Vicboi1:
Our leaders have failed us its time we speak our minds in this country since we got our independence we as Nigerians aren't enjoying anything instead we are suffering do you really think that this leaders want to change this country
I just wish a group of Nigerians would come out and start killing this politicians because they just deserved death

We are so divided by religion, tribe and party affiliation, we can barely unite like this

Nnaabros:

I am weeping as I read this

CALL GOD.

ajl:


Then why did Dangote venture into building a refinery. Where are the others that were issued licenses. Truth is most Nigeria businessmen are rent seekers. Reason why the country import toothpicks and pencil.

Dangote ventured into his own refinery because not only did PMB announce/stated the withdrawal of subsidy, but he was also helped into setting up his private refinery(government via CBN gave him USD at special rates for his refinery). Most business owners in Nigeria might be rent seekers but i tell you one thing, any genuine business that can survive Nigeria's business clime can blossom anywhere else

omowolewa:
So government economic team didn't see this coming? Nawa for them

Economic Team ke? Did they tell you anyone existed? These ones have dwarfed GEJ's apparent cluelessness.

HtwoOw:



I wonder if you people's brains always leave you when you comment, Buhari ran a successful government for 2 years plus but nothing you people won't complain about


FYI there's been no subsidy for over a year and fuel was supplied at govt approved price , do not confuse greed with anything else


Other than allow these PDP fuckkkkers to hold Nigeria to hostage, it's better to merge marketers into 5 or more, anybody who can't cope with imports should be eliminated from the formula, Banks were merged and we got better service, I totally oppose paying subsidy because that'll be going back to the vomit we all complained about

You must be a gay. What successful government for two years. Do not allow me pelt you with curses

BeeBeeOoh:
When Buhari and APC are done with us, our neck's will be long like that of Tolotolo..





cc Anonimi

kahal29:
http://punchng.com/we-can-no-longer-import-sell-fuel-at-n145litre-marketers/

So CBN can give some people dollar at 200 naira to go for hajj but they cannot give marketers at N250 to import fuel.

Says alot about our priorities in this country!

Don't ask me where I have been even the baboon and the monkeys knows he was never a better choice @Presidentbuhari please insure a free and fear election come 2019 so that Nigerians will have one good thing to remember you with.. You failed the nation sir.

Your information minister said he was force to say BH have been defeated technically Is that a way of technically accepting he lie to the world..

A coward is he who condemn the increase of fuel price during GEJ and can not say a word during PMB.

#Wherearetheprotesters

I hope this few words don't land me into trouble even if it those tell them I don't care... ###STANDUPNIGERIANYOUTH...is better to be a lion once in your life than to be a goat all true your life.


Happy Xmas everyone. To my friend all over the world I can't do without you guys God fervour and protection is sure for us all..God please bless all those who have added value to my life.

To those that have nothing to eat this Christmas keep hope alive am sure another Christmas will come yea sure. Thanks thanks thanks

the Fulani dullard will not understand all diz analysis, semi illiterate that suppose to be in his farm is the one deciding our fate... may thunder fire all these sai baba zombies

matrix199:
The UN should close down this country. It has failed woefully.


We're like a mermaid dying of thirst in her kingdom. How can we be an oil producing nation and still be an oil deficient nation? That's a paradox.


Here's how daft the immediate and the past leaderships of this country are...

They sell a barrel of crude oil(159litres of 6 constituent oil) @ $59/N17,000 per barrel)

They later buy a barrel of 1st constituent of the crude, which is PMS, (1 barrel @ $55) + a barrel of 2nd constituent of the crude, which is kerosene, (1 barrel @ $57) + a barrel of 3rd constituent of the crude, which is diesel, (1 barrel at $70), then sum up all they spend importing what they exported @ $59, that would give $182.

They earn $59 per barrel exporting crude oil. They spend $182 importing a barrel of petrol, a barrel of kerosene, and a barrel of diesel.


A mermaid sells her fresh fish at N100. She later buys it back as fried fish at N200.

Isn't she a daft mermaid?

Bro, not daft. CURSED.

since sarki is still under his parents roof, he won't fell it cos he doesn't fuel his car or gen. moreover he is probably been fed by dem. and always puts his fathers phone on hotspot at d slightest opp so he can comment on nl

We are still the only oil producing state still importing fuel. We spend more than N2.7trillion every year importing finished petroleum products. This is just absolutely ridiculous and demeaning to Nigeria.

grandstar:


Stand up and do what? Did you not read the article?

