₦airaland Forum

alizma:
This is why it's difficult for any individual called president to fix this country. These criminals can't stand to watch the price going down further.

You underestimate the powers of the commander in chief of the armed forces. By a single move, he can make replacements. I cannot exonerate the president since he hasn’t come out to kick against anything that NNPCL has done to the detriment of many Nigerians.

adebowales:
If tinubu sack mele kyari now, you will see some Aboki’s shouting he is against the north

Tinubu has not kicked against any move by NNPC and he hasn’t refuted any of the actions of Mele Kyari. Why do we think that NNPC is acting outside of Mr President’s wish?

yemmit90:
Perhaps they sense that Dangote might be doing price slashing intentionally to force others out of business. That is how rich monopolists do to wade off competitors.

They should just do what will benefits the masses.

The combined capacity of all NNPC refineries is more than Dangote’s. If they want to curb monopolistic tendencies, they can do that by getting them to work at full capacity. Importation is not the solution.

Number one, as we are seeing unfold before our eyes, there is a growing discontent among the importers and import-enablers about reducing prices as Dangote cuts down on the price. Importation of PMS will never be at par with local production done efficiently in terms of cost. It will most often than not cost more to bring the product from outside.

Number two is the value of the currency. If we continue to kick against Dangote, we are cutting our noses to spite our faces. This is because fuel is the key import item in Nigeria and if we keep using scarce dollars to procure the product, the currency will suffer. And the currency suffering will affect every other thing like living standards, high cost of everything, employment, etc etc.

AndroBlaze:
I have said it over and over again, people who think the problem with Nigeria is politicians and not civil servants, government parastatals and all the other bureaucracy that holds them together are in for long things.

NNPC and their staff are some of the most useless and highly corrupt individuals in this country and until people like them are tackled with their job security taken away from them, nothing is going to change.

It all starts from the leadership. Clean up the head and the body will follow suit. The civil servants have no way to benefit if their bosses (the politicians) are not benefiting 100 times more.

gabbasin:
there's nothing wrong in importation, we can't create a monopoly, if Dangote produce enough petrol and his price is cheaper than that of imported, definitely no one will want to import. But if importers feel landing cost can still compete with Dangote's price, the tendency for them to import will be there

Your comments assumes an ideal environment but where you have people in high places directly profiting from importation, then cost wouldn’t matter and irrational decisions will be taken at the detriment of the economy. Petrol is the major import item for us so if we encourage importation of it, the value of the naira as well as attendant problems of a weak naira will persist. Rather we should encourage local refining as a means to curtail capitalist tendencies.

donself9:
Did kyari not denounce importation of Pms into country saying they've stopped

You don’t believe someone just by hear their defense especially someone who has a track record of deceit.

Some people still believe the lie that Nigeria doesn’t have money. You don’t need to be China/Qatar rich but if you have enough to cater for your immediate needs and have some more for savings, then you can build capital in a short span of time.

In Nigeria you’d see unprecedented levels of borrowing side by side with extraordinarily lavish spending by individuals and then you ask yourself, is Nigeria truly poor? I don’t think so. I think there is serious mis-management of resources going on.

Some people still believe the lie that Nigeria doesn’t have money. You don’t need to be China/Qatar rich but if you have enough to cater for your immediate needs and have some more for savings, then you can build capital in a short span of time.

In Nigeria you’d see unprecedented levels of borrowing side by side with extraordinarily lavish spending by individuals and then you ask yourself, is Nigeria truly poor? I don’t think so.

nairalanda1:
Well, NNPC at full capacity in the 1980's was refining 400000bpd from all its refineries.

And the refineries collapsed because subsidy prevented NNPC from making a profit on its refineries...plus Buhari's 2016 edict whereby he forced NNPC to in essence fund the subsidy....essentially meant that refinery production declined drastically.

(Venezuela has the same issues. Massive subsides, with massive decline in domestic refining capacity. Last I checked, no Nigerian has run PDVSA. Iran is able to keep its refineries running with subsidy...with a resultant heavy duty debt.).

Now, NNPC can make a profit, so the refineries would get back working. No more funding subsides. And I said they refine between 60000-90000 bpd.

