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NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports - Politics (3) - Nairaland

Nairaland Forum / Nairaland / General / Politics / NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports (21438 Views)

Naira Swap Targets Cash Hoarders Not Businesses, Says Buhari / Petrol Imports Gulp ₦‎17 Trillion, Refineries Stay Dormant / FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank (2) (3) (4)

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Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by tamdun: 11:35am On Jun 05, 2023
alimiadedayo1:

do u understand what you just read now..You cannot understand what you can't comprehend stop behaving like an illiterate
Na u no understand wetin u read
Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by sonature1: 11:36am On Jun 05, 2023
garriAndsugar:

If dangote refinery was coming up next month why would the commander in thief remove subsidy this month when he can just wait one more month. Continue to believe governmental lies at your old age

He's an APC propagandist. This is what he solely feeds from.
Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by SalamRushdie: 11:37am On Jun 05, 2023
BreconHills:


Companies will shave margins and evolve more efficient logistics. Before globacom did anyone know that per second billing was possible?

Competition spurs innovation. Right now NNPC has a monopoly on importation.

Why would anyone think per second wasn't possible? If you could bill per minute the you can bill per second and besides per second billing was already being long used in Europe
Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by wirinet(m): 11:37am On Jun 05, 2023
Dicado:
Nice one, stop the swap and pay in "Naira" cash. Putin did it and it appreciated their currency against dollars. Ours will work too.
Why are you avoiding the elephant in the room to start looking for cockroaches. How come crude for petrol swap agreement is in place and the the government is still paying N3 trillion per year on subsidies? Who are they paying the subsidies to?

2 Likes

Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by Omoawoke: 11:37am On Jun 05, 2023
SalamRushdie:
Wait so we were swapping crude for petrol and then still claiming to pay subsidy? People need to be shot at firing squads

They were just a few people, few hundreds of families exchanging Nigeria’s soul for money.

All in subsidy

The network of corruption in subsidy is too much, it is the crack where Nigeria’s soul is being mortgaged. Subsidy alone is responsible for more than 50% of Nigeria’s problem

And you say that thing called subsidy should not be removed

It will never be well with those who sold Nigeria like this

3 Likes

Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by Unperturbedpota: 11:37am On Jun 05, 2023
Coolsat:
We may all end up loving this man called Bola Tinubu.

I have been saying this

1 Like

Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by gabbytabby: 11:38am On Jun 05, 2023
They store monthly in advance. So June had already been taken care of.

garriAndsugar:

If dangote refinery was coming up next month why would the commander in thief remove subsidy this month when he can just wait one more month. Continue to believe governmental lies at your old age
Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by Michael64(m): 11:38am On Jun 05, 2023
Pls what's the effect of this on Nigeria economy and the people
Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by Deefirm: 11:39am On Jun 05, 2023
We will actually, he's the best man for job at the moment, but he's fan base are not in anyway different from Obedients... that's my only fuse.

Coolsat:
We may all end up loving this man called Bola Tinubu.

1 Like

Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by gabbytabby: 11:39am On Jun 05, 2023
The swap covers some of the cost not all
wirinet:

Why are you avoiding the elephant in the room to start looking for cockroaches. How come crude for petrol swap agreement is in place and the the government is still paying N3 trillion per year on subsidies? Who are they paying the subsidies to?

1 Like

Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by grandstar(m): 11:40am On Jun 05, 2023
seunmsg:
As many importers as possible should be allowed to import petrol in as much as they can source their forex from the parallel market since there is no more subsidy. Once supply is increased and with Dangote refinery coming up next month, the price should go down.

The black market price is artificial high. 630 is a better rate. I think that's the rate it would be supplied to marketers for
Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by ojtech8291: 11:40am On Jun 05, 2023
This is a sign of confusion in this fresh Government. They will continue like till 4 years is gone and then share money to get another 4 years making 8 years with zero achievement. FG blaming Marketers, Marketers blaming NNPCL, NNPCL blaming FG and the chain continues. Only God will save us.
Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by lexy2014: 11:41am On Jun 05, 2023
seunmsg:
As many importers as possible should be allowed to import petrol in as much as they can source their forex from the parallel market since there is no more subsidy. Once supply is increased and with Dangote refinery coming up next month, the price should go down.

So the global price of crude, cost of refining and landing cost will no longer affect the price of petrol
Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by Proudlyngwa(m): 11:43am On Jun 05, 2023
SalamRushdie:


You and I know supply can't lower the price of Petro, the only thing that can is international oil prices

Supply can
Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by Lonestar124: 11:44am On Jun 05, 2023
I'm still weighing on how this decision will affect our foreign cash influxes.... won't our economy bemoan on this method..
Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by seunmsg(m): 11:44am On Jun 05, 2023
grandstar:


The black market price is artificial high. 630 is a better rate. I think that's the rate it would be supplied to marketers for

Everyone cannot get forex at official rate to import. Our forex reserve will be affected and Naira will become very weak if we make it it a free for all.

1 Like

Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by nairalanda1(m): 11:46am On Jun 05, 2023
Not surprised. Now the subsidy is gone, the idea of crude swap is redundant...plus NNPC now has the cash...in theory...to import fuel by itself.

1 Like

Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by marvellous2222: 11:47am On Jun 05, 2023
alimiadedayo1:

do u understand what you just read now..You cannot understand what you can't comprehend stop behaving like an illiterate
what is your problem, why do take issue personally, guy try to releave yourself from unnecessary issue or you will land in hospital
Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by highoctane: 11:47am On Jun 05, 2023
garriAndsugar:

If dangote refinery was coming up next month why would the commander in thief remove subsidy this month when he can just wait one more month. Continue to believe governmental lies at your old age

Did Dangote build his refinery for the interest of anyone? Or that of you, Other than himself and his fellow investors.
Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by softsoul22(m): 11:55am On Jun 05, 2023
Still another story again oh!

