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Nairaland Forum / Nairaland / General / Politics / Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu (11768 Views)
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Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by asawanathegreat(m): 11:01am On Dec 14, 2018 |
Fayose has said it before. So you guys should expect increase in the pump price anytime soon. |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by onubijoe(m): 11:24am On Dec 14, 2018 |
Are you telling us that president Buhari didn't understand what is fuel subsidy or what he said is a scam? no wonder that lia muhammed said ,"a day without lying is a waste
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Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by baralatie(m): 11:33am On Dec 14, 2018 |
ednut1:let's start assuming........ hahahahahaha! |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by profem1(m): 11:46am On Dec 14, 2018 |
You won't calm down to read... just keep on making a fool of yourself justphillips: |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by CocoaOla: 11:47am On Dec 14, 2018 |
electric car here i come shit hole zoo |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by IForgotMyLoginD(f): 11:47am On Dec 14, 2018 |
Who will now lead the #OccupyNigeria protest when the people who led the last protest are now the ones planning to remove the subsidy? |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by Nobody: 12:22pm On Dec 14, 2018 |
urahara:when comparing you should also consider standard of living and electricity supply of other countries too. |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by Nobody: 12:32pm On Dec 14, 2018 |
theoldpretender:and you think if these marketers are allowed to fix their own prices they will not gang up to fix the price a high as #500 /ltr?. Oil markers are made up of the most self centered crooked Nigerians. |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by urahara(m): 12:54pm On Dec 14, 2018 |
frenzyduchess: Jesus Christ !!! The laws of demand and supply controlling the international oil price does not give a feckk about standard of living . 3 Likes 1 Share |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by theoldpretender(m): 12:55pm On Dec 14, 2018 |
frenzyduchess: Say you are in business, you buy some yam for N800, and you want to sell them at N1200...per tuber. Government steps in, insists you sell the yam at N500, and tells you they will give you N200 per tuber sold as 'subsidy claim' Would you agree? That's what they have been doing to the marketers all these years...and why many of them do things like Make subsidy claim for fuel not imported Sell fuel in other countries... So that they can make profits, enough to keep their employees, and enjoy life. |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by lexy2014: 3:14pm On Dec 14, 2018 |
urahara: So u are confirming what d other guy said that we don't have any business importing petroleum products |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by lexy2014: 3:18pm On Dec 14, 2018 |
theoldpretender:So in d end, Nigeria doesn't any business importing fuel in d first place. But which subsidy are u talking about? Is it d one that buhari said is a fraud and that doesn't exist? |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by theoldpretender(m): 3:21pm On Dec 14, 2018 |
lexy2014: Well, since we need at least four new refineries the size of Dangote's refinery to stop importing...and we may need new ones as our needs go up....I doubt we need to stop importing. I hate defending the APC...but for the record...Buhari was refering to the scams which led to peoplelike Otedola and company get imprisioned...as well as the kerosene subsidy scam... The cold reason, however, why government keeps on controlling prices is that it does not want to be thrown out of power. P.S Our refineries can only produce less than 30 million liters of fuel per day. The last one was opened in 1988...since then our needs have increased. |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by lexy2014: 3:26pm On Dec 14, 2018 |
theoldpretender: What has this govt done to put an end 2 importation by increasing local refining capacity? Buhari was referring to so so so and so. Dude, what were those guys doing then that they are doing differently now. When buhari said fuel subsidy doesn't exist, who was he referring to? 1 Like |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by theoldpretender(m): 3:35pm On Dec 14, 2018 |
lexy2014: Nothing... But they can do something...remove subsidy and allow marketers set prices or the market to set the price of fuel and other refined products That attracts investments/investors...who might build new refineries among other things. The problem is....fuel prices go up...AND that means that the political elite get thrown out of office. That's why governments, even strongmen governments like the Abacha government...kept subsidy...and raised the price when the landing/import costs were far ahead of the officialprices. Problem is, marketers end up operating at a loss all the time. Buhari was referring to so so so and so. Dude, what were those guys doing then that they are doing differently now. When buhari said fuel subsidy doesn't exist, who was he referring to? Bubu was speaking as an opposition leader then...tapping into the anger of Nigerians to get elected.(That is what opposition pols do...they make comments to get elected. ). But the reason why subsidy scams existed was 1.Before 2015...marketers were importing fuel at a high price...and selling it at the subsidised price of N87 2.This led to losses.... 3.So marketers did things like making subsidy claims for fuel not imported, and smuggling fuel and selling it in neighbouring countries, or on the black market. 4.Then there was the kerosene subsidy which was removed...yet someone was still paying it. That was part of the then CBN governor Sanusi's cry about $20million missing. That's why Bubu said subsidy was a scam. But because Bubu said subsidy is a scam does not mean subsidy does not exist. It did...and it exists AS LONG AS GOVERNMENT SETS THE PRICE OF FUEL. What Bubu is now doing is importing fuel via NNPC....alone. And subsidising the fuel via 'creative accounting'....leading to the subsidy mess. It is a temporary fix...but it does not solve the problem. And the politicans all do it...because the alternative...removing subsidy .....is going to lead to a revolution. 1 Like |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by lexy2014: 4:12pm On Dec 14, 2018 |
theoldpretender: Bros u are trying 2 defend d indefensible. " govt needs 2 remove subsidy 2 attract investors/investments that will build local refineries". How did u come about that theory? Is dangote refinery not an investment? Which subsidy was removed b4 work started on it? What in d world is "creative accounting"? Fuel subsidy dates back as far a d IBB era. They have been removing subsidy since then. Till now, its still ongoing. All u have written is like going round in a circle. D question u are refusing 2 ask urself is y did they allow d refineries 2 run aground? If u can answer that, then u will understand d business & profiteering side of fuel subsidy |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by theoldpretender(m): 4:19pm On Dec 14, 2018 |
