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Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters - Politics - Nairaland

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Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by HungerBAD: 2:38am On Sep 15, 2016
Nigeria will not increase its gasoline prices, President Muhammadu Buhari told his oil minister and state oil firm head, summoned to his villa last week, sources at the compound said.

Oil Minister Emmanuel Ibe Kachikwu, the head of state oil firm NNPC Maikanti Baru and the entire government have stepped up efforts to keep fuel flowing into Nigeria without repeating the price increase of May and risking civil unrest.

Shortly before the meeting former Nigerian National Petroleum Corporation (NNPC) bosses had said such an increase may be needed.
A steep devaluation of the naira currency has made sales of petrol at government capped prices unprofitable, marketers say. Months of unrest in the Delta region has also cut Nigeria’s oil output and left as little as half the crude available that it needs to swap for refined motor fuel from trading companies.

“Gasoline is the top priority” for NNPC, said one oil industry source who, like many in Abuja was meeting daily with officials in the oil company. The company, and government, the source said, “will do whatever they can” to stop shortages and keep prices stable.

In a statement last week, NNPC’s Petroleum Products Pricing Regulatory Agency, which oversees downstream regulations, said there was “no basis” for price increase fears, and assured the nation of “uninterrupted supply and distribution.”

Nigeria has four oil refineries, but none of them have been able to run consistently enough to provide Africa’s most populous nation with enough gasoline and diesel - despite its historic position as Africa’s largest oil producer, pumping around two million barrels per day.
That is, before unrest cut output by around a third earlier this year.

Available, affordable gasoline is crucial to the government’s credibility. Shortages bring the nation to a halt, leading to days-long queues for fuel and power cuts at small businesses that rely on generators to withstand frequent power outages.

Nigerian unions have already threatened to take to the streets if prices rise further, as consumers face inflation that is at an 11-year high of 17 percent.

The Independent Petroleum Marketers Association of Nigeria, which represents small and medium fuel sellers, is, however, calling for higher prices. It argues that the current state cap of 145 naira per litre is far too low, given the devaluation.
The currency fell to 420 per dollar on the parallel market last month, compared with the rate of 285 that the government was using when it set the cap.

Gasoline is imported into Nigeria by NNPC and independent importers, with each usually providing half the total needed, but the government said it has been providing some 90 percent in recent months. (Reuters).


http://www.dailytrust.com.ng/news/business/buhari-rejects-marketers-call-on-petrol-price-hike--source/162462.html

5 Likes

Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by bejeiodus(m): 2:42am On Sep 15, 2016
It is advisable he maintains a rigid stance on this. The goodwill he enjoyed prior to and after his assumption of office is fast depleting due to acute ineptitude to confront the myriad of challenges assailing this nation. A further hike in the price of petrol will deal a fatal blow on his plummeting popularity and nail the coffin of his exit from power at the next elections.

18 Likes

Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by Standing5(m): 2:47am On Sep 15, 2016
Corruption must fight back. All the dollars they stole under previous govt is haunting them. They are so used to it now.

28 Likes 1 Share

Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by Firefire(m): 3:01am On Sep 15, 2016
Sai barber, another fuel pump price increase imminent...

Anything the barber reject, he goes back to swallow.

'Is as a dog returning to its vomit.'

Anytime the barber REJECT he goes back to SWALLOW.

26 Likes 3 Shares

Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by Lifestone(m): 3:11am On Sep 15, 2016
There is always a limit to human endurance. The French Revolution was fueled by an increase in the price of bread.
Any increase in the pump price of petrol now will make a bad time worse for Nigerians.
PMB should say no to this proposal

8 Likes

Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by Tyche(m): 3:27am On Sep 15, 2016
Just give him time, him go increase am going by his precedents. Moreso, there's no other way forward if the exchange rate persists as it is

4 Likes

Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by Flyingngel(m): 5:26am On Sep 15, 2016
Buhari thought ruling Nigeria in a democratic setting is the same when he was military president. He didn't knw Nigeria is now fill with unpatriotic elements who on delay basis are looking for ways to undermine the govt thereby making huge profit at d detriment of d masses. Uneasy is d head that wear d crown.

