LadyExcellency:
There is nothing like deregulation without abolishment of Petroleum Products Equalisation Fund.

Remove Equalisation Fund and see petrol sell N150 in Rivers State and N300 in Sokoto State.

Partial deregulation is nonsense.

Northern Politicians can't remove Equalisation Funds to avoid being beheaded.

Please explain more on Petroleum products Equalization Fund

rexlims:
and Ur Buhari is what? LIFELESS

A lifeless, pretentious rogue of the bloodiest type.


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Officialgarri:
Atiku better sit down patiently with the person that explained the economics behind deregulation instead of rushing to social media.
These people called Politicians are just as dumb as anyone.

Fine, when Buhari first deregulated in 2016, Oil price dropped "due to competition" by 1 naira, but what happened after, it flew right up to #145.
This is because Oil is always in high demand and the higher the demand the higher the price.

Officialgarri's law states that "Any product with increasing demand and without corporate regulations will have it's market price competing mostly at increasing prices" e.g Cryptocurrencies
Hence, the introduction of subsidy. If not for regulation and subsidies, gas was initially supposed to be selling at about #179 but the Government pays about #46.

So someone tell me something interesting about deregulation

Short version - Nigeria/Dealers are closing gaps exposed by a drop in crude pricing due to global pandemic and importantly a move away from crude consumption and fossil fuels by nations that buy our sweet crude.

Long version - The corruption in the Sector can no longer be sustained efficiently based on point 1 above

I usually blame politicians for much of the distortion-economics we have come to rely on heavily in Nigeria example.. the over-printing currency solution by Bola Ahmed Tinubu to crash USD rates and prevent inflation so i understand your apprehension and disgust at Atiku when he poses such inane approaches but.... Pricing is affected by deregulation in many aspects other than just demand.

1: Local Availability: Is the product available locally in sufficient amounts to assuage the high-demands? are we producing and refining enough for our local consumption

2: Trade Revenue: are we exporting enough at the right price to offset point 1 above? If Nigeria has not met OPEC minimum crude export quota since the last 20years and receives only 2$ royalty on each barrel of crude extracted pays a premium to Upstream players (Crude Extraction) and still pays a much higher premium to downstream players (Awon OANDO) in FOREX she has not earned in return for crude by-products that is sold for nearly cheap (Yes Fuel price in Nigeria is very cheap compared to the rest of West Africa) who exactly is losing here? FG, Dealers/Marketers or the Masses who have to pay the difference in costs but not enjoy the benefits like Saudi/Dubai Qatar etc

3: Market Distortion: Is the FG truly transparent in the way Fuel-subsidy has been implemented with regards to historic numbers/trends in the sector? Subsidy is meant to cushion the cost to final end-users over a period of market-shocks and adjustments not indefinitely.. the primary cause is the fact that NNPC and all our 4 Refineries including over 20 years of profitable BOOMING crude sales have been squandered away into the pockets of the Billionaires that line our posh estates and cities you see today. As long as FG ignores the TRUTH IN DATA preferring to hide behind polished numbers to save face (just like the imaginary Cows, Yam, Rice surplus bandied around by PMB) we will continue to experience knee-jerk reforms that are not purpose-fit for the situation. wait till the backlash of Forex policies enacted by CBN to give us a vicious bite by Q1 of 2021.. all these complaints will pale in comparison

Officialgarri:
Atiku better sit down patiently with the person that explained the economics behind deregulation instead of rushing to social media.
These people called Politicians are just as dumb as anyone.

Fine, when Buhari first deregulated in 2016, Oil price dropped "due to competition" by 1 naira, but what happened after, it flew right up to #145.
This is because Oil is always in high demand and the higher the demand the higher the price.

Officialgarri's law states that "Any product with increasing demand and without corporate regulations will have it's market price competing mostly at increasing prices" e.g Cryptocurrencies
Hence, the introduction of subsidy. If not for regulation and subsidies, gas was initially supposed to be selling at about #179 but the Government pays about #46.