Firstly, that a country is subsidizing fuel for its citizens does not have to hamper it from running its refineries successfully and removal of subsidy doesn’t guarantee that the state corporation would run their refineries efficiently. Saudi Arabia is just one of the handful countries that still subsidize fuel and they run their refineries well. I’m not asking us to go back to subsidies because we have the tendency to abuse things a lot but I’m just saying that subsidy regimes is not necessarily synonymous with ineffective running of refineries. Qatar Energy - a state owned company refines their gas (which they have in abundant supply just like we have oil). Last time I checked this country still subsidizes fuel consumption for its citizens.

The countries I cited above are paying subsidies whilst refining their God-given resources through their state corporations. Have we tried to see that there has been a lot of mismanagement of funds by NNPC over the years and operational inefficiencies from them? This is the issue. The subsidy regime became necessary to cushion the effect of rising global oil prices in the 1970s owing to the Israel-Arab war. It was not only us.

In 1978 the government took over our refinery completely. Prior to then it was a private company that was in charge. What if they allowed the private company continue to refine and then paid the differential by government. So if the actual PMS cost was N5 and government wants to subsidize it by N3, the people would pay N2 while the refining company would get N5 and FG would pay N3. But the mistake was having the government take over the refining process when they lacked the capacity. Before long the refineries became comatose and we had to meet daily demand by importing. Later when the top officials began to see the free money in importing, that further dealt a blow on the refineries as there was little or no incentive to get them working anymore.

NNPCL needs a real independent audit. They are very untrustworthy for anyone to believe in their every word hook line and sinker. Right now it’s clear that they are in a silent but fierce completion with Dangote but what is not clear is the veracity of their capacity claims. Time would tell.

BreconHills:
You have a polarity problem. I have no doubt. If not you would have noted the absence of ALL in the part you highlighted.

You said I can't name one company and now you are moving the goalposts. Tolaram and Guinness are excellent examples of what is happening and this is why I used it as an example. You did not even try to explain why this is an outlier.

The NGX has continued its strong run buoyed by strong corporate performance and inflation buffered dividends. Yet you want to cherry pick cases.

MNC exits have more to do with their global strategy than Nigeria as a case in point. Most of them have sold at fair value. None sold at below value. The pricing tells you all you need to know about the confidence of the buyer.

You are chained to your pessimistic mindset

Bias has chained your reasoning.

You views

I beg to disagree with you. I didn’t intend to mention ALL and there was no need to mention it because there is no where in the world (all the thriving economies inclusive) where ALL the companies in their productive sector are doing well. It’s not until ALL the companies in the productive sector are doing well that the economy will thrive. You simply misread my post to mean that I should mention one thriving company when I was actually saying that mentioning one company is not enough. I’m not blaming you for this and so we don’t have to make a meal of it. I have not asked you yo name one company because you already named Tolaram in the post I replied to so it would be foolhardy for me to ask you to name one company when you already did in the mail I replied to.

Back to the issue at hand, what is the situation of SMEs in Nigeria, the living standards, the manufacturing sector etc etc. how many companies in Nigeria are captured in the NGX? MNC exits had more to do with their global strategy? No, it has more to do with a harsh business environment because they had been here and thriving for decades but suddenly they just changed their strategy?

nairalanda1:
60000-90000 BPD.

Had we removed subsidy in 2012, we would have been having 400000 BPD from NNPC refineries by now

I’m asking you to confirm how much barrels per day each of the refineries are able to deliver on a daily basis. Also, if you claim that profit-driven business owners were reluctant to invest in the business of refining before now, I’d understand but for a government institution, it doesn’t add up.

The same issue that bedeviled the refineries will continue to plague it. There is a very profitable business of importation today and time with reveal more to us. As soon as Dangote refinery came on stream there was an emergency rehabilitation of the refinery.

nairalanda1:
NNPC is fixing its refineries...and is slowly ramping up production. The palaver is, they can only manage at least 60000bpd, while dangote is hitting 450000bpd.

There are 6 other refineries, and some others are now picking up licences to refine.

They have been fixing it a long time ago we have often heard but the question is, at this time, how much barrels per day is the old PH refinery churning out? Then how much is Warri refinery doing at this moment?

BreconHills:
I did not say the productive sector is thriving - you cannot misdirected me. I said Nigerian companies are becoming more nimble and adept.

You asked for one name abi? Here you go.

You are not honest in your argument. You have an answer and you work towards it. You cannot escape the prison of your own bias.