11 Likes 1 Share

Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by Danosky502: 5:43am On Sep 15, 2016
let's just keep our fingers crossed n watch out how tinz pan out because my faith for dis administratn deteriorated lng b4 nw

1 Like

Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by kolaitan(m): 6:14am On Sep 15, 2016
Which way Nija? I hope he will not deny this latter...The economy is hard enough we don't need more..
Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by PRYCE(m): 6:16am On Sep 15, 2016
Better!
Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by mrofficial(m): 6:27am On Sep 15, 2016
Lifestone:
There is always a limit to human endurance. The French Revolution was fueled by an increase in the price of bread.
Any increase in the pump price of petrol now will make a bad time worse for Nigerians.
PMB should say no to this proposal

This is exactly what will happen should there be any hike again.

I'm sure Buhari knows better. He should those dogs in human forms in check.
Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by thinkdip(m): 6:53am On Sep 15, 2016
Zoombies be like lets be patient with him pls, lets give buhari more time to finally ground the Nations economy for good, pls.

9 Likes

Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by Tallesty1(m): 7:05am On Sep 15, 2016
He rejected the call for devaluation

5 Likes

Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by FunkyMetahuman: 8:48am On Sep 15, 2016
Without refinery

Oil marketers will always win.


Expect scarcity soon.

4 Likes

Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by Nobody: 8:48am On Sep 15, 2016
if fuel price goes up because of current exchange rate, then we are in really big trouble, cos if they increase price of fuel today and the marketers wants to import tomorrow and decides to source for their forex from BDC again, that will increase the present exchange rate again, because they will buy millions of dollar and since it's scarce to find, the rate will increase, and this is how it will continue to be till $1= 1000 naira and 1 liter of fuel is 900 naira.

Bull-harry have destroyed this country

3 Likes 1 Share

Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by MrPresident1: 8:48am On Sep 15, 2016
Just like he rejected calls for the devaluation of the Naira. Smokes and mirrors. Nigerians brace up jare, tighten your belts.
Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by publicenemy(m): 8:53am On Sep 15, 2016
Wahala dey.
Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by Nobody: 8:56am On Sep 15, 2016
bejeiodus:
It is advisable he maintains a rigid stance on this. The goodwill he enjoyed prior to and after his assumption of office is fast depleting due to acute ineptitude to confront the myriad of challenges assailing this nation. A further hike in the price of petrol will deal a fatal blow on his plummeting popularity and nail the coffin of his exit from power at the next elections.
E be like say baba God don RESET bubu brain...... shocked somebody shout Haleluyah

1 Like

Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by BlackSeptember: 8:58am On Sep 15, 2016
Who takes buhari serious?

1 Like

Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by supereagle(m): 8:59am On Sep 15, 2016
Y is difficult to fix the refineries. It is the only way out of this log jam.
Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by Blainz(m): 8:59am On Sep 15, 2016
Initial he rejected devaluation of Naira too.
How much is Naira to a Dollar now?

Believe him at your own peril.
He will later succumb and they will give it a subtle term; "this is not price hike but price adjustment."
We should just be preparing for increment!

1 Like

Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by RareDiamonds: 8:59am On Sep 15, 2016
chai !!! Chai !!! Buhari is a confused, clueless, ignorant, arrogant, illitrate and bigoted dictator who is unfit to lead a country like Nigeria. This evil government should realize that their id1otic comments, actions and inactions since they assumed power in 2015 put Nigeria in its present state. Where is the stable power, free feeding, N1 to $1, allowance for unemployed, youth and women schemes, 1.5million jobs every year, NGN 45 per liter etc promised by this evil APC government ?

BUHARINOMICS and NEPA BILL IN ACTION with Lawyers heading the economic management team and ministry of planning and budget

4 Likes 1 Share

Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by agwom(m): 9:00am On Sep 15, 2016
hmmm
Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by ephi123(f): 9:00am On Sep 15, 2016
Story, story, story undecided
Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by lilprinze: 9:01am On Sep 15, 2016
I remember during his campaign when the dullard said he was going to regulate oil price.

