Oil prices crash further yesterday weighed down as the US dollar moved further away from three-year lows hit last week.US West Texas Intermediate (WTI) crude futures were at $61.37 a barrel down 42 cents, or 0.7 per cent, from their last settlement, while Brent crude futures had dropped 36 cents, or 0.6 per cent, from their last close to $64.89 per barrel. Wang Tao, Reuter’s technical commodity analyst, said Brent could fall into a range of $63.92-$64.41 per barrel, as suggested by its wave pattern and a projection analysis. Traders said the declines were driven by a recovery in the dollar, which potentially hits fuel demand as it makes greenback-denominated oil imports more expensive for countries using other currencies at home. The dollar steadied against a basket of currencies on Wednesday, having pulled up from three-year lows set last week as traders shaved off some of the bearish bets against the US currency. “The US dollar continues to find firmer footing,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore. Overall, however, oil markets remain well supported due to healthy demand-growth and supply restraint by the Organization of the Petroleum Exporting Countries (OPEC), which started last year to draw down excess global inventories.

http://www.akelicious.com/2018/02/dollar-recovery-crashes-oil-price-to.html

Why are we still buying petrol #185 per litre?

Again o

Hmmmmm.All we want is fuel

naija who raped u?

Can someone do a better summary of that?

Okay, next…

Naija Govt. .....hope unable dey see wetin dey happen poo.. ...price reduction in petrol

Naija Govt. .....hope una dey see wetin dey happen poo.. ...price reduction in petrol

People don't know the meaning of stabilize. Just last week, the news was that oil prices stabilizedat $65. Oil price hardly stabilize

Hmmm

Yet the economy is still in shambles

Abeg I even want ask sef what determine exchange between two currencies ? Dollar dollar dollar almost for everything u do ehn

We are in soup!

Buhari is a curse!
Fashola is a disappointment!


Still waiting for Buhari's N1 = $1 and N40 per liter of petrol

That's to make zombies remember and know GEJ did a great job. When barrel was $100+, we bought petrol for #97 naira.

But when it is $60+ under PMB, it is been sold for #145 and there's possibility of increasing the pump price.

So I wonder how much we will be buying under this administration If a barrel is $100+

Jonathan:
Buhari is a curse!
Fashola is a great man


Still waiting for Buhari's N1 = $1 and N40 per liter of petrol

That's your agreement before d election... I stand with u bro

obembet:


That's your agreement before d election... I stand with u bro

E be like say u dey craz

That useless Fashola that said he can give Nigeria 247 light in 6 months.
Two years don pass now

Where are d e-diots dat were insulting d former govt for making us pay too much for fuel despite d high cost of crude? Crude was at an all time high but we always saw fuel and bought at considerable low price.. Now we are buying fuel at an all time high dat could b higher despite crude being at a considerable low price and yet some Ppl want to convince us it is normal and how it shld b??

johnwegs:
naija who raped u?

I love this question.

Nigeria is not in a rush to crash itself....

gurunlocker:
That's to make zombies remember and know GEJ did a great job. When barrel was $100+, we bought petrol for #97 naira.

But when it is $60+ under PMB, it is been sold for #145 and there's possibility of increasing the pump price.

So I wonder how much we will be buying under this administration If a barrel is $100+

Don't use this argument

GEJ met fuel at 65naira, raised it to 140 before protests made him bring it down to 97.

And within a year of prices coming down to 97, everyone, except in Lagos and Abuja was selling at 105 and above.

And by the way, GEJ was right to raise prices to. 140.

Plus, higher oil prices meant more dollars to keep the value of the naira higher, and no need to restrict dollars.

eTECTIVe:
Where are d e-diots dat were insulting d former govt for making us pay too much for fuel despite d high cost of crude? Crude was at an all time high but we always saw fuel and bought at considerable low price.. Now we are buying fuel at an all time high dat could b higher despite crude being at a considerable low price and yet some Ppl want to convince us it is normal and how it shld b??

By 2013, it was only in Lagos and Abuja that fuel could be bought at 97.

Elsewhere it was above 100.in some cases as high as 185.

Thing is, GEJ made the right decision in 2012 to raise fuel price to 140.Nigerians forced him t bring it down to an unsustainable 97.

Op ur title is misleading

[quote author=CharlieMaria post=65272446]Why are we still buying petrol #185 per litre? [/quote your understanding is wacke.

Can someone explain please?

CharlieMaria:
Why are we still buying petrol #185 per litre?

Armchair economics with double C. (not the one from code Geass).

1. We are not making enough dollars to buffer the naira, so the value of the naira.is falling.

When. fuel cost 97, $1=N200.
Now $1=360.

2.As a result you need more naira to import a liter of fuel. Hence prices rise.

eTECTIVe:
Where are d e-diots dat were insulting d former govt for making us pay too much for fuel despite d high cost of crude? Crude was at an all time high but we always saw fuel and bought at considerable low price.. Now we are buying fuel at an all time high dat could b higher despite crude being at a considerable low price and yet some Ppl want to convince us it is normal and how it shld gb??

It is obvious that you are an illiterate.the country gains more when crude price is high and viceversa.

boyjo:
Can someone explain please?

A stronger dollar, due to the Trumpian economic recovery makes it difficult for countries that import fuel to keep on importing at $70 per barrel.

So, international oil producers reduce prices, or go out of business

I hope we use this high crude prices inflow well

koribobo:

It is obvious that you are an illiterate.the country gains more when crude price is high and viceversa.

I'm in gud mood today so I'll jus jump and pass ur comment

Brace up for fuel increase... the higher a barrel of crude oil, the higher the price of refined crude..

Kudos to Gej for holding:

Fuel at N87 despite selling crude at N100..
Dollar at N180 despite minimal restrictions on import..