'Dangote, Port Harcourt Refineries Won’t Reduce Fuel Price’ – Rewane - Politics - Nairaland
Nairaland Forum / Nairaland / General / Politics / 'Dangote, Port Harcourt Refineries Won’t Reduce Fuel Price’ – Rewane (589 Views)
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| 'Dangote, Port Harcourt Refineries Won’t Reduce Fuel Price’ – Rewane by Morbeta11(m): 8:58pm On Jan 02 |
The Chief Executive Officer of Financial Derivatives Company, Bismarck Rewane, has said that Port Harcourt refinery, Dangote refinery, and the others will only guarantee supply and not make the exchange rate any better. Appearing on Channels Television’s End of the Year Special, Rewane was asked if the price of fuel would fall since it would now be produced within the country. According to him: “It will not bring down the prices but will guarantee you supply. It would reduce the transportation cost of taking crude to Amsterdam, refining and bringing it back; that’s all. “It would guarantee you supply to the extent that the product is always available. Significantly, it would increase productivity but it’s not a silver bullet that would do anything and it’s not going to do exchange rate any better.” https://dailypost.ng/2023/12/31/dangote-port-harcourt-refineries-wont-reduce-fuel-price-rewane/
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| Re: 'Dangote, Port Harcourt Refineries Won’t Reduce Fuel Price’ – Rewane by Rracoon: 9:02pm On Jan 02 |
Meaning 20 new Nigerian refinery can't reverse the the damages done to our system. That's where we found ourselves as a country. |
| Re: 'Dangote, Port Harcourt Refineries Won’t Reduce Fuel Price’ – Rewane by Faiththatworks(m): 9:05pm On Jan 02 |
Although I totally agree with the analysis of Mr Rewane all the time because he's an authority in his field,I will disagree with him today. Although my analysis are at most amateurish but I don't believe the Refinery will not have any effect on the price of Fuel in the Market. Diesel is 1200, kerosene is around 800 per liter while Aviation Fuel is more than 1000 per litre. Although petrol is between 595-700 per litre,I'm sure once the Dangote Refinery starts working optimally,prices will come down. Right now,the government has fully liberalized the importation of Diesel, Aviation Fuel and kerosene, meaning the importers have to source for Money at a very expensive price to import these fuel. I'm very sure,the exchange rate of sourcing for Usd is one of the components that has made Fuel very expensive in Nigeria. Removing the high exchange rate will surely lead to a reduction in prices. As for the Refinery,I leave with my usual advice, invest now and make money quickly. Check my signature for more details God bless Nigeria... 1 Like 1 Share |
| Re: 'Dangote, Port Harcourt Refineries Won’t Reduce Fuel Price’ – Rewane by Ikaeniyan0: 9:06pm On Jan 02 |
NNPCL won't need to be buying refined crude again. 1 Like 1 Share |
| Re: 'Dangote, Port Harcourt Refineries Won’t Reduce Fuel Price’ – Rewane by Ikaeniyan0: 9:10pm On Jan 02 |
Rracoon:When we start refining, NNPCL won't need to import refined crude with more than $12 billion. When we have enough dollar, the naira will strengthen against the dollar. When the naira start strengthening against the dollar, price of petrol, diesel, gas etc will start falling 1 Like |
| Re: 'Dangote, Port Harcourt Refineries Won’t Reduce Fuel Price’ – Rewane by PressMyButton: 9:15pm On Jan 02 |
Can this man just rest for once?. He was appointed a member of economic council in the last administration yet had no impact. The manner at which they tend to find their voice after leaving office is ridiculous. 3 Likes |
| Re: 'Dangote, Port Harcourt Refineries Won’t Reduce Fuel Price’ – Rewane by princemillla(m): 9:15pm On Jan 02 |
Something in me tells me something is wrong with his comment |
| Re: 'Dangote, Port Harcourt Refineries Won’t Reduce Fuel Price’ – Rewane by Feintline: 9:23pm On Jan 02 |
princemillla: That is because you have consumed loads of fairy tales and lies of tinubu and his miscreants |
| Re: 'Dangote, Port Harcourt Refineries Won’t Reduce Fuel Price’ – Rewane by Mbanda(m): 9:28pm On Jan 02 |
Morbeta11:That is to say that, tinubu's best is still not good enough because, he don't have what it takes to turn Nigeria around for better. |