So someone tell me something interesting about deregulation

Like bubu like follower.
I don't know the level bubu understand micro economics. But I know that once raw material for a product goes down then the product automatically goes down in price. It is not for tat.
When crude was 140$ during gej regime and he wanted deregulating the sector, the price was pegged at 145. When crude price dropped to 70$ around December 2014 the same apc accused and disturbed gej to reduce the price of fuel to reflect the current price of crude.
Once again u don't know anything about micro economics just like ur mentor

LadyExcellency:
There is nothing like deregulation without abolishment of Petroleum Products Equalisation Fund.
Remove Equalisation Fund and see petrol sell N150 in Rivers State and N300 in Sokoto State.
Partial deregulation is nonsense.
Northern Politicians can't remove Equalisation Funds to avoid being beheaded.

The sad reality of the Fulani Republic of Naijeriya, FRN that consistently robs Peter (disuntied southerners) to pay Paul (northerners).


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comos:
The Inspector-General of Police, Mr. Ibrahim Idris, on Friday justified the arrest of only suspects of Yoruba extraction over the recent clash in Ile-Ife, Osun State, which resulted in the death of about 46 persons. He said crime neither has tribe nor identity.

Idris spoke with State House correspondents shortly after briefing President Muhammadu Buhari of security situations in parts of the country inside the Presidential Villa, Abuja.

The police had been in the eye of the storm for arresting and parading 20 Yoruba persons, including a monarch, over the clash while not a single Hausa/Fulani person was detained.

The pan-Yoruba group, Afenifere; and the Oodua Peoples Congress are among groups and individuals that have been criticising the police over the development.

Idris however said the police would not hesitate to apply the law once criminal cases are established against individuals, irrespective of their tribe.

He said, “You know we are police officers. Crime has no tribe. If you are a criminal, you are a criminal.

“Crime has no face. We don’t look at crime in the identity of where you are coming from.

“As far as you are a criminal and the police find you wanting, we apply the law.”

He said investigation had revealed that the crisis started with a disagreement between two people selling food along the road.

https://punchng.com/ife-clash-igp-justifies-arrest-of-only-yoruba-suspects/

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kikero:


Equalisation fund,( this is what I think it is) is the money paid by government to the transporters and marketers of fuel to cover their transport costs from port to selling point.

Without it, the price of fuel in Kano would be higher than the price of fuel in Lagos, due to the cost of transportation of fuel from the Lagos ports to Kano.

( Assuming transport is by road. If the pipeline system was working well, the cost would fall)

which is y I say d government has not and will not fully deregulate d market. In as much that fund exists, d government in a way still controls d prices of petroleum products.

amc:
Atikuloot is an olodo who didn't go to school, just like some of his followers who agree with his tweet.

The answer is CURRENCY DEVALUATION.

Atiku asked pertinent question to those who are responsible for the price hike.
What u just did is immature response.....

alphaNomega:
The lord that allowed your forefathers suffer slavery for 500 years? Please grow up.

Don't bother sir.

You don't belong to the kingdom I am talking about.

Those that belong understand what I posted.

Thanks for your advice though.

kikero:


Equalisation fund,( this is what I think it is) is the money paid by government to the transporters and marketers of fuel to cover their transport costs from port to selling point.

Without it, the price of fuel in Kano would be higher than the price of fuel in Lagos, due to the cost of transportation of fuel from the Lagos ports to Kano.

( Assuming transport is by road. If the pipeline system was working well, the cost would fall)

thanks,i appreciate.

But since they are importing the fuel and Naira has greatly devalued, the balance may lead to hike in price of fuel...

LaEvilIMiss:


Short version - Nigeria/Dealers are closing gaps exposed by a drop in crude pricing due to global pandemic and importantly a move away from crude consumption and fossil fuels by nations that buy our sweet crude.

Long version - The corruption in the Sector can no longer be sustained efficiently based on point 1 above

I usually blame politicians for much of the distortion-economics we have come to rely on heavily in Nigeria example.. the over-printing currency solution by Bola Ahmed Tinubu to crash USD rates and prevent inflation so i understand your apprehension and disgust at Atiku when he poses such inane approaches but.... Pricing is affected by deregulation in many aspects other than just demand.

