For the avoidance of doubt, it is important to put it on record, that my oil company, the Global Fleet Oil and Gas, which has been operating in the past nine years, with more than 210 petrol stations across the country, has never collected any money called subsidy from the Federal Government or it's agents. in addition, I have never collected any allocation from the Nigerian National Petroleum Company or imported such. We only buy and sell. I challenge anyone who has contrary information to publish it or remain silent in shame.

jmaine:

Shut up and answer the question below you or stop being senile . . . What a cow


How does the quote above explain the pertinent questions being asked, which is, How was Jimoh able to breaks even, in a highly subsidized market with huge number of competitors ? . . .The prize difference with other fuel importing countries clearly shows that, without government subsidy, marketers can never sell at N65 naira due to operational costs and the market value of the imported refined products . .

How did he cope among his competitors who were obviously even over subsidized . . .Jimoh should come clear on this and not that rubbish you foolishly placed as the appropriate response .  . .

we are talking of Nigeria and not Sao tome, Ghana and whatever  Cow . .

A cancer ridden brained fool like you is even accusing others of not being able to comprehend  . . .Now that is very funny . .  

labamo07:

Nigerian are not so dumb just as we've been taken for, I wonder why some people still argue without sense of reasoning,  How much does the old goat buys his products? if he is buying locally, then he is a beneficiary of the subsidy cuz he must be buying less than N65. I think he is a coward,  Anyway, God go catch all of un

emmatok:

No need for insults.

emmatok:

No need for insults.

When you import fuel, it goes direct to the NNPC deport and you get your subsidy payments.

And the NNPC sell to fuel stations at the current market price either 65 or 140.

So jimoh Ibrahim  buying from NNPC is does not qualify for subsidy since he doesn't import.

The current open market price of petrol per litre is N156; the pump price remains N65.

An industry operator, who pleaded not to be named, [size=14pt]said the landing cost of petrol is N143 per litre. [b]The remaining N13 per litre is the margin shared among the stakeholders, including retailers, transporters and dealers in the distribution chain. There is also bridging and administration fee.[/b][/size]

With the pump price at N65 per litre, this means that the government pays N91 for every litre of petrol sold at the filling stations. The cash is drawn from the Petroleum Support Fund (PSF), bringing the total cost of a litre to N156.

Iolo:

During the subsidy, fuel doesn't sell for N65 at the depots. That N65 is just the pump price (price for the stations to sell). If you're a station dealer you could buy from an NNPC depot for around N55 or thereabout. You get N10. Remove about N3 for transport and maybe another N2 for expenses and the rest is yours.

He didn't necessarily have to import fuel to sell @ N65 otherwise all independent marketers would be importers as well which isn't the case.

I hope this xplains it.

Sounds promising, but the transportation cost are already covered by the subsidy being paid by the NNPC, why do they need to pay again for it . . .    . .  . .

jmaine:

Telling me never to reply venom with venom is false . , i give like for like . . I can be very calm, but i won't take nonsense attacks ,especially from that fool . No apologies . .

So are you trying to tell me that the likes of OANDO, CONOIL, MRS . .with their tank farms still need to buy from NNPC again, after proper documentation of what they imported has been established and estimated subsidy reimbursement calculated

How much does the NNPC sell to this importers with visible gas stations even when the subsidy being paid to them also contains about N13 . .shared by retailers, transporters and other operational cost to the fuel marketers . . . below is a document dated around 2010 trying to throw light into the subsidy debate


http://www.nigeriannewsservice.com/nns-news-archive/headlines/fuel-subsidy-rises-to-n91-per-litre

This Jimoh Ibrahim claim i riddled with so much questions that demands answers either from him or from NNPC especially

Please let's enlighten ourselves for a minute. For your information, the above listed companies are just 11% of the beneficiaries of the subsidy. 87% of the oil imported into Nigeria is by NNPC itself (why is NNPC name not on top of the list?) which means 87% of the subsidy paid went back to NNPC (Where NNPC = Gov't = Cabal). The remaining 2 percent are the other independent importers who brought in their product without lobbying for the PSF (Petroleum Support Fund, i.e Subsidy).

Now your question should be, how would the independent importers make profit when they do not benefit from the so called subsidy? The answer is, there is nothing like subsidy in the first place.

As at this morning the landing cost for

PMS (Petrol) = N47/litre

AGO (Diesel) = N82/litre

Jetty fee + Tank farm shouldn't charge more than N2 per litre, so add that up. Meaning the total expenditure to Tank Farm in Lagos is N49 per litre. So if we sell for N65/litre, there will be a N16 profit margin between the importer and the filling station owner. If you are into oil and gas, you will realize that, this is alotta money considering the quantity you are importing, so what the heck is the meaning of subsidy?