Read your post again. It says “Our productive sector has also become highly nimble and adept in these challenging times.”

Also, I’m not asking you to name one company but I’m saying that you cannot mention one company and use it as proof that Nigerian companies are thriving. My post is as follows:
“You cannot mention one company as proof that the productive sector is thriving. If you want a detailed view, you can get that from Manufacturers association of Nigeria (MAN)

You have not only accused me of dishonesty you have also accused Nairametrics but I tell you that if the average Nigerian company is smiling today, a good number of your worst critics would become your praise singers.

BreconHills:
Our productive sector has also become highly nimble and adept in these challenging times. You can see what Tolaram have done. Yes lower exchange rate would help them but NG biggest problem is our consumer import burden.

Import substitution is not the answer for NG right now. We have to stay with comparative advantage and not chase everything.

It is consumer credit that we need. This will create the demand we want. Production does not in itself create demand.

We can only fight our battles one by one. I expect to see current gains cascade into a more realistic 1200 to the USD.

Which productive sector has become nimble? You cannot mention one company as proof that the productive sector is thriving. If you want a detailed view, you can get that from Manufacturers association of Nigeria (MAN). Or should we start to mention companies leaving in droves?

The reason why we have consumer import burden is that the environment for production here is very harsh. Interest rate, transportation system, infrastructure, credit, exchange rates etc are all messy. And I’m not even talking about phone production. Even production of the basic commodities is a big deal. Producing and staying competitive in your pricing amidst all the problems in the economy is a big deal. The demand is there in a market as big as Nigeria’s but when you mention the name of any product that people consume often, ask yourself what’s the locally produced alternative? Can they stand the test of time and stay afloat producing in this terrain?

Consumer credit to be given by who? A government that has multiple commitments home and abroad? Is that sustainable? Or by corporate financial institutions that weight capacity before availing loans? At what rate also? If capacity is still low, increased credit to consumers is counter-productive because increased default in the loans will see the system collapse in no time. Capacity is key for any loan arrangement to work. If you talk about encouraging productive sectors like the SMEs, that is understandable.

True and sustained improvement in the exchange rates is desired but it will not come by constantly manipulating the FX reserves but by reduced reliance on importation hinged on very good fundamentals. Anything other than that is just window-dressing and will be found out with time.

Leaving textiles, agriculture because of oil is why we are where we are today. We killed the productive sector in the past because of the advent of oil. You cannot stay in your comfort zone and say “comparative advantage.” You need to use what you have to create a more robust and productive economy. Oil is a non renewable. UAE used their oil money to create a world class tourism sector. There’s no reason why we cannot diversify and thrive.

BreconHills:
Reserves are in USD so what do they have to do with naira value? Naira value has discouraged imports and led to a positive trade balance of 18bn. A strong currency is no good to a country that wants to stem imports. I am quite happy with the exchange rate- it's true value is no less than 1200

No more fantasy economy.

I dont know which graph you are looking at but the trend lines of that reserve graph show an improvement.

Let's look at the fundamentals supporting the
improvement. Increased oil bpd, reduction in outflows
on subsidies, positive balance of trade, increased
distribution to states. What's not to like?

I get it. You aren't happy. Why should you be? You hate the government. But any one with skills, adaptability and the ability to innovate is quietly confident.

A strong currency is not good for a country that wants to reduce imports correct but the problem is that our productive sector is heavily dependent on imports too so it’s not just simple to say let’s keep a poor exchange rate so that we can frustrate imports while we encourage exports.

The result would be counter-productive because the productive sector will be hampered whilst you wouldn’t have solved the importation problem. You would have made importation ridiculously expensive and since there is no effective policy or strategy towards import substitution because infrastructure, electricity, road networks, inflation and other fundamentals are weak, you have just created a situation where the economy is worse off in the name of getting more revenues in exports.

People that used to buy a normal infinix phone for N75,000 would have to spend time two or more than that to get the same phone and since there is little or no capacity to replicate production on this line, people will just have to adjust and spend more of their disposal income. Of course it’s not just phones but everything else. The ripple effect would be crazy. That’s where we are today.

Nothing has really changed because much of those exports revenues we are happy about are still from oil and gas meaning that the productive sector is still grappling with a harsh economy and are trying to get their heads out of the water.