3 Likes

Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by ephi123(f): 9:02am On Sep 15, 2016
BlackSeptember:
Who takes buhari serious?

I wonder.
Very uninspiring a leader, no single tangible idea or implementation of any significant thing since almost 2 years he's been in power. Huge disappointment. Mschew

4 Likes

Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by Nobody: 9:10am On Sep 15, 2016
lilprinze:
I remember during his campaign when the dullard said he was going to regulate oil price.
bro, he fulfilled the promise when he made the price of a barrel of crude oil to sell for less than $50usd. give him kudos bro, for he has stabilized the price for about a year now and destroyed the Nigerian economy along with it.

who says he is not an agent of change / destruction
Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by omoodeogere(m): 9:12am On Sep 15, 2016
THE REAL NIGERIA
I just realized that the
hardship faced by many Nigerians is simply as a result of the fact that almost everyone of us benefited from the cycle of corruption.
The bricklayer, plumber, labourers, tiler are all
complaining because building construction has slowed down massively cause the thieves no longer have money to spend on real estate.
The car dealers are
grumbling because their cars are begging for buyers.
Thieves can no longer spend wastefully.
The private school owners are shouting because parents can no longer pay outrageous sums and are withdrawing their wards.
I was shocked when I learnt that in a popular private University in Abuja, parents are writing undertaking at the account section for their children to be allowed to write exams... and it goes on and on.
The fact is, a lot of people are returning to what
someone referred to as ''default mode''.
We mostly have been living above our REAL MEANS.
We have been staying in houses that ordinarily our
incomes can't afford.
Our children going to schools we can't afford. Driving cars we ordinarily can't maintain.
We have been living a FAKE LIFE all along.
Now the reality is before us and we don't want to accept it.
This shows how morally bankrupt we are.
You can't eat your Cake and have it. TAKE NOTE.........
You got billions from bank without collateral using your political influence.
You put half into your business and spent the other half on exotic cars, jewelries' etc.
Your business employs 100 people normally. You get illegal waivers and concessions to import raw materials at rock bottom prices, you get over inflated contract to supply government some goods your company produce....
in short your company is kept afloat by corruption.
You have been paying Tithes, Sowing Seeds that includes money from corruption and inflated contracts.
Now, the new Sherriff in town say NO more ridiculous waiver, NO more inflated contracts, NO more bank loans without collateral, in fact its time you or your company pay off the billions of debt owed.....
AMCON takes over your company, staff are laid off......
And you go on air and say the new sheriff is killing business and causing unemployment..
The truth is....you and your company were never in business, you were only feeding off the corrupt system.
Too many companies and banks are funded by corruption.
Remove corruption from the system and they collapse.......and we end up blaming the person that remove corruption for the collapse of the corrupt company.
Its like our system and corruption are so interwoven and un-separatable twins, that, removing one will kill the other.
Maybe we should tolerate and learn to live with corruption so that Nigeria can survive?
But count me out of the BRING BACK OUR CORRUPTION campaign.
Blessed are the few incorruptible and hardworking Nigerians, for they shall be rewarded by the new emerging Nigeria.

13 Likes 3 Shares

Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by Nobody: 9:15am On Sep 15, 2016
omoodeogere:
THE REAL NIGERIA
.

copy and paste.
Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by fortunechy(m): 9:15am On Sep 15, 2016
PLZ,WHO KW THE LOCATION OF DT LADY DT GAVE LATE SANI ABACHA APPLE THEN?.........BECAUSE SHE STILL VE ONE UNFINISHED JOB UNDONE.
Re: Buhari Rejects Marketers’ Call On Petrol Price Hike – Daily Trust/Reuters by Brainy007: 9:16am On Sep 15, 2016
Lifestone:
There is always a limit to human endurance. The French Revolution was fueled by an increase in the price of bread.
Any increase in the pump price of petrol now will make a bad time worse for Nigerians.
PMB should say no to this proposal
Only the ignorants and kids talk of revolution in Nigeria.
Who would u revolt against?
For which reason exactly?!

1 Like 1 Share

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