₦airaland Forum

zikter:
That is what many people don't understand. I don't even see the adjustment in rice by Dangote as a price war with anybody. Since crude prices have dropped by 4 dollars, it is only natural for the price of PMS to drop as well. Once crude prices and the exchange rate goes up, prices will be adjusted to suit the prevailing forces as well

Logical reasoning is rocket science for an average Nigerian

Kingray10:
Let the price war continue, that's the only way we will get a cheaper fuel

Keep deceiving yourself with price war

COMPAQ:
Newspapers just generate sensational headlines to sell papers and generate clicks for online advertisements.

There is no price war raging anywhere! So reducing price from N950 to N890 (N60), when crude prices had fallen back from $82 to $75 and Naira had appreciated from N1600 to N1480 is tantamount to price war abi?

The way we like to use 'crash' and 'price war' and all these big words for N50 decrease ehn!!!

You will see some headlines, 'naira tumbles in market'. Then you read the story and the naira just fell from 1590 to 1600!!!!

An average Nigerian operates by emotions which the political and media community utilizes effectively to maximize profits.

Isokoboy:
There is no competition going on..I feel dangote is reducing price to so that those importing will be at a loss always ... It's a marketing strategy

Which loss, the same importing petrol between €1.7 to €2 from Belgium and demanding under-recovery cost from the federal government

koladata:
2 refineries is still monopoly. What advantage does the three cement companies has over cement prices? Until we have 500 refineries don't expect any magic in price of fuel

If you like have 1 billion oil refineries, the prices of petroleum products in Nigeria is determined by value naira which is also determined by the CBN and CBN is determined Aso Rock which in turn is determined by INEC.

pinkyruledworld:
Competition is good for the end users

daydreaming continues!

Cmeo:
This is one of the company collecting 200b electricity subsidy

Oga, electricity subsidies are paid to TCN and Discos not Gencos.

kettykings:
If the electricity sector is this liquid and lucrative, how come there is no matching investment

Compare the profits to real life economic metrics and realize that it is nominal profits i.e profits by volume not by value of money. In real economic terms, they are loosing because more the profits doesn't match the naira devaluation.

SatoshiX:
Way to go.
You can't be taking our crude oil outside the country while the local market is facing shortage.

but you be borrowing loans from multilateral organizations and be importing substandard expensive petrol from with secret subsidy?

Kemetian:
Nigeria to block export permits of oil producers not meeting local refinery quotas

https://www.reuters.com/world/africa/nigeria-block-oil-export-permits-producers-who-do-not-fill-refinery-quotas-2025-02-03/

Have they block themselves from borrowing loans from multilateral organizations?

toyeoye:
"The mind is like a parachute; it only works when open"
A willingness to listen and learn always leads to growth

Preach it to yourself because the message is for you

Eteka1:
link/ source of you information please

Open your browser app and type "federal government borrows $1.1 billion loans

toyeoye:
Take the front seat and watch how competition will bring prices down. Lower cost of goods and services as a result of multiple players is healthy for all. Monopoly in this sector has been shattered. This has nothing to do with borrowing, subsidy, imports or exports.

I told you the truth but you choose to believe political lies, continue!

Mubiola360:
Dangote is a deceiver,he was actually planning g to increase the price and then boom, oil marketers started receiving oil from warri and port Harcourt Refineries.
It reminds me if when Abati ask PBAT about price control , the president said he doesn't belive in manipulating price(Price control) he said let the market force come to play, all what we can do is to keep supplying the market, they "Dangote and his likes) will have no choice than to bring the price down.By the time the market become saturated hording become useless and need to quickly let out product for competitive prices arises.
Tomato was over 100k few mobts ago, now 10,000 per basket

Last time I checked, NNPCL refineries sell petrol 100 NGN above Dangote.

GeneralDae:
Subsidize imported petrol how? If they are doing that, how come the price of imported petrol is almost thesame as that of Dangote? What is the current landing cost of petrol?

The landing cost of petrol from Europe is $0.9 across the coast of West Africa, importers sells it 50% below the landing cost and demands under-recovery cost from the federal government.

kenbee:
Give us Fuel subsidy and take the electricity subsidy

What happened to the secret subsidy you are enjoying on imported petrol?

GeneralDae:
This is what it means to remove subsidy. This is how price of petrol fluctuates worldwide depending on movements in price of crude oil. Nigerians are not used to it yet because of decades of fuel subsidy.

Removal subsidy and subsidize imported petrol secretly

Skyehigher1:
If we have importer of cement ni cement price will also go down

keep deceiving yourself

fineboynl:
.. the adjustment here and there is killing the economy. The price needs to be fixed and that's where subside comes in.

What happen to the secret subsidy?

Skyehigher1:
It shall never be well with dangote if not be marketers that imported petrol dangote will never crash it price importation must continue

When you wake up from your slumber, the cheapest in Europe is $.09.

Ojuntana:
950 to 890 is not a price crash
Since news broke last week that more pms was imported, I expected Dangote to drop his price
These guys are just playing Nigeria like a yoyo and unfortunately all the politicians in power are too corrupt to call them to order
If you raise issues now they'll hide under deregulation
How can imported petrol be cheaper than locally produced one

Imported petrol are heavily subsidized, wake up!

givedemwotowoto:
With petrol subsidy, the average car owner in Nigeria saved about N140,000 monthly or N1.6 million annually on driving alone.

Since there’s no more petrol subsidy, what equivalent value has government added to the lives of Nigerians to warrant the removal of N1.6 million from millions of households in Nigeria?

Keep enjoying secret subsidy on imported and claim subsidy is gone

toyeoye:
BREAKING: Dangote Refinery reduces petrol price to N890  - RESULT OF COMPETITION

Your government just borrowed $2 billion from AfDB to defend the naira, leading to naira appreciation and price reduction at Dangote.

NothingDoMe:
The dollar isn't going down; the naira is appreciating. These are not the same.

When the AfDB loan exhaust in one week time, we will know how strong the naira is.

Urgent1Million:
Dedollarisation has commenced in earnest.
A step in the right direction, but should've been a stronger currency.
The Ghanaian Cedi for instance, is much stronger than the CFA.
I hope there's no hand of France in this.

Last time I checked, the "F" in CFA mean "Franc" i.e French currency.

femisplash:
https://www.thecable.ng/cbn-approves-cfa-for-repatriation-of-export-proceeds/

Another failed policy loading..........

HITdemUP:
Why are we exporting fertilizer when we don't have enough

Tell me the part of Nigeria that don't have enough fertilizer or you just spreading cheap propaganda

JuanDeDios:
Oils and gas
Cassava
Skin and hides
Etc

Export raw materials for chicken change and borrow dollars from China to import back the finished e.g exporting to China and importing hand sterilizers and sanitizers with borrowed loans.

Banie:
For the common good Of the common man

Like increasing the minimum wage in naira to devalue the naira and make more poorer than they were

wellmax:
The forex market has been stable lately. Which is good. Effort now should be to bring down the rates through increased local productivity

If naira appreciates against the dollar, then the money supply should be reduced by reducing the minimum wage which the major factor devaluing the naira.

iwaeda:
How many times will CBN clear backlog. $7bn for what, are they pay school fees again?

Says someone that celebrate the presence of foreign multinationals

ogododo:
https://punchng.com/cbn-clears-outstanding-7bn-fx-backlog/

The $7 billion was borrowed