₦airaland Forum

Marketers Confirm Subsidy Payment, Explain Petrol Scarcity

http://www.nairausd.com/?m=1

Marketers Confirm Subsidy Payment, Explain Petrol Scarcity

http://www.nairausd.com/?m=1

ibkgab001:
Ones my brother send me 200 usd that will last me for a month successfully

Hmmmm

ibkgab001:
Downfall of nairA makes me happy

Why

By BusinessNews Staff

The Central Bank of Nigeria has closed the interbank foreign exchange market till January 4, 2016.


CBN Gov.

The closure, which is the norm in the banking sector, was expected to have been done not later than Monday, considering the position of the naira at the parallel market, The Cable reported.

The naira had fallen to a record low of 280 to the dollar at the parallel market after beating what was initially regarded as a 42-year-low.

The local currency, however, appreciated to 270 on Friday, after the sale of over $20m by the CBN to the Bureau de Change operators.

The CBN is expected to pump more forex into the parallel market while the interbank FX market remains shut throughout the festive period, but it remains unclear if this will be done.

With the interbank market now closed for the next 14 days, dollar scarcity may rock the economy and the naira may further depreciate below N280.

The naira opened on the parallel market on Monday at N265 to the greenback.

Source:http://www.nairausd.com/2015/12/cbn-closes-interbank-forex-market-till.html?m=1

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Hmmmm we pray for better country

By BusinessNews Staff

The Kaduna refinery has resumed production following its closure three months ago, the Managing Director, Kaduna Refining and Petrochemical Company Limited, Mr. Seidu Muhammed, has said.


APipeline across

Three of the nation’s four refineries in Warri, Kaduna and Port Harcourt had resumed production of refined petroleum products in July after undergoing rehabilitation, but they were shut down in August, September and October, respectively.

Muhammed said in a telephone interview with our correspondent on Monday, “We are producing now. We resumed last week around Tuesday or Wednesday. Since then, we have continued progressively, bringing in one unit after the other.”

He stated that the refinery was recently shut down as a result of lack of supply caused by the repair of the pipeline pumping crude to the plant.

According to him, before the repair work commenced on the line between Escravos and Warri, there was crude oil supply from Warri for the refinery.

Muhammed explained, “But because of the lack of the line between Warri and Kaduna, that (supply of crude oil) could not have been done. And that is why we shut down the refinery in September. That pipeline has been repaired and as we speak right now, crude is flowing to Kaduna from Warri.

“We expect the PPMC to start loading and trucking PMS (Premium Motor Spirit or petrol) from tomorrow (Tuesday). Loading and trucking of PMS is not our responsibility.”

The Kaduna refinery, which was inaugurated in 1980, has a capacity of 110,000 barrels per day.

The Group General Manager, Group Public Affairs Division, NNPC, Mr. Ohi Alegbe, had in a telephone interview two weeks ago, said, “Two of the refineries are ready to go; what they just need now is crude and that is why we try to get the pipelines working.
(Punch)

Source:http://www.nairausd.com/2015/12/kaduna-refinery-resumes-production.html?m=1

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Africans and inferiority complex. To be sincere l don't see any insult from him

Kestolovee95:
Nigerian sunni soldiers would rather shoot the innocent children and bury them in shallow graves. Have you ever seen nigerian blood thirsty soldiers on a rescue mission? Never!

Truly ignorance is a disease.

chynie:
Sorry for my former ignorance

I understand better now

Islam is a religion of piss

Are you sure they are. ........Muslims

DrLikita:
I have not told a single lie here. Please direct your anger elsewhere. I am not 'polishing Africa continent bad'; whatever that means.
I was addressing someone who asked me a question. Maybe you shouldn't comment until you have read everything.

Because of your reply to bigeagleeye.

You see we have a big problem which I pointed out.

Why did you conclude that I am angry.

Africana our problems is not our leaders but we ourselves.

Thank you

wizard007:
Where'd you gotten your fact from man? Are you an international estate agent? This is a joke bro, apart from third world countries tell me any other currency sliding against the dollar, the only people happy about this currency battle are mainly Africans living abroad, I'm a consistent buyer from international e-commerce site and the last time I checked nothing is cheap, not to talk of a house. Dude get your facts right ooo.

Who told you that other countries currency are not depreciating against the dollar. Be international

DrLikita:
I honestly don't know. I think it's greed. In my opinion, African leaders have the mentality that certain positions belong to them and their family. They won't step down when they commit crimes, they won't step down when their tenures are over and worst of all, they won't even do the right thing when they are there. Instead they just remain there and steal. I think the biggest issue is the finding the source of this greed.
I also think that when an African leader has been directly involved in the fight for independence or the fight for improving the country in some way s/he thinks s/he deserves to be on the throne forever. In his/her mind, if it wasn't for him/her you wouldn't be free. That's true but it doesn't mean you should be there forever.

Stop this nonsense of polishing Africa continent bad.

If you think you are holy then vye for a political post and make your country good.

We Nigerians are one of the greatest hypocrite ever in human existence

BeeBeeOoh:
That woman that stood by GEJ when he has nothing...

If little fraction of women will stand behind their men for love not material things. Believe me 40% of the world problems will be solved amicably

North and......... are like bread and butter

MrAkias:
Was just wondering its another year of christmas celebration which is suppose to mark plus 1 year for Jesus. So can anyone tell how old is he dis year?

