Petrol price has again been increased by FG, highest price since 2015.

NewsOne Nigeria reports that the Federal Government led by President Muhammadu Buhari on Thursday, March 11, 2021, initiated an upward review of petrol price to N212 per litre, raising fresh economic concerns for the country’s impoverished households.

This online news platform understands that the Petroleum Products Pricing Regulatory Agency (PPPRA), an agency of the government of Nigeria established in 2003 to, among other responsibilities, monitor and regulate the supply and distribution, and determine the prices of petroleum products in Nigeria, made this known in a statement on its official website on Thursday night.

READ MORE: https://newsoneng.com/2021/03/12/breaking-fg-increases-petrol-price-again-highest-since-2015/

sai baba till 2070.....congratulations to all hailers and wailers for the promises being fulfilled

dikeigbo2:
sai baba till 2070.....congratulations to all hailers and wailers for the promises being fulfilled

I'm not a sai-baba person, but here is some hard truth

You people like to say that GEJ kept fuel prices at N87....well it cost our economy more than N4 trillion over five years to keep prices that low.

Now, you want Buhari to do the same, and with revenue diminished from low oil prices too.....

I don't know for you Nigerians, but one thing I know...NNPC and government cannot be using money that could have been used for refineries to subsidise fuel to keep you people happy, while we get into more and more debt.

And by the way, GEJ wanted to stop all this by raising fuel prices from N65 to N140 in 2011, but you people told him no. So, here we are.

Deregulation, removal of subsidy completely is the answer. No wahala.

*.

I normal view anybody mentioning BMC as very low intellect and negative iq.

Well when it comes to fuel, nigeria may have it but doesn't refine it. Which means 90% is imported. You can set the price of what u import. Only illiterates argue with this.

For me the solution is to invest in oil refining. That's the only way to keep prices low. Or in the alternative increase minimum wage, pay workers more to cover the cost of living

Godarz:


I'm not a sai-baba person, but here is some hard truth

You people like to say that GEJ kept fuel prices at N87....well it cost our economy more than N4 trillion over five years to keep prices that low.

Now, you want Buhari to do the same, and with revenue diminished from low oil prices too.....

I don't know for you Nigerians, but one thing I know...NNPC and government cannot be using money that could have been used for refineries to subsidise fuel to keep you people happy, while we get into more and more debt.

And by the way, GEJ wanted to stop all this by raising fuel prices from N65 to N140 in 2011, but you people told him no. So, here we are.

Deregulation, removal of subsidy completely is the answer. No wahala.

So with this increase and removal of subsidy..is the country better? Is the economy better than 2015?? Have we stopped borrowing??

Godarz:


I'm not a sai-baba person, but here is some hard truth

You people like to say that GEJ kept fuel prices at N87....well it cost our economy more than N4 trillion over five years to keep prices that low.

Now, you want Buhari to do the same, and with revenue diminished from low oil prices too.....

I don't know for you Nigerians, but one thing I know...NNPC and government cannot be using money that could have been used for refineries to subsidise fuel to keep you people happy, while we get into more and more debt.

And by the way, GEJ wanted to stop all this by raising fuel prices from N65 to N140 in 2011, but you people told him no. So, here we are.

Deregulation, removal of subsidy completely is the answer. No wahala.

Subsidy is the only thing most Nigerians directly benefits from the Government. If we are in a country with leaders that are ready to serve the citizens subsidy in all sectors should go, except education.

tommy589:


Subsidy is the only thing most Nigerians directly benefits from the Government. If we are in a country with leaders that are ready to serve the citizens subsidy in all sectors should go, except education.

The problem is subsidy is making our debt worse.

It is also the reason why there is no new investment in refinereis. Who wants to produce fuel at a loss

Skyfornia:


So with this increase and removal of subsidy..is the country better? Is the economy better than 2015?? Have we stopped borrowing??

So you believed the government lie about subsidy removal eh?

Subsidy has not gone yet

Zombies put us all in this shit.

There is no light at the end of the Tunnel.

Thank you very much to the Zombies @vultureggrillz.

blackpanda:
I normal view anybody mentioning BMC as very low intellect and negative iq.

Well when it comes to fuel, nigeria may have it but doesn't refine it. Which means 90% is imported. You can set the price of what u import. Only illiterates argue with this.

For me the solution is to invest in oil refining. That's the only way to keep prices low. Or in the alternative increase minimum wage, pay workers more to cover the cost of living

government is broke

massive inflation loading...