BreconHills:
The reserves are not a savings account - they are also a working account and payments will be made from it to meet obligations. I have attached a 5 year graph of the reserves to provide perspective.

We see what we want to see but if you join a simple trend line using the base of graph it is clear that the long term trend is upwards.

NG is doing very well indeed. 👏

As your graph will clearly reveal to you, we had even done a higher figure in 2021 than whatever you are celebrating now. But towards election period, that’s when you see it tumbling down and the reason for this, I believe you should know. So celebrating reserves of just over $38m before elections seems misplaced to me.

And this is worsened by the fact that the previous administration that the current one wants us to believe was sooooo bad (and that’s what’s affecting them badly today) actually left between 33m to 35m dollars. So if you improved it to 38m before election period, what’s all the fuss?

Good one but I don’t want to hear another story from NNPCL about subsidy (sorry differential payment). They claim that there is a N7trillion debt that FG is owing them from last year and FG has planned to settle it over 7 months amidst the plenty domestic and external debt FG is seeking to settle.

Now we see that NNPCL always reduce their price as Dangote reduces his. The only problem I have is that NNPCL have not always been straight forward in their dealings so it wouldn’t surprise me if they come up with another “claim” having subsidized their product through the back door.

BreconHills:
That fall in reserves was exactly to service bond obligations. Nairametrics has gone from a supplier of hard data to a newspaper selling clicks and shares.

I thought you people were jubilating the other day that reserves are growing remarkably? If the FX reserves are truly growing, should debt servicing (which is a regular thing) be the excuse for its constant drawdown?

That report from Nairanetrics is as unbiased as a white board but your political sentiments won’t allow you see it.

datola:
Good corporate governance by FG if you ask me.

Did you read the article? The opposite of corporate governance is the reality with NNPCL. Did you read where it said there their reports are conflicting?

I have said this many times on NL, until the opaqueness and operational secrecy is broken, expecting any dividend to come out of NNPC would amount to daydreaming.

olarent:
This is a dangerous game form dangote, government need to checkmate him and support other organisations against is game plan. His strategy is to price other players out of market being short, medium or longer time once it's remain only him in market, he we now do as he wishes.

If NNPC get committed to local refineries his wish would not come to pass but if NNPC keeps playing games Dangote monopoly is inevitable.

Benbellamor:
quote author=Highnesscfr2030 post=134355516]High Chief Emmanuel Uduaghan, Senator Natasha Akpoti Husband , the Alema of Warri Kingdom Speaks

I had initially resolved to refrain from commenting on the ongoing dispute between my beloved wife, Senator Natasha H Akpoti-Uduaghan, and the Senate President, Senator Godswill Akpabio. However, recent developments have compelled me to issue this statement. It is clear that certain sentiments are being stirred up unnecessarily, distracting from the serious underlying allegations, which should concern every discerning individual with sound family values.

Without prejudice to the ongoing legal proceedings, I wish to emphasize that my wife was duly elected by her people due to the immense love, respect, and confidence they have in her and she is committed to delivery quality representation to her district and the Nation at large. She is a devoted wife, and the bond we share is deep and unwavering. She has always remained truthful, even in the face of adversity.

My wife has confided in me about her interactions with the Senate President, whom I considered a family friend. In response, I approached the matter with the utmost maturity and responsibility, as it is my duty as a traditional leader who has immense respect for constituted authority and upholds core family values, foster peace and harmony. I personally met with the Senate President and respectfully urged him to extend the courtesy and respect my wife deserves, while also honoring the friendship between us. We reached an understanding and agreed to resolve the issue amicably.

However, despite this agreement, my wife continues to express concerns about the harassment she has endured from the Senate President.

I have unwavering faith in my wife’s loyalty and am fully committed to our marriage, which is grounded in love, compassion, and mutual respect. I would never trade her for anything, as she is the greatest joy of my life.

I now respectfully urge the Senate of the Federal Republic of Nigeria and the Senate President to treat my beloved wife with the respect and dignity she truly deserves while the relevant authorities and the court determine the underlying issues.

High Chief Emmanuel Oritsejolomi Uduaghan
Alema of Warri Kingdom

Trash...he didn't say anything...just sitting on the fence of friendship with Senate president and treating his wife with respect...

