same story all d way!

I see danger!

One can understand if the ceiling for PMS retail, as advised by the PPRA is 145/lit. but to have arrived at such figure by adopting an ex change rate that is not the prevalent rate at the parallel market is not only mischievous, it is sinister as well as diabolical!

The import of this is that, very soon enough, the price band would be revised and the ceiling would be no less than 170 naira per litre.

Again, questions need to be asked about the calibre of critical stakeholders that agreed for the PPPRA to use an upper limit of N298 to $1 for its price band calculations. Except, of course, the CBN has agreed to provide forex to products' importers at that amount while still maintain Buhari's N199 per $ for businesses of the government.

Fellow Nigerians, make no mistakes about it, prices are yet to escalate! This is just a threshold the government has achieved, and the lies by Kachikwu and his gang is very disheartening. Nonetheless, let's accept full deregulation as the way to go and make all the necessary sacrifices.

I cn assure you petroleum marketers will take advantage of this. Are we not in nigeria? Has DPR and PPRA every being able to enforce price regulation outside abuja? Even when they were subsidising, fuel marketers were already selling at 140- 150 now they have been saddled with the responsibility of sourcing forex and importing a litre of fuel will sell for as much as N250. All filling stations were so quick to adjust thier pumps and sell subsidized products yesterday for 145. After they run out of this stock you will see drama most of them won't even bother importing petrol again. The ministers of petroleum have failed and the easiest way out is to pass the bulk to the masses. No matter how APC supporters try to sugar coat this, its a very wrong move. The cost of food and transportation in the market won't wait for market forces to determine the price of fuel before they start sky rocketting more. There is so much suffering in this country but zobeism won't allow people protest. I laugh when I see the pained and false expression on zombies faces as they try to rationalize this government's insensitive policies. Austerity measures were protested all over the world in advanced nations, but even to voice out how you feel zombies **** go one chop you

richidinho:
Mttcheew...diz Govt Sef

"Security Beefed up in Abuja"

Hope what happened in 1983 is not trying to repeat itself

That's what we all pray for. We hope for another Moses Ibrahim Babangida to rise and lead us out of the shackles of poverty, regret, death, curse, economic woes, etc...

Firefire:
Nigerian Naira now technically devaluated N298/$.

And to think that you typed this in bold letters...
The word is devalued!!!!

Benikuuse:
Hmm why can't NLC embark on a nation wide strike just as they did during Jonathan's regime?

Forgot Jonathan, we are paying for our mistakes for years. What stop Nigeria from building a refinery all this year's, we have crude only to refine locally.

This happen to all nations that depends on Crude Oil exports, we have waste the Oil boom, on refinery, no road and no rail system.

If we have build refinery 5 years ago, trillion naira on subsidies under Jonathan will be save or inject into our economy.

Diz write up is too lenghty for me to read for now, abeg make i go chow come back.


And can any one help to summarise diz in two sentences plz

Ferraricash:
What a waste of people's vote, thank God I no vote because I knew it will end like this polithieves everywhere

IT'S ALSO YOUR FAULT! BY NOT VOTING, YOU HELPED VOTE HIS REGIME. WELL, THAT'S BESIDES THE POINT, LET'S KEEP SENTIMENTS ASIDE - COMPLAINING AND POUTING LIKE LITTLE KIDS ISN'T GONNA FIX ANYTHING. I THINK THE BEST WE CAN DO RIGHT NOW IS TO HAVE ALL HANDS ON DECK, WE'RE ALL ON THE SAME BOAT.

The more you look the less you see...

seunlayi:
I knew that this govt has no plan apart from getting to power at all cost.

That's the problem, they didn't believe they were going to win so they didn't make any plan other than to have costed commotion should they not have won

With the pressure from fuel importers, Naira will further depreciate in parallel market.

bbjummy:

I too didn't vote but we are all in this sinking ship together. We shall succeed whatever be it.

amen I feel for those that will face the hardship, kids,adults , disabled. How wil they cope

This govt is just very confused....

With the most confused being at the helm of affairs. Buhari should never have been voted in,

Adesiji77:
"N298/$1"?

