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Border Closure Crashes Prices Of Petrol, Diesel - Politics - Nairaland

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Energy Crisis Set To Push Petrol, Diesel Prices Above ₦350/Litre / Border Closure: Rice Smugglers Divert To Pineapples / Border Closure: Benin, Niger Economies Under Pressure (2) (3) (4)

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Border Closure Crashes Prices Of Petrol, Diesel by Islie: 10:12am On Sep 09, 2019
* Products loading at depots has dropped, says Mele Kyari


By Obinna Chima in Lagos and Chineme Okafor in Abuja



The Managing Director and Chief Executive Officer of Financial Derivatives Company Limited, Mr. Bismarck Rewane, has disclosed that following the closure of the border, petrol now sells for N144 per litre, showing that the closure has blocked smuggling of petrol to the neighbouring countries.

Rewane said the development showed that part of the nearly 60 million litres of petrol said to be consumed daily in Nigeria were smuggled to the neighbouring countries.

He also revealed that diesel price has also crashed to N210 per litre.

Rewane, disclosed this in a report he presented at the monthly Lagos Business School’s executive breakfast meeting for September, obtained at the weekend.

Confirming the drz̄op in petrol smuggling, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, yesterday disclosed that the volume of petrol evacuated from depots to filling stations across the country has dropped significantly.

Mele Kyari, on his verified twitter handle @MKKyari, which THISDAY observed, suggested that the drop in petrol evacuation from the depots may have been influenced by Nigeria’s closure of its borders with Benin Republic in August.

President Muhammadu Buhari, reportedly said he would hold a meeting with Benin and Niger, who are the country’s northern neighbours, to determine measures to check smuggling across the borders, and that the closure was limited to allow security forces stem the trend of rice smuggling.

But in his tweet, Mele Kyari said: “Significant drop in PMS (premium motor spirit) evacuation from fuel depots noted since August 22nd. May be connected to border closure and other interventions of the security agencies aimed at curbing smuggling. We will contain smuggling of PMS.”

A recent report from the NNPC indicated that between June 2018 and June 2019, the corporation imported 20,898,453,347.24 litres of petrol for consumption, out of which an average of 44,366,781.77 litres were consumed daily in June 2018; 39,154,764.15 litres in July; 54,144,365.76 litres daily in August of same year, and 55,499,192.80 litres daily in September 2018.

The corporation also said that between October and December 2018, the country’s daily petrol consumption level was 56,516,386.60 litres; 53,996,261.10 litres; and 58,172,467.58 litres respectively.

The daily consumption figures rose to 65,938,603.99 litres in January 2019; but dropped to 56,855,696.76 litres in February of same year, before heading down to 30,988,903.59 litres in March 2019. In April of the same year, it rose again to 63,334,876.75 litres and further to 67,606,434.87 litres in May before climbing down to 53,093,286.55 litres in June.

Similarly, a 2018 report of the World Bank stated that Nigeria spent N731 billion to subsidise petrol consumption which figures were inflated.
The June 2019 operations report of the corporation indicated that over a period of one year, the NNPC incurred a total of N718.774 billion on under recovery – a term it uses to describe the cost of subsidising petrol consumption in the country.

On his part, Rewane said the border closure has blocked export smuggled refined products
This, according to him, “makes it transparently evident that Nigeria does not use 60 million litres of PMS (premium motor spirit or petrol) daily.”
However, Rewane report showed that the prices of turkey has since gone up by 38.46 per cent to N1800 per kg and rice up 12.5 per cent to N18,000 (50kg).

“Partly due to a shallow market and indirect interventions by policy makers Buhari orders partial border closure to control smuggling,” he added.

In his assessment of the recently released second quarter Gross Domestic Product (GDP) figures, he stressed that 1.94 per cent GDP makes the attainment of the annual projection of 2.2 per cent GDP target a tall order.

The report showed that money supply expanded as the CBN open market operations (OMO) activities intensified.

“Banks are saving their cash to meet the loan-to-deposit ratio of 60 per cent. The average opening position of banking system was N88.72 billion. Interbank interest rates swung between 2.5 per cent per annum to 30.29 per cent per annum,” the report added.