The solution is to full liberalise the prIce. That will mean the price of petrol will be determined by market forces and government will end the fixing of the price by fiat and end all subsidies.

Since the landing price of petrol at the port is now 154naira using the 305/$1 rate, the price of selling petrol will have to go up to reflect market realities.

Are you ready for that? The truth is bitter.

I sincerely think fuel subsidy shld be brought back, cos for two years DAT it was removed I haven't gained one single tin from it, I work and run a biz how do u want me to cope, buying fuel for 160 and pay 4 staff at d end of every month, fuel car, fuel gen for shop, fuel gen for house. I go soon shut Dan d biz self, d stress is too much and recently I discovered I have insomnia.since APC came to Edo state I pay tax more Dan triple d amt a paid before and give d govt 4000 naira evey month to park my refuse and u must register under ministry of environment infact its a crime not to register and u will be taken to court if u refuse to,I now pay 4000 every month and dey don't come to evacuate then u will have to call those truck guys to pack them.and if those truck guys are cought they will b arrested, now dey one still increase am again .no need to talk abt NEPA for Edo.I am planing of closing down d place by next year so that I can just do only my govt job I am tired, landlady for d shop and my landlord for my factory their own dey their body.I don' get insomnia out of nowhere, nig is cursed they can't even encourage entrepreneurs. pls bubu bring back our fuel subsidy and nobody should talk abt fuel cabar and d amount we have saved because dat money is not my Money, APC u are cursed,APC u will die of HIV,u will b involved in ghastly motor accident before 2019,y u will b beheaded by cultist for d hardship u brought to me,my biz and my household, Amen, na Ogun go kill una,olokun fire una

Lies from the pit of hell. They have been selling @ N145 even when dollar was upside of N400 and now dollar is relatively stable and oil marketers get first preference from CBN @ N306 other non oil importers and retail users get dollar @ N360 so I really don't know what the marketers want?

My question to them is have they not been making money even when dollar was scarce?

Why the clamor to increase fuel price and why wait till festive period to push this agenda?

The solution is to have 5 or 6 major downstream players and to be honest I cant wait for dangote to finish his refinery.

God bless Nigeria

@osazsky

Everything in Nigeria is made stressful by fellow Nigerians. Doing legit business in Nigeria is an attempt at suicide most times.

HtwoOw:


Please don't be stupid, how much was lost to subsidy scam compared to the benefits Nigerians got? Upon all the subsidy there was still scarcity and queues and they even pushed for more


Subsidy was abused and should never be allowed again, period

U can lie eh. There was no fuel scarcity during the previous administration. it only happened during d subsidy brouhaha when u people blackmailed the previous government. Enjoy ur suffering pls. let me see how u will run ur generator any how u like this period.

bencynthgreat:

U can lie eh. There was no fuel scarcity during the previous administration. it only happened during d subsidy brouhaha when u people blackmailed the previous government. Enjoy ur suffering pls. let me see how u will run ur generator any how u like this period.

That is the funny part, despite petrol going for 200 - 250 per litre and no light, my neighbors who are university students are just using their generators 24/7.

Akeem1759:
Shey our Refinery no fit work forever and ever again nii, this thing baffles me a lot ooo, I no understand this Country again ooo.. haa

And they promised to make them work. These guys are full of lies and deceit.

osazsky:
APC u will die of HIV,u will b involved in ghastly motor accident before 2019,y u will b beheaded by cultist for d hardship u brought to me,my biz and my household

APC don die! Lol.

gocac:
This would be the death sentence of Buhari's 2019 ambition.
Should there be 1naira hike in fuel pump price,
Then it is over and out for the APC led government.

Because, even the APC members themselves will cry like a baby, at the filling station.
For me i will not cry, because i have always know that this government is useless to me and my likes.

You can't cheat the laws of economics. If economics dictates that N145 is no longer economical based on the price of crude, then not much can change that - except we want to acknowledge that we will be subsidizing. The smart thing to do would have even to deregulate when the rude prices were so low. But the politicians who had just got into government were too scared to do so. That is the only solution. Dangotes refinery may make the price per litre a bit cheaper because at least his Labour cost will be in naira, and all transportation will also go out of the equation. but if crude prices should ever go to say usd 100, even he might not be able to break even at N145.

badebillions:
Penalty to throwing

‘Femi Asu

Against the latest round of fuel scarcity rocking many parts of the country, private oil marketers are calling for government intervention to enable them to access foreign exchange at a special rate for the importation of Premium Motor Spirit (petrol).

