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NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement - Politics (6) - Nairaland

Nairaland Forum / Nairaland / General / Politics / NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement (69573 Views)

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Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by maasoap(m): 4:30pm On May 31, 2023
InvertedHammer:
/
The current price is a better reflection of global price.

But then Nigerians don't earn anything closer to their counterparts in other countries.

Campaign is over. Election is over. Reality is in-charge.

The N5k you collected near the Polling booth can't even get you 4 gallons of fuel. Extrapolate that to 4 years grin grin

The duty of Nigerians is to continue to fvck up and self-sabotage. My job is to mock them with the government.

/

Did you collect money? Were you given the money? Because, I clearly remember that there was no money at the time to buy votes due to cashless policy. Stop saying nonsense
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by maasoap(m): 4:32pm On May 31, 2023
DOptical:


Take it up with the NNPC. Tinubu just assumed office today. Anyway, Tinubu knows how to deal with this kind of thing. He dealt with Obasanjo bullshit for example.

Lol. I thought you were trying to put the blame on Nigerians grin grin grin.. Might as well tell us why NNPC released the new price that doesn't reflect subsidy?

1 Like

Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by Dbegining: 4:33pm On May 31, 2023
AntiChristian:
There's no way there won't be pain? Forget campaign after election!


Stop saying nonsense oga.

1 Like

Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by Akharmony: 4:34pm On May 31, 2023
Not all new on this platform are verifies. Small time you hear another different story. .I will listen to Tvc nees to confirm any news updates
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by Dbegining: 4:35pm On May 31, 2023
maasoap:


Did you collect money? Were you given the money? Because, I clearly remember that there was no money at the time to buy votes due to cashless policy. Stop saying nonsense



Transfers were made. Or have you forgotten Abike the Diaspora agency boss that confirmed the one in Ikorodu?

1 Like

Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by DOptical: 4:37pm On May 31, 2023
maasoap:


Lol. I thought you were trying to put the blame on Nigerians grin grin grin.. Might as well tell us why NNPC released the new price that doesn't reflect subsidy?

Aren't they Nigerians?
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by ken6488(m): 4:37pm On May 31, 2023
As far APC members buy small Same amount I am okay with it

1 Like

Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by sonnie10: 4:38pm On May 31, 2023
The main reason they quickly implemented this policy is to favor the up coming refinery.
There was nowhere the new refinery would break even at the old pricing.
Now they can comfortably enter the market at a price that is profitable.
It has always been like that with all their other products. Government backed policies is what they ride to Forbes .

1 Like

Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by blowjohn(m): 4:41pm On May 31, 2023
NzogbuNzogbu:
I don't support peter obi, but you can not expressly quantify what immediately he is referring to

You know why?

He said he was going to make sure there are efforts to cushion the effect which can't happen in the first day like tinubu

Tinubu goofed just rest
.


Politicians always talk about cushions the effects of policies.

In any case, it's too early to criticize tinubu.

Let's see if there will be some cushioning or if they have a plan in the offing
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by blowjohn(m): 4:42pm On May 31, 2023
Hotwest:
Low-key Tinubu have organized this crime against it's citizen.

Let me tell you how...He announced it on his inauguration day immediately to recover all the bribe money he spent during campaign and election period.

The sad thing is that extra more than double price of the fuel price share he will get from NNPC sold to every Nigerian and foreigner in the country this period can recover millions of dollars. He is taking from the poor. Such a wicked old greedy man


This ur theory get as e be
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by grandstar(m): 4:42pm On May 31, 2023
obaidan:
If the govt will license more modular refineries and subsidize price of crude to Dangote for a few years, so the product can come cheap for people...otherwise the government will remainbunpopular for the entire 8years...the gains of Subsidy removal is not something as immediate as 4 years....especially when things are not in place.

Who told you more refineries will reduce the price?

Fun facts: Brent crude is currently 49cents per litre. Multiply by the black market rate of 700 and you have 343.per litre. That is the price before refining costs have been added.

Fun fact: The price is of crude oil is decided internationally. If tomorrow, the price increases to 65cents per litre, the price will go up, even if there are 10,000 modular refineries. They can't purchase their basic raw material at a certain price and sell below production cost.