Any oil importer can call me out on this one if you think my analysis is wrong and we'll iron it out. Now after the N16 profit between the importer and the filling station, the federal govt now comes out to tell us they paid some "selected people" an extra N75/litre as subsidy, which bring the profit margin to N75+ N16. Does this make any sense?


Subsidy is just a way invented by the government to pay the cabal (Cabal AKA.The Kitchen Cabinet; meaning the Super-Advisers, a position which is called The Consiglierie  in Mafia). This Cabal majorly comprises of powerful Ex office holders,  like the ex presidents, ex senator presidents and the likes and they act as the super advisers to the present president while subtly fine-tuning him to make policies that will suite their own purpose. Not forgetting that they were the ones who endorsed him both at the primary level and at the general election and majority of his campaign funds came from them. ANd now that he is the president as they wanted, it's now a "Fukk you pay us" situation.

Now in my opinion, i believe the country is broke and in a big debt. Jonathan now realizes that he can no longer pay this Cabal AKA The GodFathers directly from the government purse and he's not trying to stand in their way from collecting their entitlement, hence he's putting the burden on the citizen. So now, look at it from the above analysis, if you buy PMS at N140,  you are directly paying the subsidy by yourself to the Cabal and the fortunate ones in this situation is the independent importer. They dont need to even think of lobbying for PSF now, they only need to bring in their product as usual and sell at N140, which automatically gives them the same profit margin as the Cabal. This is why i was telling someone on the other thread that, he must be joking for claiming that Otedola, Adenuga and Dantatas of the world are the one sponsoring NLC and NTU, what would be their gain? Do you think they'll have the time now? I can tell you they're all busy tracking their next Vessels to Naija right now.

There is a lot to say but hey, i don't think i'd make a good lecturer. But let's all seek knowledge and know what exactly we are fighting for and against. It's not about the subsudy removal, it's about fighting the godfatherism trend that has been enslaving us for like god knows when. Let's stand up and fight it out NOW.


And to all the paid "internet stand-up guys" like beaf and co,  you are free to post all your idi.otic comments all you like, it's what you've been paid for, so I wouldn't blame you. Just make sure at least one is sensible.

=======

Hey, for you all to confirm what i was talking about, i just found a 2006-2008 PSF PPPRA report. Please take a look at it and check how many percent of the subsidy goes to NNPC and confirm what i am talking about

http://www.pppra-nigeria.org/briefonadministrationofPSF.pdf

playboy19:

Well i posted the below comment some 2 days ago and i take it most of you didn't read it cos if you did, you wouldn't still be asking where he (Jimoh Ibrahim) got his product from. I am fully into oil and gas and i know so much about it, so if you have any question, you are free to ask after reading the below. That being said, I hereby challenge  any oil importer on this forum, Wale Tinubu of OandO (we've met couple of time at Barkindo's house in Asokoro) though my company is relatively small to his, i challenge, MRS,  Honeywell, Folawiyo, Capital oil , Allison Madueke and SLS to call me out on any part of this my analysis below. Nigerians, read and educate yourself a little about what you are fighting for and against.

psalmizt:

It's only a matter of time all the truth 'll be let out, in d thick of the arguement on yhe role of pppra in all these, i had downloaded the document in the link given. in 2006 i cN SEE that NNPC was given 92.02% of subsidy amount, That is just outrageous. My only concern now is that of the current arrangement considering 2006 is 5yrs ago,

psalmizt:

It's only a matter of time all the truth 'll be let out, in d thick of the arguement on yhe role of pppra in all these, i had downloaded the document in the link given. in 2006 i cN SEE that NNPC was given 92.02% of subsidy amount, That is just outrageous. My only concern now is that of the current arrangement considering 2006 is 5yrs ago,

psalmizt:

It's only a matter of time all the truth 'll be let out, in d thick of the arguement on yhe role of pppra in all these, i had downloaded the document in the link given. in 2006 i cN SEE that NNPC was given 92.02% of subsidy amount, That is just outrageous. My only concern now is that of the current arrangement considering 2006 is 5yrs ago,

Orikinla:

. If this revolution turns violent, over 100, 000 people will be killed before they can sack the kleptomaniacs in power. Before the presidential election, I warned  about the dire consequences of supporting and voting for President Goodluck Jonathan, but Beaf and his gang and other ignorant members wanted to crucify me. And I said it would be your tragedy and not mine. And what are we seeing now?