Deregulation seems inevitable...

Cc: dominique, Seun

devaluation not deregulation.

ijaw boiz can refine diz yeye tin call fuel.

Quakertellicus1:


That is not the point we are discussing here.

But...if NLC went on strike...they would probably be told that oil prices have dropped...meaning limited revenue...meaning that wage increases are not possible.

Wages dropped but thier own wages went up. Thier wadrobe allawee skyrocketed

jaybee3:



Devaluation

Cc: Buharifan

Thanks, that was a slip of the hand

989900:
This ship is floundering.

Is it really? What's with the Captain? Or is the rudder that isn't performing according to expectation?

Miyachi:


IT'S ALSO YOUR FAULT! BY NOT VOTING, YOU HELPED VOTE HIS REGIME. WELL, THAT'S BESIDES THE POINT, LET'S KEEP SENTIMENTS ASIDE - COMPLAINING AND POUTING LIKE LITTLE KIDS ISN'T GONNA FIX ANYTHING. I THINK THE BEST WE CAN DO RIGHT NOW IS TO HAVE ALL HANDS ON DECK, WE'RE ALL ON THE SAME BOAT.

This is the point the FG is playing you yahoo yahoo
They FG don't buy petrol they have that as allowance so if they are in power for the next 8 years they wont buy petrol now how are we all in same BOAT

Still too high

Laziness dey worry u.

Benikuuse:
Hmm why can't NLC embark on a nation wide strike just as they did during Jonathan's regime?

You cannot deregulate a sector and still have regulators like PPPRA and DPR in existence

nwanna89:
You cannot deregulate a sector and still have regulators like PPPRA and DPR in existence

Brilliant submission!!!

This government has shown us what [size=14pt]CLUELESSNESS[/size] means!!!

I wonder if Zombies would be proud of Buhari now. Anyway, Zombie way na one-way, jo-jara-joroooo!!

Yesterday
Buhari - "I will not deregulate the pump price because I do not want the masses to suffer"
Zombies - Sai Baba, the best president ever
Buhari - "No one has been able to convince of the reason to devalue the Naira. Naira started having problems after IBB devalued it"
Zombies - "Sai Baba, the messiah has come! Now we have a president that listens and ready to work for the masses"



Then, Today
Buhari - "We are removing subsidy because we can no longer sustain it. Marketers are the problem"
Zombies - "Yes, we are better off buying at N145 than queuing endlessly. We do not support any strike, NLC is the problem"
Buhari - "We have decided to devalue Naira so that Petrol importers can access FOREX"
Zombies - "truly, there is need to close the gap so that some people would stop stealing our commonwealth"

By the way, how many exchange rates do we have now??
i. Government/CBN is N199/$
ii. PPPRA is N298/$
iii. Parallel market is N341/$

Amitex:

Brilliant submission!!!
This government has shown us what [size=14pt]CLUELESSNESS[/size] means!!!
I wonder if Zombies would be proud of Buhari now. Anyway, Zombie way na one-way, jo-jara-joroooo!!
Yesterday
Buhari - "I will not deregulate the pump price because I do not want the masses to suffer"
Zombies - Sai Baba, the best president ever
Buhari - "No one has been able to convince of the reason to devalue the Naira. Naira started having problems after IBB devalued it"
Zombies - "Sai Baba, the messiah has come! Now we have a president that listens and ready to work for the masses"

Then, Today
Buhari - "We are removing subsidy because we can no longer sustain it. Marketers are the problem"
Zombies - "Yes, we are better off buying at N145 than queuing endlessly. We do not support any strike, NLC is the problem"
Buhari - "We have decided to devalue Naira so that Petrol importers can access FOREX"
Zombies - "truly, there is need to close the gap so that some people would stop stealing our commonwealth"
By the way, how many exchange rates do we have now??
i. Government/CBN is N199/$
ii. PPPRA is N298/$
iii. Parallel market is N341/$

Don't be obtuse, FG never mentioned deregulation or subsidy removal. FG only said they will not grant Marketers access to bank rate dollars. Period

ds people must be on d pay roll of imf.

