I’m awake right now 3:39am and I decided to check one of my site CCTV and the first thing that came to my mind was what if I see a ghost instead of a thief 😂😂
Why is petrol
Price still high ooo
A standard international barrel contains exactly 159 litres of liquid. [1, 2]
•Formula: \(\text{Crude Price per Barrel} \div 159\text{ Litres}\)
•Math: \(\$74 \div 159 = \mathbf{\$0.465\text{ per litre}}\) [1]
Step 2: Adding Refining Cost & Premiums
Raw crude must be refined into Premium Motor Spirit (PMS). Downstream models factor in a refining premium, operational margins, and port charges, typically adding around $10 to $12 per barrel (approx. $0.07 per litre). [1, 2]
•Formula: \(\text{Raw Crude Cost} + \text{Refining Margin}\)
•Math: \(\$0.465 + \$0.070 = \mathbf{\$0.535\text{ per litre}}\) (Wholesale Product Value)
Step 3: Foreign Exchange Conversion
Because petroleum is priced globally in US Dollars, the local cost is highly sensitive to the Naira exchange rate (currently averaging around ₦1,450/$). [1, 2]
•Formula: \(\text{Wholesale USD Price} \times \text{Exchange Rate}\)
•Math: \(\$0.535 \times ₦1,450 = \mathbf{₦776\text{ per litre}}\) (Ex-Refinery/Ex-Gantry Baseline)
Step 4: Downstream Distribution, Margins, and Taxes
To get the fuel from a facility like the Dangote Refinery to local filling stations, multiple local costs are layered on: [1, 2]
•NMDPRA Regulatory Levies: ₦5 – ₦10 per litre
•Transportation/Logistics (Nett): ₦30 – ₦50 per litre
•Marketer & Retailer Margins: ₦40 – ₦70 per litre
Even if you add 100 Naira and add trans port cost
It should be less than 1000
The kidnapped Borno children are still being held captive btw. It’s 46 days now🤧 and they have not being rescued. another set of students writing neco have been abducted again today💔😭