According to them, selling the product at N145 per litre is no longer feasible with the current exchange rate.

Private marketers stopped fuel importation last year due to shortage of foreign exchange and increase in crude prices, which they said had made it unprofitable to import petrol and sell same at N145 per litre.

The National Operations Controller, Independent Petroleum Marketers Association of Nigeria, Mr. Mike Osatuyi, said, “The problem is that the importation (of petrol) is being handled almost 100 per cent by the Nigerian National Petroleum Corporation as private importers have backed out because the increase in crude price has made the landing cost enter subsidy.

“When the crude price hit $59 per barrel, we could not sell petrol again at N145 per litre if we were importing on our own. It is only the government (NNPC) that is importing and can warehouse the subsidy.

He said the government through the Central Bank of Nigeria should have intervened by providing foreign exchange at a special rate solely for the PMS importation for both the NNPC and private importers.

Osatuyi said, “Right now, the landing cost of the PMS is N154. If you are importing at N305 to the dollar, by the time you add bank charges, it comes to N307 to the dollar. If you apply that to the current crude price, the landing cost is N154-N155. By the time you add all the margins, the pump price is about N160-N167.

“Before private importers can resume importation, the exchange rate to a dollar must be N250 and we can sell at the price of N145 per litre.”

Commenting on the forex challenge, the Executive Secretary, Major Oil Marketers Association of Nigeria, Mr. Obafemi Olawore, also said, “I am told that some people have special rates. If they do, fine; let them give to us also. We will prefer a situation where we have access to forex exchange and we can import.”

The Executive Secretary, Depot and Petroleum Products Marketers Association, Mr. Olufemi Adewole, in a telephone interview with our correspondent earlier in the month, noted that the increase in price of crude oil had led to a corresponding increase in the prices of refined products.

“Landing cost of the PMS today has increased. By the time we land the product based on the international crude oil prices, petrol should be selling for between N165 and N170 per litre. But government is saying we should sell at N145. So, if there is no subsidy, we have to depend on the NNPC to give us the product,” he said.

A top official of a Lagos-based oil marketing company told our correspondent on condition of anonymity, “Unless government gives another ceiling price, it will not be good to sell at the current price if you import now. It is expensive to import now. Some people who have customers they don’t want to lose can just do small imports.”
Analysts at FBNQuest Capital, in an emailed note on Friday, said improved forex liquidity had led to some relief for players within the downstream sector.

“Initially, oil marketers depended solely on the parallel market for their forex requirements. However, there is now better access via the CBN’s official windows. Furthermore, over the past year, the naira has appreciated considerably on the parallel market, making PMS importation relatively affordable for marketers that still source forex from that market,” they added.

Several stakeholders, including the Lagos Chamber of Commerce and Industry, have expressed concerns about the current state of the nation’s downstream petroleum sector, especially a situation whereby the NNPC has become the sole importer of the product into the country.

The Director General, LCCI, Mr. Muda Yusuf, in a telephone interview with our correspondent, said, “It’s unfortunate that fuel queues have returned. But there is a very fundamental problem with our petroleum downstream sector, and the problem is that it is over-regulated. You cannot have a sector as big as that serving our size of population and we expect only the government provider to be supplying fuel. It is not a sustainable model.

“So, there is an urgent need to push back the role of government in the issue of retailing fuel, importing fuel and all of that. Right now, it is only the NNPC that is importing the PMS. Such a thing cannot be efficient; it creates room for all manner of abuses; some of which the marketers cannot disclose because of their own businesses.”

He said the private sector should be allowed to play a bigger role in importation, refining, distribution, marketing and other activities in the downstream sector.

Following the severe fuel scarcity the country experienced in the first quarter and parts of second quarter of last year, the Federal Government on May 11, 2016 increased the price of petrol to N145 per litre from N86, putting an end to fuel subsidy to marketers, in what was described as partial liberalisation of the sector.

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, recently noted that the non-availability of forex and the inability of marketers to open letters of credit had then forced them to stop importation.

