No problem. Mr Aturu and the judge should find the money to 'control' fuel prices. If I were the government I will just file for bankruptcy protection. Then I will see who will pay. See why it is important for oil imports to terminate at NNPC instead of the CBN. Stories of NNPC bankruptcy some time ago will have ended subsidy.

instead of raising fuel prices at a time like 30 naira .why dont we raise a small amount every month say 1 or 2 naira .
it will better absorb inflation it brings about. The Indian govenment is doing exactly like that with minimal political pressure.
I pray for GEJ advisors

I don't know if this should be taken as a good news or not. Deregulation will be a good thing in the long run but the citizens I don't think will be patient enough.

I don't know if this should be taken as a good news or not. Deregulation will be a good thing in the long-run because of fierce competition that will ensue among the marketers but the citizens I don't think will be patient enough.

Anyways, it is still the corruption that is a problem. These poliTRICKcians will surely find their way. They will trick us.

duality: lots of folks here don't know the meaning of deregulation. believe me, lots of nigerians, no matter how highly place,do not know the real meaning of deregulation. go to the streets, remove "petrol" from the idea and ask them to explain what deregulation is. you'll be shocked.

Why didn't you enlighten them?

obi2012: Why not deregulate the price, encourage people to refine locally and generate competition to drive down prices?

We might as well act like the operating cost of any locally refined product will allow our local refiners to sell at a lower cost than the international ones, even when freight and insurance costs are factored in; as long as they get crude at international/non subsidised rates.

The best for the nation is to either form PPPs between the NNPC and private partners; where the crude set out for local consumption (over 400,000 barrels) are refined. Or the crude supply is subsidised and the refined products subsidy is scrapped; thereby subsidising production instead of consumption and making local refining viable. Else, we can keep kidding ourselves, as if the local production of cement has made it cheaper than the internationally produced ones.

Finally, my topic made it to the front page...*Dancing Azonto*

The upstream and midstream sectors should first be deregulated so that more crude oil will be refined then the downstream sector deregulation will be in order as we would only be buying locally refined fuel at a lower price.

snakova:
so u think deregulation or lack of it is what is hindering development n not the criminals that want to loot till thy kingdom come? continue decieving urself. its not deregulation that squandered 65 BILLION dollars in 4 years now, abi?

Deregulation removes government control over the downstream sector and puts it completely in private hands. Competition among private companies will force prices down. Where's the room for fraud in that?

The FG just failed to do the first things first. The Price Control Act (the basis for this ultimately silly and unrealistic judgement) needs to be scrapped before meaningful deregulation can take place.

Allocate crude quotas for oil companies operating in the country
Subsidise the crude oil to be used in Nigeria
Encourage licensed small and medium scale refineries.

VENEZUELA: We only pay $1.02 to fill the tank. What I pay for with N12,000 here (Nigeria), in Venezuela I’ll pay N400.[i][/i]

The Minister of Information and Communications, Dora Akunyili, yesterday got more than she bargained for when Enerique Fernando Arrundell, the Venezuelan Ambassador to Nigeria, used the opportunity of his visit to her office to tell Nigerians some hard lessons on how to manage, develop and utilize their God-given natural resources for the benefit and good of all.

The envoy, who was responding to an appeal by Mrs. Akunyili to help woo some of his country’s investors to come in and establish refineries under the federal government's planned deregulation of the downstream sector of the nation's petroleum industry, advised Nigeria to rather look inwards and to take full control of the industry.

Though, he acknowledged Venezuela as a prominent member of the Organization of the Petroleum Exporting Countries (OPEC) like Nigeria, he said his country will be willing to collaborate with the federal government to develop the industry.

The hard truth

Mr. Arrundell said, “In Venezuela, since 1999, we’ve never had a raise in fuel price. We only pay $1.02 to fill the tank. What I pay for with N12,000 here (Nigeria), in Venezuela I’ll pay N400. What is happening is simple. Our President (Hugo Chavez) decided one day to control the industry, because it belongs to the Venezuelans. If you don’t control the industry, your development will be in the hands of the foreigners.

You have to have your own country. The oil is your country’s. Sorry I am telling you this. I am giving you the experience of Venezuela. We have 12 refineries in the United States, 18,000 gas stations in the West Coast. All we are doing is in the hands of the Venezuelans.”

The envoy said, “Before 1999, we had three or four foreign companies working with us. That time they were taking 80 per cent, and giving us 20. Now, we have 90 per cent, and giving them 10. But now, we have 22 countries working with us in that condition.

It is the Venezuelan condition. You know why? It is because 60 per cent of the income goes to social programmes. That’s why we have 22,000 medical doctors assisting the people in the community. The people don’t go to the hospital; doctors go to their houses. This is because the money is handled by the Venezuelans. How come Nigeria that has more technical manpower than Venezuela, with 150 million people, and very intellectual people all around, not been able to get it right? The question is: If you are not handling your resources, how are you going to handle the country?