1: Local Availability: Is the product available locally in sufficient amounts to assuage the high-demands? are we producing and refining enough for our local consumption

2: Trade Revenue: are we exporting enough at the right price to offset point 1 above? If Nigeria has not met OPEC minimum crude export quota since the last 20years and receives only 2$ royalty on each barrel of crude extracted pays a premium to Upstream players (Crude Extraction) and still pays a much higher premium to downstream players (Awon OANDO) in FOREX she has not earned in return for crude by-products that is sold for nearly cheap (Yes Fuel price in Nigeria is very cheap compared to the rest of West Africa) who exactly is losing here? FG, Dealers/Marketers or the Masses who have to pay the difference in costs but not enjoy the benefits like Saudi/Dubai Qatar etc

3: Market Distortion: Is the FG truly transparent in the way Fuel-subsidy has been implemented with regards to historic numbers/trends in the sector? Subsidy is meant to cushion the cost to final end-users over a period of market-shocks and adjustments not indefinitely.. the primary cause is the fact that NNPC and all our 4 Refineries including over 20 years of profitable BOOMING crude sales have been squandered away into the pockets of the Billionaires that line our posh estates and cities you see today. As long as FG ignores the TRUTH IN DATA preferring to hide behind polished numbers to save face (just like the imaginary Cows, Yam, Rice surplus bandied around by PMB) we will continue to experience knee-jerk reforms that are not purpose-fit for the situation. wait till the backlash of Forex policies enacted by CBN to give us a vicious bite by Q1 of 2021.. all these complaints will pale in comparison

These are the type of people I prefer to see engage my comment or make comments on the first page of a thread instead of people who have no idea of nothing but will be first to jump on the thread to haul insults without remembering to drop one sensible submission.

I have a feeling that you are introverted

LadyExcellency:
There is nothing like deregulation without abolishment of Petroleum Products Equalisation Fund.

Remove Equalisation Fund and see petrol sell N150 in Rivers State and N300 in Sokoto State.

Partial deregulation is nonsense.

Northern Politicians can't remove Equalisation Funds to avoid being beheaded.

Apt.

All politicians are the same but some are more sane than the others.

Atiku is just playing to the gallery.
Is there true deregulation in Nigeria where whatever goes up does not come down.
I remembered during early covid-19 era petrol price was reduced but the marketers (filling stations) refused to reduce their prices claiming the stock they bought at higher price is still available.
Whether we like or not the forces controlling oil industry are more powerful than what people think.

The ones that went to school, what impact did they make to the economic

amc:
Atikuloot is an olodo who didn't go to school, just like some of his followers who agree with his tweet.

The answer is CURRENCY DEVALUATION.

nice one.

incoming president, God willing.


repent and believe the gospel and turn away from thy sins Jesus does want the dead of a sinner. make christ your Lord

He is will He is ready to accept you

Officialgarri:
Atiku better sit down patiently with the person that explained the economics behind deregulation instead of rushing to social media.
These people called Politicians are just as dumb as anyone.

Fine, when Buhari first deregulated in 2016, Oil price dropped "due to competition" by 1 naira, but what happened after, it flew right up to #145.
This is because Oil is always in high demand and the higher the demand the higher the price.

Officialgarri's law states that "Any product with increasing demand and without corporate regulations will have it's market price competing mostly at increasing prices" e.g Cryptocurrencies
Hence, the introduction of subsidy. If not for regulation and subsidies, gas was initially supposed to be selling at about #179 but the Government pays about #46.

So someone tell me something interesting about deregulation

Trash

Officialgarri:

These are the type of people I prefer to see engage my comment or make comments on the first page of a thread instead of people who have no idea of nothing but will be first to jump on the thread to haul insults without remembering to drop one sensible submission.

I have a feeling that you are introverted

but extroverted on Nairaland

Atiku is a criminal. Nobody should pay him any attention.

Lifestone:

Do you read and understand what Atiku said?

Atiku is actually an Olodo. The fuel price he compared with was subsidized then. So, the lower price did not represent the true price. Now that subsidy has been removed, even though the crude price is below the then price, the fuel price is higher simply because the subsidy element has gone.

He's so dumb!