Why are you like this? The man was respectfully telling the senate president to stay clear from his wife. I’m sure you didn’t read the letter. He said he had approached him and told him to be respectful but he continued to make advances at Senator Natasha and now he is urging him again through the letter to stay clear.

Putindbutt:
NNPCL is importing no shit presently. Back then the marketers imported on behalf of NNPC and were paid subsidy. It ended soon as subsidy ended and the marketers began importing in their private capacity.

When did they stop and how do they get all their products? It’s not enough to claim that they are no longer importing.

TimeManager:
The misconception stemmed from the fact that some people confused every fuel Importation and attribute it to NNPC. But they are ignorant of the fact that there are independent marketers under different umbrella bodies who always look to import cheaper fuel from abroad into the country to complement the fuel supply in the country.


-Kiss the truth!

Nobody is saying that NNPCL are the only ones importing. We are saying that NNPCL is a government functionary that has refineries whose combined capacity can even give Dangote a run for their money.

We are saying that NNPCL are among the chief importers of the product whilst acting shady in their dealings. They want to have a good face in front of the people yet they are sabotaging the country.

By the way Dangote Refinery is in court against Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for continuing to issue import licenses to NNPCL, Matrix, and other companies to import petroleum products.

zero8zero:
Where is the document?.

There are two ways to ask the question - “what is Punch’s proof that NNPC are still importing” or you can ask “what is the proof that NNPCL have not imported amid widespread claims that they are?”

And this is why I said in my post, you have the liberty to believe what you choose to believe. But for me, I would take the declaration of the people that said Dangote’s fuel was substandard, with a pinch of salt especially when that declaration is supposed to defend themselves against the backlash of importing whilst “having functional refineries.”

Where is NNPCL getting the product which they sell?

Skyehigher1:
Importation should continue because dangote is not since to nigerians at all if we have major players in cement product and importation of cement price of cement will not up to 2000 or 2500 now but if importation continue price of petrol will continue to go down but if importation is stop now nigerians will buy petrol 1400 per litre and dangote will say is doing nigeria a favour which is reaping us . Dangote and otedola are very greedy nigerian business men since otedola buy high stake share in dangote cement price of cement rise up to times 3 i will always support the importation because no nigerians business men or women have interest of nigeria at heart even dangote is the reason president buhari close all our land borders because he produce rice meanwhile rice prices is begining to skye rocket since then i pray president tinubu open our land borders again for ever. Price of food stuff will come dawn drastically his dangote that advice buhari to close border oloriburuku business man

Importation is not the messiah against Dangote’s monopolistic tendencies because it is far more efficient to produce locally than import. NNPC, the government and their supporters have been celebrating the old PH refinery which according to them is now working and producing PMS after decades of inactivity but there is next to nothing in actual terms.

All FG refineries have a combined refining capacity that is more than Dangote refinery so that is where you should focus on if you don’t want Dangote to run you street.

zero8zero:
https://www.nairaland.com/8353418/importers-fret-dangote-lowers-petrol

You mean the many lies sold to us by this same NNPCL in the past has not made us wise enough to not take their every word with a pinch of salt? You mean NNPCL have not imported the product since the turn of the new year? It’s okay to believe them afterall we all have a right to our choices but I’m not buying it and I’m not surprised that many on this thread and indeed in Nigeria are not buying it. Read the report below in thr link

https://punchng.com/domestic-shortfall-nnpc-marketers-import-633m-litres-of-fuel/?amp

“A document detailing the amount of fuel imported into the country obtained by our correspondent on Thursday showed that the NNPCL brought in the highest volume totalling 158,740 metric tonnes of petrol. Going by the conversion rate of 1,341 litres to one metric tonne, it, therefore, implies that the oil firm brought in about 212.87 million litres of petrol between January 1 and 29, 2025“

Zionmdde:
What dangote is doing
Let's be watching
While the masses are happy
Some competitors who are supposed to checkmate monopoly and prevent the "cement" situation might be forced to close business with this price war.

In summary, this is dangote trying to monopolize the market. We are laughing now, but looking at how greedy dangote can be, it may spell disaster in the future

Ask NNPCL to fix their refineries or sell them in a transparent process and the monopoly question wouldn’t arise. You are beginning to see that importation was not the solution all along. Dangote is a business man, he is not your cousin or government.