“So, it is important that Nigeria takes control of her resources. We have no illiterate people. We have over 17 new universities totally free. I graduated from the university without paying one cent, and take three meals every day, because we have the resources. We want the resources of the Nigerian people for the Nigerians. It is enough! It is enough, Minister!”[/b]Government’s plea

Earlier, Mrs. Akunyili thanked the Ambassador for his visit, saying it is a demonstration of his love for the African continent, pointing out that there has always been some level of bilateral trade between the two countries, though very skeletal, as a result of the low awareness of the latent potential of Nigeria as an investor’s goldmine.

Drawing attention to the huge potential in the nation’s telecommunications sector, which is being exploited optimally by South African investors, the Minister noted: “There has been trade between the two countries actually, but we do not have many Venezuelans setting up manufacturing outfits in Nigeria. I want you to use your good office to send a message across to your people that Nigeria is a goldmine for genuine investors. We want them to come invest just as other investors are doing in the telecoms sector.”

She gave the assurance that government will give them the full cooperation, adding that President Yar’Adua’s administration is working hard to ensure that the country’s economy is taken to the next level through the initiative of the seven-point agenda and Vision 20-2020, designed to make Nigeria one of the largest economies of the world by the year 2020.

http://234next.com/csp/cms/sites/Next/Money/Business/5485512-146/story.csp

[b]
The Punch Version I read yesterday had the man shouting @ Dora Akunyili " Minister this is enough!! Enough is Enough!!!"
cry cry embarassed
@ Moderator, this is a hot topic for homepage.
Re: Govt Exposed! Every Nigerian Should Read This! Venezuelan Envoy Tutors Nigeria by afam4eva(m): 3:56pm On Nov 25, 2009
Hmm
Re: Govt Exposed! Every Nigerian Should Read This! Venezuelan Envoy Tutors Nigeria by foyeks2001(f): 4:02pm On Nov 25, 2009
hmnnnnnnnnn
Re: Govt Exposed! Every Nigerian Should Read This! Venezuelan Envoy Tutors Nigeria by back2back(f): 4:15pm On Nov 25, 2009
The Venezuela Amb has said it clearly for us!

VENEZUELA: “In Venezuela, since 1999, we’ve never had a raise in fuel price. We only pay $1.02 to fill the tank. [i][/i]

The Minister of Information and Communications, Dora Akunyili, yesterday got more than she bargained for when Enerique Fernando Arrundell, the Venezuelan Ambassador to Nigeria, used the opportunity of his visit to her office to tell Nigerians some hard lessons on how to manage, develop and utilize their God-given natural resources for the benefit and good of all.

The envoy, who was responding to an appeal by Mrs. Akunyili to help woo some of his country’s investors to come in and establish refineries under the federal government's planned deregulation of the downstream sector of the nation's petroleum industry, advised Nigeria to rather look inwards and to take full control of the industry.

Though, he acknowledged Venezuela as a prominent member of the Organization of the Petroleum Exporting Countries (OPEC) like Nigeria, he said his country will be willing to collaborate with the federal government to develop the industry.

The hard truth

Mr. Arrundell said, “In Venezuela, since 1999, we’ve never had a raise in fuel price. We only pay $1.02 to fill the tank. What I pay for with N12,000 here (Nigeria), in Venezuela I’ll pay N400. What is happening is simple. Our President (Hugo Chavez) decided one day to control the industry, because it belongs to the Venezuelans. If you don’t control the industry, your development will be in the hands of the foreigners.

You have to have your own country. The oil is your country’s. Sorry I am telling you this. I am giving you the experience of Venezuela. We have 12 refineries in the United States, 18,000 gas stations in the West Coast. All we are doing is in the hands of the Venezuelans.”

The envoy said, “Before 1999, we had three or four foreign companies working with us. That time they were taking 80 per cent, and giving us 20. Now, we have 90 per cent, and giving them 10. But now, we have 22 countries working with us in that condition.

It is the Venezuelan condition. You know why? It is because 60 per cent of the income goes to social programmes. That’s why we have 22,000 medical doctors assisting the people in the community. The people don’t go to the hospital; doctors go to their houses. This is because the money is handled by the Venezuelans. How come Nigeria that has more technical manpower than Venezuela, with 150 million people, and very intellectual people all around, not been able to get it right? The question is: If you are not handling your resources, how are you going to handle the country?

“So, it is important that Nigeria takes control of her resources. We have no illiterate people. We have over 17 new universities totally free. I graduated from the university without paying one cent, and take three meals every day, because we have the resources. We want the resources of the Nigerian people for the Nigerians. It is enough! It is enough, Minister!”[/b]Government’s plea

Earlier, Mrs. Akunyili thanked the Ambassador for his visit, saying it is a demonstration of his love for the African continent, pointing out that there has always been some level of bilateral trade between the two countries, though very skeletal, as a result of the low awareness of the latent potential of Nigeria as an investor’s goldmine.