I pity Nigerians,... especially salary earners with no hope for commensurate increment in their wages

tommy589:


Subsidy is the only thing most Nigerians directly benefits from the Government. If we are in a country with leaders that are ready to serve the citizens subsidy in all sectors should go, except education.

not all Nigerians benefits from subsidy. most of us don't pay tax.

Tochi3:
Zombies put us all in this shit.

There is no light at the end of the Tunnel.

Thank you very much to the Zombies @vultureggrillz.

TO TELL YOU ZOMBIES ARE MORE IN POPULATION IN NIGERIA


IS BETTER WE DISINTEGRATE SO THAT ZOMBIES CAN HAVE THEIR OWN COUNTRY

Carry your bmc id card so you go get am @ 87/lit

Some people, out of selfish interests, campaigned for and voted in this calamity. Now, everybody is suffering cos of it.

Godarz:


I'm not a sai-baba person, but here is some hard truth

You people like to say that GEJ kept fuel prices at N87....well it cost our economy more than N4 trillion over five years to keep prices that low.

Now, you want Buhari to do the same, and with revenue diminished from low oil prices too.....

I don't know for you Nigerians, but one thing I know...NNPC and government cannot be using money that could have been used for refineries to subsidise fuel to keep you people happy, while we get into more and more debt.

And by the way, GEJ wanted to stop all this by raising fuel prices from N65 to N140 in 2011, but you people told him no. So, here we are.

Deregulation, removal of subsidy completely is the answer. No wahala.

And since govt no longer pay that money now, what good have they done with the money?

Skyfornia:


So with this increase and removal of subsidy..is the country better? Is the economy better than 2015?? Have we stopped borrowing??

Don't mind the him. The truth is we belive we r doing the right but hell no!

We no longer paying subsidy yet we keep borrowing to finance infrastructure

Minimum wage is no different from what it used to be

All necessary money that was supposed to be used for quality things are being payed to bandits and u expect this country to be good in nearest future

Godarz:


I'm not a sai-baba person, but here is some hard truth

You people like to say that GEJ kept fuel prices at N87....well it cost our economy more than N4 trillion over five years to keep prices that low.

Now, you want Buhari to do the same, and with revenue diminished from low oil prices too.....

I don't know for you Nigerians, but one thing I know...NNPC and government cannot be using money that could have been used for refineries to subsidise fuel to keep you people happy, while we get into more and more debt.

And by the way, GEJ wanted to stop all this by raising fuel prices from N65 to N140 in 2011, but you people told him no. So, here we are.

Deregulation, removal of subsidy completely is the answer. No wahala.

Is this government not paying the fuel subsidy?

Fuel above N200.

Power holding, you see light once in 4 days.

What do you do ?

If you don't have power banks, UPS and inverters. Sorry.

So 10 litres of fuel is now N2,110. The quantity of fuel a barber or business owner will consume in one day.

Godarz:


I'm not a sai-baba person, but here is some hard truth

You people like to say that GEJ kept fuel prices at N87....well it cost our economy more than N4 trillion over five years to keep prices that low.

Now, you want Buhari to do the same, and with revenue diminished from low oil prices too.....

I don't know for you Nigerians, but one thing I know...NNPC and government cannot be using money that could have been used for refineries to subsidise fuel to keep you people happy, while we get into more and more debt.

And by the way, GEJ wanted to stop all this by raising fuel prices from N65 to N140 in 2011, but you people told him no. So, here we are.

Deregulation, removal of subsidy completely is the answer. No wahala.

Oga analyst you seem to understand how it works but you have shallow knowledge about it, has Buhari government been able to revive any refinery
You sound stupid like APC advisers, any new government should understand the defect in the economy before forcing they way in and not to start giving excuses for their failures ,

]

lamentor78:


Oga analyst you seem to understand how it works but you have shallow knowledge about it, has Buhari government been able to revive any refinery

Well, there are 25 extant refinery licences...the reason why only 5 are under construction is because subsides means that any refinery would sell petrol at a loss

Also, NNPC is spending the money it could have used for refinery revitalisation on subsidsing fuel, even more so since 2017 when Bubu forced them to become the sole importer of fuel

Also, no foregin investors are going to come and build refineries when subsidy=low fuel prices=refining fuel at a loss.

Even Dangote...he took l;oans to build his refinery. If he is forced to sell fuel at a loss, the banks will take over his refinery and businesses to get their money back.

You sound stupid like APC advisers, any new government should understand the defect in the economy before forcing they way in and not to start giving excuses for their failures ,

I wonder why you have to abuse me when I did not abuse you...you can make your points without abuse.