It also revealed that the CBN last month reduced forex sold by 35.04 per cent, to $787.96 million. Forex traded higher on the investors’ and exporters’ window by 57.04 per cent to $6.80 billion, which it attributed to the push by foreign portfolio investors that, “rushed out the door as fears of forex restrictions send jitters down their spines.”

In the parallel market the naira was flat at N360/$.

It revealed wide variation between states with low (7.93 per cent) and high (15.41 per cent) inflation, adding that states with high inflation were mainly prone to internal violence.

“Recession is cyclical. Nigeria used to be insulated from global developments. Now, the country is more integrated with the global markets – foreign portfolio investors, foreign direct investments and trade flows, making it more vulnerable to downturns,” it stated.

https://www.thisdaylive.com/index.php/2019/09/09/border-closure-crashes-prices-of-petrol-diesel/

3 Likes

Re: Border Closure Crashes Prices Of Petrol, Diesel by Davash222(m): 10:13am On Sep 09, 2019
From N145 to N144 is now ‘Crashes’
These people are fond of celebrating mediocrity.

170 Likes 11 Shares

Re: Border Closure Crashes Prices Of Petrol, Diesel by Bluezy13(m): 10:13am On Sep 09, 2019
Hmmm...



Petrol 144
Diesel 210

And you call it an achievement.
Celebrating mediocrity

61 Likes 2 Shares

Re: Border Closure Crashes Prices Of Petrol, Diesel by Ezeakanobi: 10:22am On Sep 09, 2019
It crashed by 1 naira

24 Likes 2 Shares

Re: Border Closure Crashes Prices Of Petrol, Diesel by okosodo: 10:35am On Sep 09, 2019
I use to respect this man

17 Likes

Re: Border Closure Crashes Prices Of Petrol, Diesel by Euegene100001: 11:29am On Sep 09, 2019
sad
Re: Border Closure Crashes Prices Of Petrol, Diesel by Destined2lead: 11:29am On Sep 09, 2019
angry

I rushed into this this thread to see the crash but was disappointed.

Mr Crasher, lies and mediocrity finish you there.

46 Likes 2 Shares

Re: Border Closure Crashes Prices Of Petrol, Diesel by majamajic(m): 11:30am On Sep 09, 2019
I bought @ 145 this morning



the crash never reach my side

28 Likes 1 Share

Re: Border Closure Crashes Prices Of Petrol, Diesel by presh001: 11:30am On Sep 09, 2019
I'm sick and tired of Nigeria ... what's the difference between ₦145 and ₦144

37 Likes 1 Share

Re: Border Closure Crashes Prices Of Petrol, Diesel by Pavore9: 11:30am On Sep 09, 2019
Hian!
Re: Border Closure Crashes Prices Of Petrol, Diesel by WenysAD(f): 11:31am On Sep 09, 2019
angry
Re: Border Closure Crashes Prices Of Petrol, Diesel by harmless011: 11:31am On Sep 09, 2019
Price decrease of one naira is what this man is referring to as crashes, by the way where are they selling the 144 Naira because i have been buying 145 Naira ever since.

25 Likes 1 Share

Re: Border Closure Crashes Prices Of Petrol, Diesel by BlackfireX: 11:31am On Sep 09, 2019
The man in the picture is looking somehow....... Like a love-vendor.

6 Likes

Re: Border Closure Crashes Prices Of Petrol, Diesel by deolag4rea(m): 11:31am On Sep 09, 2019
Are they not the same people smuggling our petroleum products, they have all the mandate... don't let anyone fool you...

2 Likes

Re: Border Closure Crashes Prices Of Petrol, Diesel by FuckThaMod: 11:31am On Sep 09, 2019
Let it crash to 50naira or at least where Jonathan left it before i take this headline serious.
Just 1 naira difference and they are making noise. Zombies now will call this achievement and say buhari is really working.

14 Likes

Re: Border Closure Crashes Prices Of Petrol, Diesel by iamfromlagos(f): 11:31am On Sep 09, 2019
No be only crash, Na 'fall down'. Mtcheeew!