Fun fact: Refineries are exposed to massive losses

They can buy crude oil at $80 dollars and by the time they want to refineries and sell their refined products,the crude oil price might have crashed to $50.

This bankrupted Otedola in the 2009. He bought diesel in 2008 when the cride oil price was $128/barrel and it had collapsed to $35 in 2009.

For refineries to protect themselves from such volatility, they hedge themselves against such price swings by engaging in forward contracts, options etc.

Perhaps, that's why those in refining call it a "lousy business"

I would appreciate it if an economist 4play or Blue3k, omohayek can explain this better. Please help out with forward contracts and options.(not compulsory though)

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Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by baby124: 4:43pm On May 31, 2023
If subsidy has been prepaid for June, who ever it was paid to should give the FG a refund since they have increased the prices.

1 Like

Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by NzogbuNzogbu: 4:43pm On May 31, 2023
blowjohn:
.


Politicians always talk about cushions the effects of policies.

In any case, it's too early to criticize tinubu.

Let's see if there will be some cushioning or if they have a plan in the offing
it's not to early for nigerians to be suffering what they didn't suffer under buhari with the same subsidy gone?

Dey play

1 Like

Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by blowjohn(m): 4:44pm On May 31, 2023
U must be ignorant not to know what is happening.

The cabals are fighting back.

Nnpc is fighting back.
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by SenatePresdo(m): 4:44pm On May 31, 2023
GeneralPula:

No, till June 30th..

June subsidy that has already been paid by Buhari's Govt.

Tinubu use busy body go stop am on May 29th.

Now See the effect of an unsound mind making a hasty policy that will affect 200 million people.

1 Like

Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by blowjohn(m): 4:44pm On May 31, 2023
NzogbuNzogbu:
it's not to early for nigerians to be suffering what they didn't suffer under buhari with the same subsidy gone?

Dey play


U must be ignorant not to know what is happening.

The cabals are fighting back.

Nnpc is fighting back.
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by Way4orward: 4:44pm On May 31, 2023
Soon Nigerians will understand the meaning of cassava and agbado

1 Like

Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by Idaytesj29(m): 4:45pm On May 31, 2023
obaidan:
If the govt will license more modular refineries and subsidize price of crude to Dangote for a few years, so the product can come cheap for people...otherwise the government will remainbunpopular for the entire 8years...the gains of Subsidy removal is not something as immediate as 4 years....especially when things are not in place.

Govt should not subsidize anything. Enough is enough
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by BreconHills(m): 4:45pm On May 31, 2023
priceactionx:
so pe otilo
I learnt that this is how many of these fuel cabals operate to cheat the government. Some get access to oil blocks ( but cant refine the crude oils) so they ship it and sell it to their cronies that have a lot of stakes in modular refineries abroad, in which they import it back to nigeria at a subsidized rates being paid by the government. So virtually carrying nigerian crude oil abroad to refine, and sell it far higher than even the supposed money without the subsidy, yet come back, claim subsidies, making moneies in multiple ways, claiming they are multi billionaire , forbes this, forbes that. If you look well, they are same people behind all these forex and dollar manipulations.
My fear is that until i see this new government commisioning modular refineries after maximum, 2 years of this price adjustements in each regions, and selling crude oil at local price in naira directly , simuteneoulsy, to the operators, things may be getting worse. If i remeber, tilumbu said he would wave a lot of taxes for investors that want to be part of oil industries revolutions, so that they get waivers to subsidize the price and improve employments to the citizen if elected, ( cos he himself is an oil expert and know much of the industries) BUT CAN WE Really TRUST POLITICIANS in nigeria? Will they allow him to work? Do we, nigerians have that patience? DONT WE, as a citizens like cutting corners just look at how filling stations sky rockets there price over nights over the stock they have at hand? Drop gas price by 10 naira and you will hear them saying they never see any official letters. It will take them 2 months to adjust.
Same thing should be aplicable to all other sectors especially agriculture region by region ,which i also believe that shetimma is also an expert in that sector and can handle that. Reveolutinize mechanized farming and let the price of basic food fall and avoidable.
I dont know if it is practicable or possible. i just dont know.

Modular refineries are private. They don't need commissioning by Govt. There are 2 ready to come online very soon.