Shukushaka:

Is this government not paying the fuel subsidy?

Yes, which is why things are this bad in the oil sector.

Highest since 1960

princemillla:



And since govt no longer pay that money now, what good have they done with the money?

They are stll paying it, always have been.

It is because, like most Nigerians, you don't understand what a subsidy is, and how it damages the economy.

Godarz:


Yes, which is why things are this bad in the oil sector.

Omoh this government has failed and clueless stop defending rubbish.

Someone can not sleep and wake up to good news about Nigeria.
It’s either you wake up to the news of bandits or sth worse, now they said Buhari has increased fuel price to N212.

This country nawa...and the funny thing is that we can't do anything about it.

Shukushaka:

Omoh this government has failed and clueless stop defending rubbish.

Yes i agree with you.

The government has failed by selling fuel below its prodiction price, repeating the same mistake we have been doing for over 4 decades.

As a result, we have efinereis that don't work because subsidy on petrol means there isn't enough of a proifit to make them work.

If Buhari had removed fuel subsidy in 2015, and allowed the marketers to set the price of their produict, by now we would have had more than ten private refinereis under construction or completed, and increased production, which would have brought down prices.

But because he refused....out of politics, and a 40 naira per liter that isn't realistic.

Also, if he had increased our tax to gdp ratio, maybe we would have had more money to subsidse fuel....but he didn't.

So yes, the government has failed to take the neccesary hard decisions needed to revive our economy

Good am.

Godarz:


I'm not a sai-baba person, but here is some hard truth

You people like to say that GEJ kept fuel prices at N87....well it cost our economy more than N4 trillion over five years to keep prices that low.

Now, you want Buhari to do the same, and with revenue diminished from low oil prices too.....

I don't know for you Nigerians, but one thing I know...NNPC and government cannot be using money that could have been used for refineries to subsidise fuel to keep you people happy, while we get into more and more debt.

And by the way, GEJ wanted to stop all this by raising fuel prices from N65 to N140 in 2011, but you people told him no. So, here we are.

Deregulation, removal of subsidy completely is the answer. No wahala.

very unintelligent,reduce forex,or build or repair refineries,just reduce or eliminate fuel importation and see things become normal,prices will come down.
This is self inflicted hardship by a clueless or wicked government.

surgical:
very unintelligent

So selling fuel at N162 after buying it at N186 per liter and paying a subsidy that does not cover the losses adequately, and using NNPC profits to pay for the subsidy, reducing their ability to fix refienreis...is intelligent

Wasting N4 trillion so that Nigerians could buy fuel at N87, while we were importing it at A cost of N99-132 over 5 years was intelligent?

If you were selling stuff, and government came and announced price controls on what you sell so that you don't make a profit, and pays you a subsidy that does not cover the losses you make, that's unintelligent?

Okay....

,

reduce forex,or build or repair refineries,just reduce or eliminate fuel importation and see things become normal,prices will come down.
This is self inflicted hardship by a clueless or wicked government.

Yes, and that can happen if we remove subsides and allow makrketers set the price of fuel...so that there would be more than enough profit in the system to do so...plus government saves money!

lamentor78:


Oga analyst you seem to understand how it works but you have shallow knowledge about it, has Buhari government been able to revive any refinery
You sound stupid like APC advisers, any new government should understand the defect in the economy before forcing they way in and not to start giving excuses for their failures ,

I don't know how we got here, the government,its ministers,apc members are all daft people going by their policies and even the defence put up by their supporters are usually stupid and worst part they put it out confidently believing the rest of us are as stupid as they are
We are not all stupid,though we might be minority in the population..
For as long as they continue to increase the price of dollars,there will be no end in sight for fuel price hike even if prices remain same in the international market.

Godarz:


I'm not a sai-baba person, but here is some hard truth

You people like to say that GEJ kept fuel prices at N87....well it cost our economy more than N4 trillion over five years to keep prices that low.

Now, you want Buhari to do the same, and with revenue diminished from low oil prices too.....

I don't know for you Nigerians, but one thing I know...NNPC and government cannot be using money that could have been used for refineries to subsidise fuel to keep you people happy, while we get into more and more debt.

And by the way, GEJ wanted to stop all this by raising fuel prices from N65 to N140 in 2011, but you people told him no. So, here we are.

Deregulation, removal of subsidy completely is the answer. No wahala.

Do kindly say the truth, maybe i i don't know anything ni. Is the country better than the way this administration met it?