Aseneshii:
His real intentions is for them to go and build a refinery and compete. Why are you not asking your government to make Porthcourt, warri and kaduna refinery compete with him ? After all they have crude oil.

Exactly! You are right. What do they expect a bloody capitalist that took loans and took a lot of risk to set up this magnitude of facility to do? Do they want him to sell PMS for N200?

No! Dangote is not your government. He took risk and any world event or catastrophe can just happen and then he looses billions of dollars with his refinery. He is not a social service provider so he will do all he can to put people (importers) out of businesses legally the same way that Kodak was put out of business by the new digital photography companies at the time and the same way great IBM lost their market share to Microsoft or the same way Blackberry had to give way to new technology. Capitalism is emotionless.

TELL THEM THAT DANGOTE IS A BLOODY CAPITALIST. HE IS NOT YOUR COUSIN OR YOUR GOVERNMENT. The people in power and their supporters are already using old PH refinery as proof that the government is doing well yet what’s the contribution in terms of real oil production in barrels per day? Your guess is as good as mine. They are the ones we should demand lower pricing from by efficiently producing PMS through its refineries or sell the damn facilities through a transparent and due process.

SporaD8:
The importers were initially the ones that insisted on Dangote to sell his products cheaper than the imported ones. He refused!
The moment the same importers boycotted his product for the cheaper imported ones, Alhaji started announcing Reduction in Price!
Why the sudden Volte-face?

If they initially insisted that he sells cheaper than the imported ones, why are they crying now that he has finally accepted to do it?

Coldspice:
This is why Importation must not be outlawed.

Dangote will lower his prices to run them out of business. Then, once they are out, he increases his astronomically.

He did it in sugar, did it in cement, he's doing it again.

Dangote will put the importers out of business as he is already doing so he may not even need government to outlaw importing. Therefore importation of PMS is not the solution. That’s number one.

Number two is that none of us are strangers to Dangote’s antics. He is TEMPORARILY reducing his price to get the importers out of the market. Once he does this, he will show his true colors.

Number three point is why then do Nigerians demand that importation should be promoted as a check to Dangote when all NNPCL refineries have a combined refining capacity that is more that Dangote refinery? Why are we not asking the right questions about the PH refineries and other ones but expecting importation to undo Dangote monopoly? Are we happy with the naira at N1500/dollar? Don’t we know that continued importation will only serve to make it harder for the currency to appreciate?

I like Dangote’s putting the importers out of the market but the onus is on the government to either fix the refineries or privatize them in a move marked by transparency and due process. Asking the importers to deal with Dangote is not only unsustainable but it’s also counterproductive (it’s just like cutting your nose to spite your face I.e. you want to deal with Dangote the “bad guy” but you end up putting pressure on your naira).

Goldplucker:
Since you have produced more, showing how profitable the venture has become. Why don’t you decrease the price 😏

His PMS is the cheapest now. I’d rather you tell NNPC to reduce theirs after all they claim they are producing.

DeLaRue:
So Mr Buhari was spending $10 billion per year to keep the rate at around N650 to $1 (only people going for hajj, and highly connected politicians got dollar for N450).

Now let's assume the current government spent $4 billion in each of the past 2 years.

But so far this year (2025), more dollars have been flowing in than the Nigerian currency market can absorb.

The CBN is stepping in to buy that excess dollars.

Effectively, there has been a complete turnaround. The CBN is not currently defending the naira due to excess dollar inflow.

That means if this situation persists for most of this year, the CBN's annual intervention may fall from the claimed $4 billion to my be $1 billion - $2 billion.

Isn't that fantastic.

Remember, as I mentioned previously, during early Feb, Brazil was spending $7 billion PER DAY to defend its currency.

If Nigeria ends up spending $2 billion PER year to defend the naira this year, please let us appreciate the work of the CBN a little.

There is no perfect country in the world.

Complete turnaround? What kind of propaganda is this?

The so-called inflows, they are from who and who. Is it more FDIs, portfolio investments? When did this happen and how much have they brought in? You can’t just assume that you are privy to information that no one else on nairaland has access to.

The truth is that CBN has been intervening in the market by selling FX from time to time to ease the pressure on naira because that pressure is always there because the economy is heavily dependent on the dollar. Inflows from autonomous sources have been weak and most times when you hear news about N5-N10 rate improvement, it’s almost always as a result of CBN intervention to the authorized dealers.