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If NNPC Sells At 145 Naira Then There Is Massive Corruption. - Politics - Nairaland

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If NNPC Sells At 145 Naira Then There Is Massive Corruption. by MossadAgent: 9:14pm On May 12, 2016
1. NNPC imports petrol via agents appointed by Buhari who are mainly drawn from his family, friends and close confidants.

2. NNPC agents source forex for fuel imports from the CBN at the official rate of 199 naira per dollar.

3. Round tripping and diversion of forex ends up in the black market where the forex is sold at 325.

4. NNPC does not have the infrastructure in terms of fuel depots at both the Apapa and Tin Can ports to meet Nigeria's daily consumption.

5. Prior to this regime, fuel tankers offloaded their contents on a daily basis in Lagos ports.

6. With the forex scarcity and refusal of the govt to come to terms with compensating for the foreign exchange cost, most if not all independent marketers stopped importing.

7. This leads to only a trickle of 2 or 3 tankers a week offloading their contents in Lagos- a drastic drop when compared to when independent marketers where importing.

8. NNPC agents appointed by Buhari also fleece the govt by falsely claiming subsidies on imports as well as declaring arrival of none existing tankers at Lagos ports.

9. The govt then decides to allow independent marketers import and sell well above the official price in order to meet the shortfall.

10. The govt insists that independent marketers must source for forex outside the CBN. Thus marketers will get forex at as today at 345 naira per dollar, while the NNPC agents will still have access to forex at 199.

11.why then will NNPC sell at 145 naira?

12. This means NNPC will be making a wider profit margin than independent marketers if fuel retails at 145 naira per litre at their stations.

So in a nutshell, NNPC will now be making more profit at 145 if they still source forex at 199 as against independent marketers who have to pay 345 naira to a dollar.

This then implies that a state owned corporation will be making more profit than private firms.
Re: If NNPC Sells At 145 Naira Then There Is Massive Corruption. by MossadAgent: 9:21pm On May 12, 2016
ZombieNation:
The fuel scarcity doesn't bother Buhari.

There is no more subsidy for PMS anymore and the current lingering chronic scarcity we are witnessing is due to the fact that only NNPC through their agents is importing fuel.


This is because the FG has refused to allocate forex to independent marketers and only allowed NNPC import agents (who by the way are handpicked by Buhari among his friends, family members and cronies ) to have access to CBN forex.


The scarcity we are witnessing is no different with what transpired during the Abacha years where virtually every drop of fuel imported by the NNPC was through the Abacha family.


A long as CBN refuses to allocate forex to independent marketers and also the situation where Buhari hand picked import agents for nnpc, there will always be shortfall of PMS and as long as only the hypocrite Buhari is chopping the there will always be fuel queues
Re: If NNPC Sells At 145 Naira Then There Is Massive Corruption. by MossadAgent: 9:32pm On May 12, 2016
We should also ask the minister of petroleum the cost of refining a litre of fuel at their refineries.

Is the cost of refining a litre of fuel by the NNPC up to 145 naira per litre?

Can imported fuel which includes landing cost plus forex compensation be cheaper than NNPC locally refined fuel?


I for one know that the current pricing in effect is meant to pave way for Dangote's refinery which will soon begin operation by mid 2017.

This is exactly how Dangote created a monopoly of rice imports during the Obasanjo era by chasing the only main competitor ( Vaswani brothers) to his then upcoming fledging empire .

This new pricing regime is meant to make serious money for buhari and his cronies through a skewed forex regime and also to pave way for Dangote's supremacy in the downstream sector.

Change is for daft foolish myopic zombies
Re: If NNPC Sells At 145 Naira Then There Is Massive Corruption. by millhouse: 4:18am On May 13, 2016
Terrible

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