an extremely daft comment. If you want to compare Nigeria fuel price, compare it with countries that have crude oil. Compare Nigeria with Saudi and the rest and check their fuel prices.

Don't compare with countries that don't have crude oil as resources.

You wonder how many Nigerians are so daft

Kingrefreshed:



Sir,we are not collecting fuel from filling stations as Government pallatives and incentives. We pay !!! So you can see that millions of nigerians have been paying for that. All i am saying that the Overral Crude fall during this Covid 19 pandemic did not completely reflect in the price that we are paying right now.

There should have been a lower reduction. I see you might be into Oil business thats why youre trying to stand at the gaurd for the federeal government.

When there are crisis,all companies have what we call " CMT" or " CMU" Crisis management team or Unit. It is their responsibility to figure out how to get the company afloat so that it wouldnt sink.


Not putting pressure on the citizens by inflating their oil price in the midst of crisis in other to feed their Already rich Staff.


Hope you get it now.

Have a blessed day.

When you run a business, you will get my point.

You want awoof. Awoof is not reality

kikero:


No, it isn't overpriced. Infact, we pay the lowest price for fuel in the whole West African subregion....all our neighbours pay at least N300 per liter of fuel...including countries like Niger where fuel costs N350 per liter.

Infact, it is the subsidy that government is paying that keeps fuel prices at N123.5 for now.

And government want's to hands off oil because over the last 15 years we have paid subsides for fuel to the tune of N15 trillion naira. That's money that could have gone for educaiton, health, etc. And because oil prices are too low for us to keep on paying subsides effectively. We need oil as high as $139 per barrel as our breakeven oil price. It has never been that high for some time.

Who told you FG is currently paying subsidy? Please say what you know.

Moneywirer:



Hope you're being paid for this

Sorry old chap. No link to any oil company. Just using the internet to read and read and read.....

Good at least government will stop saying they don't have money so far we depends on oil money.

Moneywirer:



You and I know that it couldn't have gone anywhere else other than the pockets of those men in power

Not really, subsidies go into the marketers pockets...which partly is used to pay salaries, trasport costs, expand buisness,e tc ,etc. etc.

Of course a bit goes into private pockets...this is Nigeria...but most subsidy costs are for mundane things.

kikero:


When you run a business, you will get my point.

You want awoof. Awoof is not reality

Its clear now,you have not been reading our conversation.

Youre head and mind has already been programmed on how much you will make with Crisis.

Unfortunately, truly unfortunately....things dont work that way.

SocialJustice:
Who told you FG is currently paying subsidy? Please say what you know.

If they weren't, why are they still controlling prices.??

So long as the government is still setting prices, there IS a subsidy, and if you believed Bubu when he said subsidy was gone, you obviously don't understand how subsides work.

Hint...underecovery.

oldtruth:


This is an extremely daft comment. If you want to compare Nigeria fuel price, compare it with countries that have crude oil. Compare Nigeria with Saudi and the rest and check their fuel prices.

Don't compare with countries that don't have crude oil as resources.

You wonder how many Nigerians are so daft

1.Thanks for calling me daft. I do appreciate that

2.Niger and Benin do produce oil. Cameroon too used to be a OPEC member even...

3.OK Saudi. Saudi produces 11million barrels of crude per day. They also have less than 15 million people. Nigeria on the other hand has 200 million people and 2.4 million barrels. The amount of income available to Saudi is far more than what is avaialble to Nigeria from oil...so they can afford to keep fuel at N85 PER LITER over there (yes, I checked)..and pay for all them beautiful things, and have a reserve of $500 billion or more self.(at one point in 2013 it was $750 billion)

See the difference.?