Well, kindly contact me for the export clearing agent of your hardwood charcoal and other non oil products e.g. sesame seeds, raw cashew nuts, cocoa bean, food stuffs etc..

Pls check my signature for more business details..
Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by MarketDispatch: 11:59am On Jun 05, 2023
Islie:


https://leadership.ng/nnpc-to-discontinue-crude-swap-targets-cash-payments-for-petrol-imports/

I think all the Crude swaps that had been carried out needs to be investigated for proper accountability.

Up to 10 products can be obtained from Crude Oil. NNPC gives traders its own Crude oil, and collects Petrol in return from the Traders, and still comes back to charge FG to collect subsidy. What about the other products associated with the Crude oil that was given out...?


1 Like

Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by malware: 12:00pm On Jun 05, 2023
obinnanelson4:
If they have been engaging in crude swap for refined pms, why then is subsidy in the picture all these while. Or is it that i do not understand what swap means?

If they do the swap, the value of received petrol per litre is N500 (for example), but the Government ask marketers to sell it at let's say N200, meaning that it's the Govt that will bear the burden of the difference, amd that's what subsidy is.

1 Like

Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by kazyhm(m): 12:00pm On Jun 05, 2023
The
Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by SalamRushdie: 12:01pm On Jun 05, 2023
Proudlyngwa:


Supply can

How I buy Petro from Europe at 350 a litre , please explain to me how supply by my fellow importer will make me drop price below the industry mark up margin?
Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by SoloCraft306: 12:03pm On Jun 05, 2023
We thank God that the NNPCL are now coming up on headlines as compared to old term. Nigeria shall be great e no get as the matter wan be, by the special grace of God.

1 Like

Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by GENES11S: 12:05pm On Jun 05, 2023
Why would you even swap crude that comprise of many products just for petrol?

To make make matters worst, you still pay heavy money to subsidized it. That's the biggest scam known to man
Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by fineboynl(m): 12:08pm On Jun 05, 2023
netricoin:
Funny enough, BAT APC want to use money from fuel subsidy for white elephant project.
Fuel subsidy total removal can cause the price of fuel to get as high as N10000, this is because of the high cost of production, caused by bad government in APC
this administration don't need elephant project at this time. All the borrowed debt projects nothing is coming out from them.

What this administration needs is very simple. Restore the economy and things should go back the way they were before. Bring down the exchange rate. Reopen of the borders. That's what Nigeria need now now elephant project and subsidy remover.

1 Like

Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by kenmaro: 12:11pm On Jun 05, 2023
NNPC 🤣🤣🤣!
You guys have truly being doing crude swap? So, what part of the cost have Nigerian government being subsidising aside the logistics which should be a very minimal component of the total cost per Litre when we are getting it almost at a free cost save for the logistics cost and considering other by-products (bitumen,Resin,petroleum jelly,etc) of the crude that were not accounted for? This means that there has not been a subsidy all this while as acclaimed rather a product exchange (trade by barter).

Now, NNPC is deciding to end a crude swap after removing subsidy when we know that such contract can't be abruptly ended without a prior notification to the other contractual party and why wasn't the contract discontinued before the subsidy removal?

Why NNPC claim in other news that they increased the pump price on the available subsidised old stock so as to generate money for new purchase? Note, this business strategy should not be applicable to a supposed public corporation like NNPC who is expected to provide some basic needs affordably to her citizens and not whole profit driven.

Removing subsidy whilst corruption thrives in the system is not a solution to a Nigerian economy that is solely dependent on total import and unattractive investment environment. These politicians will always devise other means of looting as long corruption thrives (unexecuted projects by government contractors, inflated project values, approving bogus pay cheques and allowances to themselves, etc).

A true government must always provide one subsidy to her citizens in one way or the other. There are subsidized housing mortgages and health services in America, most European and Canadian government pay some educational allowances to families with children. This controversial fuel subsidy is the only thing every "common" Nigeria has been benefitting from the government, if truly there is even a subsidy.
Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by wirinet(m): 12:15pm On Jun 05, 2023
malware:


If they do the swap, the value of received petrol per litre is N500 (for example), but the Government ask marketers to sell it at let's say N200, meaning that it's the Govt that will bear the burden of the difference, amd that's what subsidy is.
What are you saying? Or you don't understand what swap means. Crude oil swap means you give refinery crude oil, crude oil you are not buying. The refineries refine the crude free of charge but gives you petrol, diesel and kerosene. They keep the remaining bye products as payment. So how did you arrive at N500 / litre? NNPC was only supposed to pay for shipping cost of crude to the refineries and shipping costs of refined products back to Nigeria. Please note that the production cost of Nigerian crude is about $30/barrel.

Since NNPC is the sole importer of refined petroleum products, who are they paying subsidies to?
Re: NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports by BJanta: 12:16pm On Jun 05, 2023
obinnanelson4:
If they have been engaging in crude swap for refined pms, why then is subsidy in the picture all these while. Or is it that i do not understand what swap means?


You'll need to go to Havard and Yale and Stanford all -together at once and attending all the classes at once to know that subsidiconomics is the grandest and most malicious tribe of corruption that the human mind has ever concocted. There is no subsidy, it's just arranged that way that slush fund will always be available for elite government functionaries to do as they like without having to account. Security vote is the nearest to it ,but still far from, cos that one has a semblance of use cases.

1 Like

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