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Nairaland Forum / Nairaland / General / Politics / Petrol Price May Increase As Brent Stabilises Around $35/barrel (16937 Views)
Fuel Price May Fall As Petrol Vessels Berth At Port / Petrol Price May Jump To ₦750 Per Litre — IPMAN / Diesel Price May Hit N1,500/litre, 75% Filling Stations Closed – Marketers (2) (3) (4)
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Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by Nobody: 7:18am On May 26, 2020 |
Homextras: 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. 4 Likes |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by brownemmanuel43(m): 7:18am On May 26, 2020 |
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 |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by partnerinbiz4: 7:18am On May 26, 2020 |
slay queens won't be found here oo 3 Likes |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by gaskiyamagana: 7:18am On May 26, 2020 |
NNPC fraud IPMAN saboteur DPR scam NIGERIA itself FANTASTICALLY CORRUPT with CURSED leaders. |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by jericco1(m): 7:21am On May 26, 2020 |
This is the kind of news that give marketers orgasm. Fuckers! 2 Likes |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by awoo47: 7:25am On May 26, 2020 |
kikero: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 |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by Reference(m): 7:25am On May 26, 2020 |
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. |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by Kingrefreshed: 7:26am On May 26, 2020 |
kikero: It was highly overprice. The news was all over the world even for the past 3 weeks now. Oil price per a barrel almost dropped to 0$ per a barrel but we were still paying N125 per a litre. |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by Nobody: 7:29am On May 26, 2020 |
awoo47: 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. 2 Likes |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by Grace001: 7:30am On May 26, 2020 |
Swingate: 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. 1 Like |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by Nobody: 7:30am On May 26, 2020 |
Kingrefreshed: 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. |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by 9gerian: 7:35am On May 26, 2020 |
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: |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by Kingrefreshed: 7:38am On May 26, 2020 |
kikero: When it was low,almost 0$, how much are we supposed to have been paying ? Is it our responsibilties to pay for the salaries of people the PRIVATE companys hired. 1 Like |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by awoo47: 7:39am On May 26, 2020 |
kikero: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 4 Likes |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by Nobody: 7:43am On May 26, 2020 |
Kingrefreshed: 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. 3 Likes 1 Share |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by Moneywirer: 7:44am On May 26, 2020 |
kikero: You and I know that it couldn't have gone anywhere else other than the pockets of those men in power |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by Hoodbilonia: 7:45am On May 26, 2020 |
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 |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by oz4real83(m): 7:48am On May 26, 2020 |
kikero: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. 3 Likes |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by Nobody: 7:49am On May 26, 2020 |
awoo47: 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.? 2 Likes 1 Share |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by Moneywirer: 7:51am On May 26, 2020 |
kikero: Hope you're being paid for this 3 Likes |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by Golan007: 7:52am On May 26, 2020 |
Homextras: What was the exchange rate then? 1 Like |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by Proudlyngwa(m): 7:55am On May 26, 2020 |
Homextras:what was the cost of dollar to Naira then. 1 Like |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by Kingrefreshed: 7:55am On May 26, 2020 |
kikero: 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. 2 Likes |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by Nobody: 7:56am On May 26, 2020 |
kikero: 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 2 Likes |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by Nobody: 7:57am On May 26, 2020 |
Kingrefreshed: When you run a business, you will get my point. You want awoof. Awoof is not reality |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by SocialJustice: 7:57am On May 26, 2020 |
kikero:Who told you FG is currently paying subsidy? Please say what you know. 1 Like |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by Nobody: 7:58am On May 26, 2020 |
Moneywirer: Sorry old chap. No link to any oil company. Just using the internet to read and read and read..... |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by OKTolu: 7:58am On May 26, 2020 |
Good at least government will stop saying they don't have money so far we depends on oil money. |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by Nobody: 7:59am On May 26, 2020 |
Moneywirer: 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. |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by Kingrefreshed: 8:00am On May 26, 2020 |
kikero: 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. |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by Nobody: 8:01am On May 26, 2020 |
SocialJustice: 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. 1 Like |
Re: Petrol Price May Increase As Brent Stabilises Around $35/barrel by Nobody: 8:04am On May 26, 2020 |
oldtruth: 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.? 2 Likes |
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