These are not my views. And I cannot validate the veracity of these words. I am not affiliated with the analyzer either. \u00a0But what if it is true?<\/p>\n
The Federal Government has finally removed\u00a0 fuel subsidy. Petroleum Products Pricing Regulatory Agency (PPPRA) made the announcement on Sunday [January 1st 2012]. In a statement the agency said a litre of\u00a0 petrol, Premium Motor Spirit (PMS) will now sell for N141.<\/p>\n
1) One barrel of Crude oil = 42 gallons or 159 litres<\/p>\n
2) Our Refineries (i.e 4) Installed (combined) capacity = 445,000… barrels per day<\/p>\n
3)Actual refineries capacity due to ageing equipment = 30% i.e. 133,500 barrels per day<\/p>\n
4) 133,500 barrels = 21.2 million litres daily<\/p>\n
5) Local required consumption (F.O.S) =12 millions litres daily<\/p>\n
6) It means that even our MORIBUND refineries can actually meet our local consumption need of petroleum.<\/p>\n
7) The cost structure of crude oil (i.e. Qua Iboe Crude Oil) production;<\/p>\n
– Findings \/ development – $3.5<\/p>\n
– Production cost – $1.5<\/p>\n
– Refining Cost – $12.6<\/p>\n
– Pipeline\/transportation – $1.5<\/p>\n
– Distr\/bridging fund Margin -$15.69<\/p>\n
(8) True cost of one litre of petroleum anywhere in Nigeria;<\/p>\n
– Total sum cost = $34.8<\/p>\n
– 1ltr cost = $34.8\/159 litres = $0.219<\/p>\n
– Naira equiv. 0.219 x N160 = N35.02k<\/p>\n
– Add Tax N5 + N35.02 = N40.02<\/p>\n
9) Let FGN refute the above composition and if not, they should tell us how they came about N65\/litre.<\/p>\n
10) Locally refined products cannot be sold at International price.<\/p>\n
11) We really do not need FGN SUBSIDY as there was NONE in the first place.<\/p>\n
12) What is LACKING, is the WILL to enforce LAW ON CORRUPTION.<\/p>\n
We still stand a chance as a COUNTRY.<\/p>\n
Analysis done by Professor Tam David West, former Petroleum Minister<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" These are not my views. And I cannot validate the veracity of these words. I am not affiliated with the analyzer either. \u00a0But what if it is true?<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_14738191_14738191":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[560,1],"tags":[419],"class_list":["post-1755","post","type-post","status-publish","format-standard","category-social","category-vl","tag-fuel-subsidy","entry"],"acf":[],"yoast_head":"\n