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Nairaland Forum / Nairaland / General / Politics / Oil Nears $56, FG May Reintroduce Fuel Subsidy (25148 Views)
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Re: Oil Nears $56, FG May Reintroduce Fuel Subsidy by Tekrify(m): 11:33am On Jan 11, 2021 |
;Daswear jadyclem: |
Re: Oil Nears $56, FG May Reintroduce Fuel Subsidy by Tekrify(m): 11:35am On Jan 11, 2021 |
Even if our refinery function...there won't be significant difference..all we will be saving is the freight cost..fuel will still be sold with in respect to the rise and fall of crude oil and the international price Mpanyi: |
Re: Oil Nears $56, FG May Reintroduce Fuel Subsidy by Sunnyja: 12:42pm On Jan 11, 2021 |
Eriggs:Those liking your post actually think that you are making sense! A man who promised to build one refinery across the country every year but hasn't even remember that he made such promise only for his supporters to blame 16 years of another party as the sole reason why he is unable to perform is pathetic! The same subsidy he claims doesn't exist and was asking for the meaning then is now what he is paying on a much higher scale. It seems that PDP has actually explained to him the meaning of subsidy. 1 Like |
Re: Oil Nears $56, FG May Reintroduce Fuel Subsidy by elijahkayode(m): 12:47pm On Jan 11, 2021 |
valuedammy: Unless divinely ordained God wont act in all his majesty mainly because men are gods (with jesus you are powerful than Adam be one with this thought and you will see how everyone of has a part to play walk in thy destiny and the oppresion will stop) the Sons oF God Almighty will rise |
Re: Oil Nears $56, FG May Reintroduce Fuel Subsidy by Nobody: 1:50pm On Jan 11, 2021 |
Buharidgeneral:That is not even part of their agenda SMH |
Re: Oil Nears $56, FG May Reintroduce Fuel Subsidy by Tolams16(m): 1:58pm On Jan 11, 2021 |
Please i need the link to download the right version of firefox for my infinix phone for google admob self clicking. Pls anyone that has the link should help me out. Also the tutorial on how to set the firefox browser using user agent etc will also be really helpful. Thank you.. |
Re: Oil Nears $56, FG May Reintroduce Fuel Subsidy by Raph3177(m): 2:26pm On Jan 11, 2021 |
obailala:Don’t forget the raw material (crude oil) is actually produced in Nigeria like our natural resources so for me it has spoilt your explanations above I chose not to reason With it Cos I don’t see sense in it. Other nations that don’t have oil as natural resources are selling petroleum at far cheaper price to its citizen. To me if the price of petroleum is going up Nigeria should be making more money and if it is refined abroad then cost of the raw material which we produce should count for something. |
Re: Oil Nears $56, FG May Reintroduce Fuel Subsidy by Wisejohnson47(m): 2:29pm On Jan 11, 2021 |
Eriggs:And una used five years to finish Nigeria 1 Like |
Re: Oil Nears $56, FG May Reintroduce Fuel Subsidy by Nobody: 3:40pm On Jan 11, 2021 |
How about 16 years of PDP misrule when oil was selling at $120 per barrel? You expect miracle when we earn lesser and the lesser is being stolen. When we had more, it was being stolen and money being thrown around. You can ask Jonathan and people that ate in his government, if you have access to them and they are willing to tell you the truth. Buharidgeneral: |
Re: Oil Nears $56, FG May Reintroduce Fuel Subsidy by obailala(m): 4:23pm On Jan 11, 2021 |
Raph3177:In my previous comment, I tried to give a very basic explanation, but since you mentioned the above, maybe I'd try and give some insight 'the way I understand it'... Current global price/value of crude is about $55/bbl; even though the crude is produced in Nigeria, it doesn't change the fact that the crude is still valued at $55/bbl and is still sold at $55/bbl. Nigeria currently runs a 'Direct Sale-Direct Purchase (DSDP)' crude swap deal which basically means, NNPC sells crude to a foreign refinery and then buys refined products back from the said refinery; the crude is still valued at the prevailing global price, irrespective of the fact that it is Nigerian crude. One might then wonder why NNPC doesnt just exchange the crude at a reduced rate of say $40/bbl instead of the prevailing global price of $55 so that the imports would be cheaper; after all it's Nigerian crude. But then, that $15/bbl loss would effectively amount to a form of petrol subsidy, i.e. the govt subsidising the sale of crude oil to a foreign refinery so they can in turn sell cheaper fuel to Nigeria. Just recently, a similar form of subsidising was termed 'under-recovery' by the NNPC. I may be wrong somewhere in my explanation, but maybe a petroleum economist can help out. ...and lest i forget, there's an assertion which you made which is wrong; there's absolutely no 'non-oil producing nation' which sells fuel cheaper than Nigeria. In global comparison, I doubt if there're up to 5 countries which sell petroleum products cheaper than Nigeria, and they're all oil producing nations which subsidise the products. |
Re: Oil Nears $56, FG May Reintroduce Fuel Subsidy by Raph3177(m): 5:07pm On Jan 11, 2021 |
obailala:Yeah there are lots of non oil producing country that sell fuel cheaper To its citizen and make sure u are not converting Cos with all things be equal 1 dollar should be like 1 naira or less than 100 naira same with other countries whose currencies are more valuable than Nigeria |
Re: Oil Nears $56, FG May Reintroduce Fuel Subsidy by showafrica(m): 7:29pm On Jan 11, 2021 |
ecolime: Abeg, if i wan pray, should i pray for oil to go up or come down because, when oil price dropped Fg was complaining now e don high, they are still complaining... I no understand again oo |
Re: Oil Nears $56, FG May Reintroduce Fuel Subsidy by Abdogood(m): 9:40pm On Jan 11, 2021 |
Failed govt. Clueless! |
Re: Oil Nears $56, FG May Reintroduce Fuel Subsidy by Aconomist: 11:16pm On Jan 11, 2021 |
Brunicekid:Dangote refinery will never open. Dangote is a liar. |
Re: Oil Nears $56, FG May Reintroduce Fuel Subsidy by Latvin: 2:23am On Jan 12, 2021 |
Buharidgeneral: Above statement is factually incorrect. There are 3 modular refineries in operation today; 1. Niger Delta Petroleum Resources modular refinery in Rivers State 2. WalterSmith modular refinery in Imo State 3. Opac modular refinery in Delta State There are 3 more that are almost ready to start operations in Edo, Bayelsa and Akwa Ibom states. Another 10-13 modular refineries are either being executed or in contracting stage. This is aside from the big ones - Dangote refinery in Lagos and BUA refinery in Akwa Ibom that will be commissioned before PMB leaves office and then we won't have to import a single litre of fuel again. I'm not even talking about the 4 moribund FG refineries which I think should be sold to private investors. There is a concerted effort by current govt to put an end to fuel importation through support for sufficiency in local refining. Same for Power, roads, rail, ports etc. If previous govts have done their bit, we will by now be far ahead, taking our rightful position in the comity of nations. We will get there eventually with this type of focus by current govt. |
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