He said the NNPC was forced to take up the obligation of providing more than 90 per cent of the domestic requirement to cover the demand for petroleum products, adding, “The NNPC was not designed to provide this kind of service. Historically, the NNPC had done an average of 48 per cent of Nigeria’s fuel requirement.”

https://punchng.com/we-can-no-longer-import-sell-fuel-at-n145litre-marketers/

is this country cursed, why can't we refine our own oil and flood the market with it!!!!!!

KanuJEWSarePIGS:
Oya!

The "awa bLothers" Animals should start the tribal card play.

It's taking too long.

When we allow the elites to further devide us along tribal and religion lines, this is what we get.

By the time wey dem finish with una, hands no go gree una carry type nonsense again.

Grow up mehn and make some common sense.

This is for some of you that keep arguing that all races are equal. There is something inherently present in blacks that places them at the bottom of all races. How can one explain poverty in the midst of wealth.? Whites, Asians, Arabs, Hispanics except blacks are refining their own oil. The sad part is that you can get all these races in one classroom, the Nigerian comes out the top of the class but can never implement what is learned in the classroom, but will be quick to parade certificates to massage the ego. What exactly are all the petrochemical, chemical and petroleum engineering professors doing in Nigeria?

In this era, Nigeria gets oil in her backyards, sells to oyibo to be refined, then turn around to buy back their own products at exorbitant prices. Does Nigeria exist in this world where nations are going nuclear, cars are flying and being driverless, and others are jostling for spaces in Mars? Oh, and she churns out millions of engineers every year whose primary interests are watching European league and living in churches while waiting to procure the latest inventions by others.

Because he knows nothing!!!

Escalze:
Double wahala for dead body.

But why isn't the Minister for Petroleum saying anything?

bencynthgreat:

Grow up mehn and make some common sense.

Look into that old broken mirror and for once, truly admit you are the most useless thing to have ever competed with humans in terms of space and cheap attention.

KanuJEWSarePIGS:


Look into that old broken mirror and for once, truly admit you are the most useless thing to have ever competed with humans in terms of space and cheap attention.

Haha and looking below me I see ur just a waste of oxygen and flesh. Grow up mehn

HtwoOw:



I wonder if you people's brains always leave you when you comment, Buhari ran a successful government for 2 years plus but nothing you people won't complain about


FYI there's been no subsidy for over a year and fuel was supplied at govt approved price , do not confuse greed with anything else


Other than allow these PDP fuckkkkers to hold Nigeria to hostage, it's better to merge marketers into 5 or more, anybody who can't cope with imports should be eliminated from the formula, Banks were merged and we got better service, I totally oppose paying subsidy because that'll be going back to the vomit we all complained about

You are actually a failure if you think Buhari's administration has so far been successful.

These bunch of Criminals called marketers, when crude price was at rock bottom some months back did they lower their pump price? And did the crude price suddenly go up this yuletide season? I hav said it before and will say it again, greed and the quest for abnormal gain on the part of marketers is the main driving force behind these developments

authenticman:
These bunch of Criminals called APC GOVT, when crude price was at rock bottom some months back did they lower their pump price? And did the crude price suddenly go up this yuletide season? I hav said it before and will say it again, greed and the quest for abnormal gain AND NEGLIGENCE on the part of THE APC GOVT is the main driving force behind these developments

FIXED. DON'T BE LIKE 2FACE!

matrix199:
The UN should close down this country. It has failed woefully.


We're like a mermaid dying of thirst in her kingdom. How can we be an oil producing nation and still be an oil deficient nation? That's a paradox.


Here's how daft the immediate and the past leaderships of this country are...

They sell a barrel of crude oil(159litres of 6 constituent oil) @ $59/N17,000 per barrel)

They later buy a barrel of 1st constituent of the crude, which is PMS, (1 barrel @ $55) + a barrel of 2nd constituent of the crude, which is kerosene, (1 barrel @ $57) + a barrel of 3rd constituent of the crude, which is diesel, (1 barrel at $70), then sum up all they spend importing what they exported @ $59, that would give $182.

They earn $59 per barrel exporting crude oil. They spend $182 importing a barrel of petrol, a barrel of kerosene, and a barrel of diesel.


A mermaid sells her fresh fish at N100. She later buys it back as fried fish at N200.

Isn't she a daft mermaid?

actually she ends up buy a slice for 150 and buys three slices for a total of 450 nd dts jst 3quater of her whole fish