Long time bro

Exchange For Euro To Naira, 21st Monday December 2015
http://www.nairausd.com/2015/12/exchange-for-euro-to-naira-21st-monday.html?m=1

Exchange Rate for B Pound-Naira, 21st Monday December 2015

http://www.nairausd.com/2015/12/exchange-rate-for-b-pound-naira-21st.html?m=1

Exchange Rate Of Dollar To Naira,21st Monday December 2015

http://www.nairausd.com/2015/12/exchange-rate-of-dollar-to-naira21st.html?m=1

awomike4u:
Fighting corruption with corruption...two wrongs can never make a right.We're watching!!
God bless Nigeria

Let's watch and see how it goes

Cc.lalasticlala

Cc.TonyeBarcanista
Lalasticlala
Modath

By BusinessNews

Following recent disclosure by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu that government would review and present new cost-reflective pricing template for domestic petrol sales and consumption, the Nigerian National Petroleum Corporation (NNPC) and Petroleum Product Pricing Regulatory Agency (PPPRA) yesterday said that they had begun work on it and that a new template would be out by the first quarter of 2016.



WE gathered from officials of these agencies that from the expected price modulation model which the government seeks to adopt, pump price of petrol may initially drop from the current N87 per litre next year when the government perhaps shaves off a couple of costs that influence domestic price of the product.

WE learnt from the officials working on the new template for petrol that the government had already identified possible costs reduction areas from which about N10 per litre may be cut off.

Accordingly, these areas may include the amount of bridging claims paid out by the Petroleum Equalisation Fund (PEF); foreign exchange differentials, amongst other logistics costs which marketers incur in the course of bringing in and distributing products in the country.

After a meeting in Abuja, the Group General Manager, Corporate Planning and Strategy of NNPC, Bello Rabiu disclosed to journalists that the PPPRA would release the new pricing template before the end of Q1 2016.

Rabiu said that the adjustments that would be made in the new template could ultimately lower the cost of product importation and distribution in the country.
He noted that due to the uncertainty in the prices of crude oil in the global market and abundance of crude oil, the cost of bringing petrol has subsequently dropped from what it used to be some two years back.

According to him, as at Thursday the cost of bringing one litre of petrol to the country was N65 while the logistics involved in taking it to the depot and to the filling stations were about N10.55 and N15.49, which brings the open market price as at today at N91.52 per litre.

Rabiu said: “We are engaging industry stakeholders to review the PPPRA template that actually drives the cost of importation. This is because the actual cost of PMS minus the retail price of the product is subsidy. So if the cost falls to N80 per litre today, then where will the need be for subsidy? If the cost is less than the current retail price of N87, then it means there is no subsidy.

“So, we are looking at the template to have it reviewed considering the realities on ground now in the sector. What if after the review, we are able to take away about N10 from this current template, which today puts the cost of petrol at N91.52 litre, then it means the cost may come down to around N82 per litre.

“That is why we said there is no need for subsidy in the 2016 budget. We say this because we know that the price of crude oil will not go so high in the next 12 months because of the high level of saturation in the market. So as soon as it is appropriate, we will announce a new price for PMS.”

Rabiu stated that the adjusted template would be used subsequently to modulate prices down or up on a periodic basis if required, adding that if oil prices continue to fall and inefficiencies are eliminated within the template, there will be surely negative subsidy.
He noted that the negative subsidy shall be remitted to the Petroleum Support Fund in line with the current PPPRA guidelines.

“The savings under such a regime could be domiciled in the PSF as a buffer to and future subsidy (if any) that may arise during high oil price regime or invested by the industry in supply and distribution efficiency improvement projects such as decongestion of Apapa area, Single Point Monitoring in Port Harcourt and Warri, complimentary rail services, inland waterways


Source:http://www.nairausd.com/2015/12/nnpc-reduction-of-pump-price-is-possible.html?m=1

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Good day everyone if you are observant of the events happening in the country you will notice our own currency depreciating at a very high speed in which it favour few. It has given this current administration a task it has to be done for it not to be mock among its subject.



Taking a good look at CBN, one will wonder are this people confused because new rules every week despite it effort to see the Naira stable but all in vain. Even the finance ministry is not helping matter.
Recently Nigeria finance minister told the whole world that her country will borrow from international and local source to financed the 2016 budget. To borrow there is nothing wrong but what we the subject was expecting was it is for capital project to directly or indirectly make the Naira value increase among others currencies. But it was the other way round., recurrent expenditure. Hmmmmm what can l say or do.

This are the implications of Naira fall in the economy

1. Naira loose it value.
2. Lower earnings to the government.
3. Reduce investors confident on the economy
4. Loss of job.
5. The sky is the limit for inflation (increase in inflation).
6. Negatives effect on our image
7. Standards of living will be threatened.
8. Negatives effect on import and export of goods and services to the economy.

Note as of 19th Saturday December 2015 Dollar to Naira was $1=N270. It does mean it will be like this forever but what l am sure about this matter is, it will either appreciate or depreciate . And mind you this is not the job of the government alone but everyone.

“INFORMATION IS POWER”
Written by IfyAn

Source:http://www.nairausd.com/2015/12/the-implications-of-gravitational-free.html?m=1

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Rip

Okorocha hmmmmm you are funny

Did fart is also one of the beauty of Nature

Not surprised. Bubu true colour will shock Nigeria.

CHANGE

Hmmm, l think he his trying to be funny.

But come to think of it USA has never won any war without it puppet since after the cold war

I don't think this woman know what she is doing.

BlackPeni5:
One of the few times our finance minister is making any comments publicly. She is intelligent but lacks experience and capacity to carry out that role for now. Right now, the CBN Governor seems to be doing more work on the economy than she is....but he is doing serious damage never the less.

What you need to understand is the CBN need the ministry of finance and economy for better planning