1 Like

Re: Border Closure Crashes Prices Of Petrol, Diesel by PureGoldh(m): 11:32am On Sep 09, 2019
Which way Nigeria sad

What's the difference between #145 and #144

So if I buy 100 litres.... The discount na just #100 ?

These our leaders just dey fry Amara on top our head... We are just suffering and smiling in dx country

Meanwhile... My people.. If You need Original Honey.. Don't hesitate to call or whatsapp me on the number attached to my signature

3 Likes

Re: Border Closure Crashes Prices Of Petrol, Diesel by ADAMUdaCOWBOY: 11:32am On Sep 09, 2019
okosodo:
I use to respect this man
grin grin grin grin
Now nko?

1 Like

Re: Border Closure Crashes Prices Of Petrol, Diesel by Architectsly: 11:32am On Sep 09, 2019
What have we done wrong 2 deserve such kind of news......

3 Likes 1 Share

Re: Border Closure Crashes Prices Of Petrol, Diesel by jchioma: 11:33am On Sep 09, 2019
government of mediocrity.
Re: Border Closure Crashes Prices Of Petrol, Diesel by frowland(m): 11:34am On Sep 09, 2019
Davash222:
From N145 to N144 is now ‘Crashes’
These people are fond of celebrating mediocrity.

Multiply that by millions of liters and you will have an idea!

13 Likes 1 Share

Re: Border Closure Crashes Prices Of Petrol, Diesel by Nnemuka(f): 11:34am On Sep 09, 2019
Crashed prices of petrol and diesel but hiked the prices of rice and other commodities.
Before now rice sells at 10,000 naira but today Foreign rice now sells for 20k (pls dont even tell me we have local rice because even the president doesn't eat the sand filled local rice).

1naira difference does not justify the hike in prices of other commodities.

2 Likes

Re: Border Closure Crashes Prices Of Petrol, Diesel by frowland(m): 11:34am On Sep 09, 2019
Bluezy13:
Hmmm...



Petrol 144
Diesel 210

And you call it an achievement.
Celebrating mediocrity

Actually cheap compared to Saudi Arabia, Kuwait and even US.

6 Likes 1 Share

Re: Border Closure Crashes Prices Of Petrol, Diesel by Dearlord(m): 11:37am On Sep 09, 2019
To swear for this man just dey hungry me angry
Re: Border Closure Crashes Prices Of Petrol, Diesel by CharleyBright(m): 11:37am On Sep 09, 2019
Why has Buhari not close Northern Borders against his Fulani brothers from entering Nigeria.
Useless Man that thinks from his yansh.

1 Like

Re: Border Closure Crashes Prices Of Petrol, Diesel by heckymaicon(m): 11:38am On Sep 09, 2019
useless news
Re: Border Closure Crashes Prices Of Petrol, Diesel by Nooneonline(m): 11:40am On Sep 09, 2019
1 naira difference is now CRASH wehdone sir. Maybe its crashing season. The other day it was uber driver CRASHING BRESS with car keys.

1 Like

Re: Border Closure Crashes Prices Of Petrol, Diesel by Nobody: 11:41am On Sep 09, 2019
Let them tightening the border even more if this helps. Cheap deal on that Lexus in my siggy below.
Re: Border Closure Crashes Prices Of Petrol, Diesel by johnkey: 11:42am On Sep 09, 2019
damn even my drug dealer no see better carry enter naija since they close border
Re: Border Closure Crashes Prices Of Petrol, Diesel by baratech: 11:43am On Sep 09, 2019
[quote ]Rewane said the development showed that part of the nearly 60 million litres of petrol said to be consumed daily in Nigeria were smuggled to the neighbouring countries.

[/quote]

What is 'part' Give us the exact figures.

Useless news!

145 to 144... And you're rejoicing

1 Like

Re: Border Closure Crashes Prices Of Petrol, Diesel by Nooneonline(m): 11:43am On Sep 09, 2019
BlackfireX:
The man in the picture is looking somehow....... Like a love-vendor.
How do love vendors look abi dem dey write for face? Just tell us say u don dey wet for am

(1) (2) (3) (Reply)

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