Nfora:
Atiku is a total disappointment!

Subsidy kept the fuel price lower than the global markets,including that of USA.

The subsidy was removed just this year,May 2020.And Atiku is comparing USA 2019 price.


Even a primary school student would expect an automatic rise in the price,without the subsidy .

We are importing fuel ,oil price has gone up,exchange rate has gone up,subsidy has been removed and Atiku expects price reduction. What a shame!


Anyway I am not surprised.

You get messed up in a bid to be populist and playing to the gallery and emotions, in a matter that requires only the application of elementary logic.

I beg it is not by force to be president of Nigeria oooo...

Compared to buhari that said there is nothing like subsidy.

Who is the bigger disappointment?

If buhari can be president for two terms, anybody can be president.

Islie:


VANGUARD

The issue of fuel price is very complex but all I wish to say is that, the only solution to the issue of fuel price in Nigeria is for the government to privatize the refineries then reach an agreement with the the private refinery owners on how much crude oil will be sold to them irrespective of the international price so that they can refine n sell to the local market at a reasonable price simple.

What country is Uncle living in?

Nigerians use imported petrol, bought with dollars, which has jumped from #350 to #470 in one year. The dollars were obtained with crude oil, which has fallen in price.

Not only that, the old price was the subsidized price (i.e. it was not true market cost). When subsidy is removed, cost of fuel should rise to its real value.

I think Uncle knows all this - after all he is an astute businessman - but I suspect he just wants to rile people. I'm not a Buhari apologist, but this tweet reeks of opportunism, not genuine concern.

[quote author=unitysheart post=93712577]

You sabi. They should removed PEF if they truly wanna deregulate. [/quote


First time i heared someone talk about PEF, guess u know much and the fraud in the stuff. Its another big fraud in the down stream sector.

Officialgarri:

Hence, the introduction of subsidy. If not for regulation and subsidies, gas was initially supposed to be selling at about #179 but the Government pays about #46.

The irony with this is that even with the said #46 that the government is paying to subsidize gas, the price is still considerable high.

Or is it not this same Nigeria that we are talking about?

[quote author=Keemsleek005 post=93715893][/quote]

I am in the industry.

LadyExcellency:
There is nothing like deregulation without abolishment of Petroleum Products Equalisation Fund.

Remove Equalisation Fund and see petrol sell N150 in Rivers State and N300 in Sokoto State.

Partial deregulation is nonsense.

Northern Politicians can't remove Equalisation Funds to avoid being beheaded.

don't mind them. If it's to come and tell us that fuel will sell costlier by N10, in the southeast, their mouth will be strong.

anonimi:


Under Barawo Bubu, only NNPC is allowed to import fuel, so that they can quietly steal and loot as Abacha did without us knowing what was going on.


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It has been fully deregulated. NNPC was sole importer hoping they could cut on the sharp practices of the Nigerian business men. But they learnt the hard way that NNPC was worse...

So Atiku can go and bring his own and tell us the landing cost per liter instead of asking a question for which he already has the answer with an intentional further confuse the masses...

LadyExcellency:
There is nothing like deregulation without abolishment of Petroleum Products Equalisation Fund.

Remove Equalisation Fund and see petrol sell N150 in Rivers State and N300 in Sokoto State.

Partial deregulation is nonsense.

Northern Politicians can't remove Equalisation Funds to avoid being beheaded.

Very good point. If we r to truly allow the market decide then ofc transport costs and other factors that add to the pump price at the point of sale must be recognized. This literally skipped over my head. Pppra go fight u sha. U want make them scrap their office. Ur point is something no northern will raise in a community meeting. Straight chaos.

Pump price in Lagos PH and Calabar cannot be the same with Maiduguri... but as this faucet has been opened, there is no going back.

And to atiku's question; yes.
The subsidy essentially paid half the bill for the consumer. Even with the hike we are still about 2/5 that of our neighbors. True price is probably not something that Nigerians can automatically switch up to in a second. It will take time. Tho we can now have a real downstream sector. So yayy.

Politicians are hypocrites nevertheless. Same ppl against it all this while are now for it. So it makes me question their true motives. All the same tho ya.