THE 419 OF N10 REDUCTION IN PUMP PRICE Jude Yange wrote: A barrel of Crude oil fell from $115 (Nigerian N20,930) to $43.14 (7,851). So it would have been natural for petrol to fall from N97 to N36. Nothing less, nothing more. So they are pocketing N51 for every liter of oil sold in Nigeria. Nigeria uses 30-33 million liters of oil daily. So they are making N1,530,000,000- N1,683,000,000 daily on the back of poor and innocent Nigerians. That is outrageous and condemnable. For me, if global pump prices have fallen by over 50% and our own reduction is just about 10% roughly, we need more explanations as to how we arrived at that. If another partial subsidy removal has been effected, we should be told. If the subsidy money budgeted for last year is being saved and kept somewhere, we should be told. We are still spending from the 2014 budget, so we need to know where the balance of the subsidy budget has been kept since oil prices started dropping last November. By my own rough and modest calculations as well as being on a safe side so we dont keep switching the pump price up and down (within this unstable price period), we should be at about N72 a liter - based on the last subsidy regime (partial subsidy removal - SURE-P). And at about N72 per liter, we should be saving a part (about N15 per litre) of the subsidy funds of the 2014 budget based on the current market price. Our savings will increase as price drops and decrease as price rises. Its simple. We shouldnt be zombies in a so-called transformation era. Ill be close to my TV this morning. Hope Channels TV will do justice to this matter with the relevant guests justifying how they arrived at N10 reduction in pump price or otherwise. And why it took them so long to effect the reduction. #ReverseEconomics? #TransformationAgenda?
Posted on: Mon, 19 Jan 2015 05:26:56 +0000
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