Drawing attention to the huge potential in the nation’s telecommunications sector, which is being exploited optimally by South African investors, the Minister noted: “There has been trade between the two countries actually, but we do not have many Venezuelans setting up manufacturing outfits in Nigeria. I want you to use your good office to send a message across to your people that Nigeria is a goldmine for genuine investors. We want them to come invest just as other investors are doing in the telecoms sector.”

She gave the assurance that government will give them the full cooperation, adding that President Yar’Adua’s administration is working hard to ensure that the country’s economy is taken to the next level through the initiative of the seven-point agenda and Vision 20-2020, designed to make Nigeria one of the largest economies of the world by the year 2020.

http://234next.com/csp/cms/sites/Next/Money/Business/5485512-146/story.csp

[b]
The Punch Version I read yesterday had the man shouting @ Dora Akunyili " Minister this is enough!! Enough is Enough!!!"
cry cry embarassed
@ Moderator, this is a hot topic for homepage.
Re: Govt Exposed! Every Nigerian Should Read This! Venezuelan Envoy Tutors Nigeria by afam4eva(m): 3:56pm On Nov 25, 2009
Hmm
Re: Govt Exposed! Every Nigerian Should Read This! Venezuelan Envoy Tutors Nigeria by foyeks2001(f): 4:02pm On Nov 25, 2009
hmnnnnnnnnn
Re: Govt Exposed! Every Nigerian Should Read This! Venezuelan Envoy Tutors Nigeria by back2back(f): 4:15pm On Nov 25, 2009
The Venezuela Amb has said it clearly for us!

But I know Nigeria still under the clutch of Britain and USA.

You have to have your own country. The oil is your country’s.


Gbosa! Gbosa!! Gbosa!!

I graduated from the university without paying one cent, and take three meals every day, because we have the resources.

Gbam! Gbam!

If you are not handling your resources, how are you going to handle the country?


Knockout!!!!
grin cheesy grin
Re: Govt Exposed! Every Nigerian Should Read This! Venezuelan Envoy Tutors Nigeria by donjon: 4:27pm On Nov 25, 2009
I hope yar'adua is reading this!
Dead oR ALIVE!
Re: Govt Exposed! Every Nigerian Should Read This! Venezuelan Envoy Tutors Nigeria by MrPrsdent(m): 4:29pm On Nov 25, 2009
lmao
Re: Govt Exposed! Every Nigerian Should

^^^^^
Venezuela has 18% of the world's oil reserves and daily production of 2.3mbpd supporting a population of 30 million.

Nigeria has 2% of the world's oil reserves and daily production of 2.5mbpd supporting a population of 170 million.

Do the math. Is it sustainable, over the long term, for Nigeria to continue to subsidize fuel for so many people?

Classic case of apples and oranges.

This whole thing appears to be an academic exercise.

So Venezuela has 9 times the amount of oil we have yet we produce more per day than Venezuela? Do they purposely choose to produce less and save theirs for a rainy day or do they just not have the production capacity?

HNosegbe: ^^^^^
Venezuela has 18% of the world's oil reserves and daily production of 2.3mbpd supporting a population of 30 million.

Nigeria has 2% of the world's oil reserves and daily production of 2.5mbpd supporting a population of 170 million.

Do the math. Is it sustainable, over the long term, for Nigeria to continue to subsidize fuel for so many people?

Classic case of apples and oranges.

obi2012: So Venezuela has 9 times the amount of oil we have yet we produce more per day than Venezuela? Do they purposely choose to produce less and save theirs for a rainy day or do they just not have the production capacity?

I think the answer to your question is obvious enough.

The real point I'm trying to make is that we cannot use the subsidy in Venezuela to justify ours.

If the answer was obvious, I wouldn't ask the question.. I get your point. I was just asking a genuine random question as someone who doesn't know

HNosegbe:

I think the answer to your question is obvious enough.

The real point I'm trying to make is that we cannot use the subsidy in Venezuela to justify ours.

obi2012: If the answer was obvious, I wouldn't ask the question.. I get your point. I was just asking a genuine random question as someone who doesn't know

Ok.

Venezuelan oil production has been on the decline over the last couple of decades. The main reason has been the decline in fresh exploration and private sector investment due to the nationalization of the industry by Hugo Chavez back in 2007. New fields are not being developed, even though they are known to have proven reserves of oil.

I hope I've answered your question.

thanks a lot

HNosegbe:

Ok.

Venezuelan oil production has been on the decline over the last couple of decades. The main reason has been the decline in fresh exploration and private sector investment due to the nationalization of the industry by Hugo Chavez back in 2007. New fields are not being developed, even though they are known to have proven reserves of oil.

I hope I've answered your question.

obi2012: thanks a lot

My pleasure.

Deregulation of the downstream oil sector in Nigeria
http://articlesng.com/deregulation-downstream-oil-sector-nigeria/