Lolz Nigeria is a joke

Eruditor:


Don't be obtuse, FG never mentioned deregulation or subsidy removal. FG only said they will not grant Marketers access to bank rate dollars. Period

For ur mind subsidy still dey abi?

seunmsg:
If government is serious about completely removing fuel subsidy, they have to introduce a flexible exchange rate regime. Asking petrol importers to source their forex needs from the parallel market will only widen the gap between the official rate and the parallel market rate. Government must look for a way to bring down the parallel market rate if they truly want to sustain the pump price at a maximum of N145/litre.

You are right pal. This is where the government of Buhari is showing high level of insincerity and a lack of integrity

You cannt tell marketers to go and source for expensive dollar and expect them to sell fuel to Nigerians at #145. That is a crazy thought.

So much foriegn exchange goes towards the fuel imports that the exchange price of dollar here will most likely define the CBN pegged rate as things progress.
i have always stood b the need for the Naira to devalued but i was more on the side of a devaluation that would rest between 300 and 199. So that would be around 240-250 as a fair exchange rate.
N298 to a $ seems a bit high but Nigerias economy has taken a tumble, but the trade and commercial vitality it will attract is only going to do well for the ecnomy and in turn for the value of the Naira. I doubt the Naira will gain value on average over the long term, as Nigeria's market practices drive a rate of infoation that is not well balanced with international equity.

The graph charts of Nigerias Currency value change over the past decade is not an over all terrible slope. It averages out to a moderate rising slope. But its a rough continuum with a mix of very good stability and little change and abrupt steep climbs in the cost to buy $.

myhotbrain:

MY RESPONSE TO A MEMBER ON ANOTHER RELATED TOPIC EARLIER TODAY:

FOR THE LAY MAN:

1) CBN IS THE BANKER OF ALL BANKS AND THE BANKER OF THE FGN

2) THE FEDERAL GOVERNMENT SELL CRUDE OIL IN DOLLARS.

3) WHEN THE PRICE OF CRUDE OIL IS HIGH, FGN MAKES MORE DOLLARS THUS HAVE MORE DOLLARS TO SELL.

4) WHEN THE PRICE OF CRUDE OIL IS LOWER, FGN MAKES LESS DOLLARS THUS HAVE LESS DOLLARS TO SELL.
(BECAUSE PRICE OF CRUDE OIL HAS BEEN VERY VERY LOW FOR OVER 18 MONTHS NOW IS WHY GOVERNMENT STOP SELLING DOLLARS TO BUREAU DE CHANGE AND ALSO BANK THE IMPORTATION OF SOME NON ESSENTIAL GOODS AS WELL AS EXCLUDED SOME OTHER GOODS FROM ACCESSING THE OFFICIAL CBN RATE OF ACTUALLY N198 TO $1. OR ROUNDED UP WE SAY N200.

5) FEDERAL GOVERNMENT SELL DOLLARS TO IMPORTERS OF FUEL AT OFFICIAL RATE. BUT SOMETIMES THE FEDERAL GOVERNMENT MIGHT NOT EVEN HAVE DOLLARS TO SELL BECAUSE THERE IS NOT ENOUGH. SO THE IMPORTERS HAVE TO SOURCE FOR DOLLARS ON THEIR OWN OR NOT IMPORT AT ALL WHICH MIGHT CAUSE SHORTAGE OF FUELS AND RESULTED TO SCARCITY OF FUEL AND LONG LINES AT THE FILLING STATION.

6) GOVERNMENT NOW IS SAYING THAT THEY WANT TO GET OUT OF SUBSIDY ALTOGETHER BECAUSE OF ALL THE PROBLEMS INVOLVED BUT OF COURSE, WILL STILL REGULATE THE PRICING MODULE THIS IS WHY MR IBE KACHIKWU SAY PRICE OF PETROL WILL BE BETWEEN N135-N145.