| Re: 'Dangote, Port Harcourt Refineries Won’t Reduce Fuel Price’ – Rewane by Naijanascam: 9:32pm On Jan 02 |
Then what's the essence of answering an oil producing nation and in the first place?... No good roads No steady electricity No good paying jobs for the teeming youths No functional and well equipped hospitals Meaning the oil oil is of no benefit to ordinary Nigerians As it is in other oil producing countries of the world |
| Re: 'Dangote, Port Harcourt Refineries Won’t Reduce Fuel Price’ – Rewane by princemillla(m): 9:33pm On Jan 02 |
Feintline: That's not the case. No be all of us silly. But no how we won't benefit from refining our fuel locally. The effect may not be much but we will sure save money and as a matter of fact money spent on importing refined crude will play a role in shaping the economy no matter how its |
| Re: 'Dangote, Port Harcourt Refineries Won’t Reduce Fuel Price’ – Rewane by Houseontherock1: 9:34pm On Jan 02 |
You guys are just bloody asslickers who are too scared to say the truth! I see no reason why a local refinery won't sell the product cheaper than the imported because the cost of transporting crude to and from overseas is out and dollar is minimally involved, if used at all in this local process! Now, if there's petrol coming from Lagos and Portharcourt, dependence on the imported product reduces and this should force down the demand and subsequently the price! So, I don't understand the economics behind your argument... |
| Re: 'Dangote, Port Harcourt Refineries Won’t Reduce Fuel Price’ – Rewane by princemillla(m): 9:44pm On Jan 02 |
Houseontherock1: Leave the hate filled fellows. The truth of the matter is wether now or later, this country , this land is ours. No one will fix our mess. Hate Wishing on our country won't make it better. Nigeria will be great again. Am sure of that |
| Re: 'Dangote, Port Harcourt Refineries Won’t Reduce Fuel Price’ – Rewane by Freshtruth(m): 9:47pm On Jan 02 |
Dangonte is the Major problem in this country always selfish and looking for ways to cash out from the poor masses. They find money wet wan take Buy arsenal. Since 2009 I want to buy arsenal even crystal palace he no feel buy no allow this man dey bobo una after u done pay players and staff 'weekly' for like a year I no wan go to the aspect of even buying a player for just paltry 30m self . owning a club in England no be beans My Brother Chelsea new owner dome spend close to 1.4Billion dollars on signings payment of salaries and payments of salaries already even though say Chelsea as a club no dey try Chelsea owner done try
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| Re: 'Dangote, Port Harcourt Refineries Won’t Reduce Fuel Price’ – Rewane by Ikaeniyan0: 9:47pm On Jan 02 |
princemillla:The positive effect on the Nigeria economy will be massive. Don't forget we will also be exporting refined crude oil |
| Re: 'Dangote, Port Harcourt Refineries Won’t Reduce Fuel Price’ – Rewane by matify83: 10:12pm On Jan 02 |
So, where is the cost of freight we were told is responsible for the additional cost of imported petroleum products? The government is sensitizing and preparing our minds for another story again! 1 Like 1 Share |
| Re: 'Dangote, Port Harcourt Refineries Won’t Reduce Fuel Price’ – Rewane by Gbogbowa: 10:28pm On Jan 02 |
Faiththatworks:are we importing cement? But the price is on the high side,the cost of fuel diesel etc depends on how much NNPC is selling crude oil to dangote and they will not sell below international price.2 the exchange rate will remain the same so long the quantity of crude produce remains the same |
| Re: 'Dangote, Port Harcourt Refineries Won’t Reduce Fuel Price’ – Rewane by Dynamicboss: 10:36pm On Jan 02 |
Faiththatworks: Subsidy is still in motion and no independent marketer will dare try to import fuel and incur lost or the product will see no patronage from end users and retailers |
| Re: 'Dangote, Port Harcourt Refineries Won’t Reduce Fuel Price’ – Rewane by CodeTemplar: 12:07am On Jan 03 |
Who said it will? One thing is sure, it will reduce forex rate and therefore every imported commodity. |
| Re: 'Dangote, Port Harcourt Refineries Won’t Reduce Fuel Price’ – Rewane by CodeTemplar: 12:09am On Jan 03 |
matify83:Corruption is like that. She loves ground work. |
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