Next up is a single fx rate.

Everybody put on your seat belt and prepare for turbulence.

The good news is that the plane will land instead of the mid air explosion that was looming.
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by NzogbuNzogbu: 4:45pm On May 31, 2023
blowjohn:



U must be ignorant not to know what is happening.

The cabals are fighting back.

Nnpc is fighting back.

lol, corruption fighting back

Buhari promax

1 Like

Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by AntiChristian: 4:48pm On May 31, 2023
Yeah, i still have hope! The money being given to some cabals as subsidy should stop!
cassette:



Are you so dumb , you are actually defending hardship ??
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by AllDModsAreMaad: 4:48pm On May 31, 2023
Angelfrost:


Tinubu hasn't even opened his office doors... Nigga has barely sat down in office, yet they have almost gone mad making excuses and justifications!

Just 24 hours in office, see as everywhere cast!

They will need serious diligence, intelligence and resources to do this PR work for this first term!


Yeah... We will be taking VIP seats to enjoy this show!!! cool

The good thing is they will have to deal with it while those that saw it before now already had expectations of whatever will happen and has such made plans and moves on how to overcome it.
This government to me will favour the second set of people more than the first set.

1 Like

Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by blowjohn(m): 4:49pm On May 31, 2023
NzogbuNzogbu:
lol, corruption fighting back

Buhari promax

No wahala na
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by AntiChristian: 4:49pm On May 31, 2023
richboy7:


Leave Peter Obi out of this matter. As long as he's not elected as President leave him out of this. What we know is Tinubu remove the subsidy without first cushioning the effects of the economy hardship the policy will curse. He's now the President, so is him that we will focus on not someone else who has already lost the election. I don tire for na.

Alright! Do mean he should get funds to cushion the effect subsidy would cause and still be paying trillions for subsidy concurrently?
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by Idaytesj29(m): 4:50pm On May 31, 2023
Dbegining:


Stop saying nonsense oga.
He said so many unrealistic Disneyland policies that has no guarantees. No pain, no gain. Obi supporters want to fix the country without sacrifices.
Dey play
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by BreconHills(m): 4:50pm On May 31, 2023
Angelfrost:


There would definitely be pain... No escaping that!

However, a more serious President would ease the nation into it...!

Remove subsidy without pain. The person you are replying must be high.

Every nation goes through economic and social shocks before transformation. Black people just have a problem managing their lifestyle believing that life owes them.

Palliatives are another scam and fraud. The market will self correct. Give it five months or even less.

Have we not just passed through a violent cash confiscation policy?

We can do this and we will. We are not called Nigerians for nothing.

1 Like

Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by AntiChristian: 4:51pm On May 31, 2023
Abeg watch the video below and see Peter Obi say it Himself! No 50% in there!

https://twitter.com/Pres_Adebayo/status/1663654854680625155

If you remove 50% Subsidy, are you still not subsidizing 50%?

Dbegining:


Stop saying nonsense oga.
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by Diesel1(m): 4:52pm On May 31, 2023
If you see opportunity take off
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by AntiChristian: 4:53pm On May 31, 2023
Abeg watch the video below and see Peter Obi say it Himself! No 50% in there!

https://twitter.com/Pres_Adebayo/status/1663654854680625155

If you remove 50% Subsidy, are you still not subsidizing 50%?

mdshell:
Lear to get the whole information

Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by Bizibi(m): 4:54pm On May 31, 2023
Angelfrost:


Stacking and stocking of food stuffs should have been last month sef...!

It's about to get really UGLY!

The coming wave of crime will be astronomical!

I hope the Police and Army are fully prepared?!!

See my comment above on what ought to have been put in place prior to subsidy removal which they chose not to do because they don't ever factor in the plight of the common man!
honestly!! Don't know how one will adjust to this.....I pray they do something about the minimum wage or any other way to ease the pain.

People really suffered under buhari administration,they should not go through another phase.

1 Like

Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by AntiChristian: 4:55pm On May 31, 2023
Naijanascam:



Copy
Copy can't be original
Copying without blueprint

Who copied who?

Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by ibinaboonline: 4:56pm On May 31, 2023
500 to 600/liter in Aba today. How much for your side?

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