ADVICE:

1) QUESTIONS SHOULD BE ASKED OF GOVERNMENT SUCH AS:

A) CAN ANYBODY NOW IMPORT FUEL AS THEY WISH JUST AS AGO,
B) CAN THE IMPORTER ACCESS OFFICIAL DOLLAR RATE OR THEY ARE OYO (ON YOUR OWN)
C) WHAT IF CRUDE OIL PRICE INCREASES SHARPLY IN THE INTERNATIONAL MARKET AND PRICE OF PETROL RISES ALONG WITH IT? WHAT SOCIAL PALLIATIVE WILL BE EMPLOYED TO ASSUAGE THE EFFECT?
D) WHEN WILL THE NEW REFINERIES COME ON BOARD?
E) HAVE THEY OFFICIALLY EXIT THE KEROSENE SUBSIDY REGIME AND CAN ANY IMPORTER ALSO ENGAGE IN THAT IMPORTATION.
F) WHEN WILL THEY DISTRIBUTE THE FREE GAS CYLINDERS TO THE POOR MASSES AND WHAT INFRASTRUCTURE WILL THEY HAVE ON GROUND SO THAT EVERYONE WHO NEEDS GAS CAN ACCESS IT AT A FAIR PRICE AND ADEQUATELY?

2) LABOR UNIONS SHOULD ASK FOR IMMEDIATE REVIEW OF THEIR SALARIES TO AT LEAST, DOUBLE OF WHAT THE CURRENT MINIMUM IS I.E. N36,000.

3) WE MUST DEMAND FOR A WELL FUNDED AND WELL EQUIPPED POLICE FORCE AND OF COURSE, MORE RECRUITMENT; THAT APPROVED 10,000 RECRUITMENT SPOT IS DEFINITELY NOT ENOUGH, WE SHOULD BE TALKING OF A YEARLY INCREASE OF MINIMUM 50,000 FOR THE NEXT TEN YEARS.

WHY? BECAUSE THE FEAR OF AN EFFICIENT NON-BRIBE TAKING POLICE FORCE IS THE BEGINNING OF ORDERLINESS, CRIME PREVENTION AND ENFORCEMENT. GO SEE THE DEVELOP WORLD. THE MERE SEEING OF A POLICE CAR BEHIND YOUR OWN IS THE ULTIMATE REASON TO OBEY ALL TRAFFIC LAWS.

WE ARE SICK AND TIRED OF SEEING POLICE OFFICERS AS BEGGERS ON THE STREET AND EXTORTIONIST IN THEIR POLICE STATIONS.

CONCLUSION:

SUBSIDY OF PETROLEUM PRODUCTS MUST GO AND NEVER REAR ITS UGLY HEAD AGAIN.
ASIDE OF THE WASTE WHICH IT HAS BEEN CONSTITUTING FOR SUCH A LONG TIME. IT IS ALSO A SHAME ON OUR COLLECTIVE INTELLIGENCE THAT WE ARE IMPORTING PRODUCTS IN WHICH WE HAVE COMPARATIVE ADVANTAGE IN THE SOURCE OF RAW MATERIALS FOR THOSE PRODUCTS.

RATHER THAN IMPORTING FUELS, NIGERIA SHOULD HAVE BEEN THE AFRICAN LEADER IN THE EXPORTATION OF REFINED PRODUCTS AND THIS IS WHY I HAVE ALWAYS SUPPORTED SUBSIDY REMOVAL.

AM USING THIS OPPORTUNITY TO CALL ON ALL MONEY-BAGS TO JUMP ON THIS SHIP NOW: BUILD REFINERIES EITHER MODULAR OR GREENFIELD, BUILD GAS DISPENSING DEPOTS...THESE ARE BUSINESSES FOR THE PRESENT AND NOW...

GOVERNMENT SHOULD ALSO ENCOURAGE THE USE OF DUAL POWER FOR THE ROAD TRANSPORT OWNERS I.E. ENACT LAWS WHICH WILL MAKE ALL BUSES USE BOTH GAS AND PETROL SO THAT WE CAN REDUCE THE USE OF PETROL.
FYI: NIGERIA IS SAID TO BE THE 4TH LARGEST OWNER OF GAS RESERVE...WE CAN START TO HARNESS THE POTENTIALS OF THIS RESERVE AND USE ITS PROCEED TO BENEFIT OUR PEOPLE.


TAKING A BREAK FOR NOW

PEACE!