lexy2014: Dangote got a nice set of loans to build his refinery. Add the fact that subsides are not being paid on diesel and kerosene and other products since 2013 at least.... Refineries ran around because bad management. That is why NNPC needs to be privatised Anyway, if the refineries were working at full capacity, our fuel consumption is far.higher.than what they can accommodate. 1 Like |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by lexy2014: 5:47pm On Dec 14, 2018 |
theoldpretender: This is y I said u are trying 2 defend d indefeasible. I didn't ask u if dangote got loans. I asked u is dangote refinery not an investment? Even if he got loans, are other investors prevented from getting d same loans? According 2u "remove subsidy and allow marketers set prices or the market to set the price of fuel and other refined products That attracts investments/investors...who might build new refineries among other things." What subsidies were removed that allowed dangote decide 2 build refinery? theoldpretender:Ur quote above speaks of "how" they were run aground. That is d process by which they were run aground. It doesn't speak of "why". Which is d reason they were run aground. How& why are 2 different things. I asked 4d why not d how. theoldpretender:This still brings u 2d issue of why were d refineries allowed 2 run aground. If u no that, then d question of increased consumption would also b taken care of. Always have in mind d business & profiteering side of fuel subsidy |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by kabillionaire(m): 10:21pm On Dec 14, 2018 |
CityNGR: This's a nice development! Sir, could you take a step further and propose this to the federal govt. and make it public? |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by grandstar(m): 12:33am On Dec 15, 2018 |
theoldpretender: Deregulation of the fuel price should not be likened 100% to what happened to the telecoms sector. It will be sheer fantasy if that is done. The reason why is that telecoms is a service while Petrol is s product. A service can be sold at any price, all depending on the discretion of the provider. A typist may decide to type your project at 80naira while another for 100naira. At times, the difference can be very large as some work on value quantity while others may be bespoke services. As long as your cost of service covers your running cost and there's a profit, okay For instance, an internet marketer may decide to sell an eBook for $97 while another may decide to give out as a freebie at no cost. He might be making his money from links in the eBook to products or services he is an affiliate to. On the other hand, for a product, you have very little discretion. Your selling price is influenced greatly by your cost of acquiring the product. Local competition may not be sufficient to bring down the price as the price may be fixed by global forces. To understand what I'm saying, just check out the price of diesel which has no subsidy. is about 260. Competition has failed to bring down the price to 150. Unless the international price drops, please perish the thought. However, the real benefits to the petroleum sector with the removal of all subsidies is that it will encourage massive investments in the downstream sector of the economy just like what happened in the telecoms sector. 3 Likes 2 Shares |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by ezkimow(m): 8:20am On Dec 15, 2018 |
emmykey0128: lol Iee ihe e mere onwe gi Btw-this theoldpretender and uharara Abi Na uhuru, why are you guys painstakingly explaining all these, during gej's Tenure did u guys not know it would be beneficial to remove the subsidy?..... Now you are here defending your foolish option (BuBu) Mtchew!!! Karma is a Bitch! U ppl should go and OCCUPY NIGERIA again naw. Nonsense |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by theoldpretender(m): 10:36am On Dec 15, 2018 |
ezkimow: Twas under GEJ regime that I first became convinced that subsidy must go. In fact since 2012 I have been of the opinion that subsidy has to go, and have been following the matter since 1993. I am also not into your PDP and APC nonsense. Take your karma elsewhere. |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by olisaemeka1(m): 11:44am On Dec 15, 2018 |
theoldpretender:keep deceiving yourself ...so the citizens must bear the brunt of govt misdeeds all the time ?If you no that building refineries would solve the problem how comes the govt does not know that ? Let me ask you ...do you even know how many barrels of crude Nigeria produces in a day? |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by ezkimow(m): 1:03pm On Dec 15, 2018 |
theoldpretender: Are u juggling ur ballz, what did Jonathan do? Please |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by urahara(m): 1:36pm On Dec 15, 2018 |
ezkimow: Partial removal |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by theoldpretender(m): 3:07pm On Dec 15, 2018 |
ezkimow: He tried, see how Nigerians responded.... It is no popular move. |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by theoldpretender(m): 3:09pm On Dec 15, 2018 |
olisaemeka1: Two million barrels. Yes, the government knows. But building a new refinery costs $9bn, we need three new ones at least...and our reserves would be depletedif we used it. And we live in a democracy. If you don;t like your government, use your PVC. |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by urahara(m): 3:13pm On Dec 15, 2018 |
theoldpretender: If dangotes refineries are completed, do you think it would be able to meet up with nigerias demand ? And at what price do you think he would sell for ? |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by theoldpretender(m): 3:16pm On Dec 15, 2018 |
urahara: Personally, I doubt...and I think he would be selling PMS higher than N145. Let's wait and see though. (When the refinery comes on stream, it would only refine 300000 barrels, then eventually go up to 600000 barrels by 2030) |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by urahara(m): 3:22pm On Dec 15, 2018 |
theoldpretender: Do you think the govt would give him protection to run things like a monopoly just as he is doing with cement ? |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by urahara(m): 3:25pm On Dec 15, 2018 |
theoldpretender: And what if the fg decides to subsidise his fuel ? |
Re: Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu by theoldpretender(m): 3:27pm On Dec 15, 2018 |
urahara: I doubt government has money to subsidize fuel...what with corruption and the international oil price being below $100 (we need it at $140 for a balanced budget). The fact that we are paying subsidy claims from the last admin...shows that we can't sustain this subsidy thing. Subsidies also means poor profit for Dangote....he would earn more if he is allowed to set his price. |
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