Everlastng:
They should have put everything in place before plunging the entire country into chaos

Put what in place for how long ?

NNPC, ministry of finance and scam on subsidy are like 5&6.
You swap unrefined patrol with refined one because you said you don't have cash to pay in exchange and you still pay trillions of Naira on subsidy according to ministry of finance...are you not big thïeves?
And you still allow patrol be smuggled across borders with other countries to sell and make more gains. Deceive who you can. SCAM.
THAT'S WHY PETER OBI SAID SUBSIDY IS AN ORGANISED CRIME.

seunmsg:


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.

The official rate of 461. But the parallel rate of 630 is good. Apparently, it seems the CBN can fulfill all orders at that rate. It can defend that rate.

What is needed now is for the black market rate to go up in value. This can be achieves by resuming the sale of dollars to the BDC. The dollars will eventual flood the Black market, bringing the rate down to like 630.

Ending the petrol subsidy will free up $10bn yearly that would have been wasted on it, increasing dollar supply.

In addition, a market determined exchange rate encourages forex inflows, filling the foreign reserves.

alimiadedayo1:

do u understand what you just read now..You cannot understand what you can't comprehend stop behaving like an illiterate

there is nothing bad in what he said. You can't expect everyone to join you in bitterness and negativity.

Islie:


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

Statement from the most dangerous specie(fani kuku dedein the Nigerian politician jungle.

SalamRushdie:


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?

First of all Europe does not produce crude oil, all crude for their refineries are imported at international price.

Secondly, there is heavy tax on refined petroleum products in Europe.

Thirdly, demand of petrol is very low in Europe when compared to Nigeria. They have mass transportation system. Many of their cars are electric. Many Europeans have no business with petrol.

Fourthly, they have an efficient energy policy with good energy mix of which energy from petrol is very minimal. They have solar, Gas, nuclear and hydro as significant portion of their energy mix.
And lastly and most importantly, there is little or no corruption in their system. They don't have oil thieves, subsidy thieves and thieving political elite that is above the law.

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?

Nna, you talk sense o...

Ormo! You just tear my eyes now now!

gabbytabby:
The swap covers some of the cost not all

How much does the swap cover?

alimiadedayo1:

do u understand what you just read now..You cannot understand what you can't comprehend stop behaving like an illiterate

Stop insulting people who don't share the same opinions with you. You sound more illiterate because it's the illiterate mind that always finds it difficult to respect and accommodate the views of others as a result of their limited and injured capacity to grasp any idea that is not from their tiny minds. People who needlessly insult at every opportunity are those who are not sufficiently intelligent or sharp to return with a witty and wise response.

Nasige:
Those that started all this non sense should be sentenced to death wallahi, how can they agree to start such kind of evil without considering the later effect. Some people have already made up their mind to destroy Nigeria as a country if not for God.

If we are to know all d dirty stuff been carry out by the leaders both past and present u will agree with me this country foundation is a mess

CodeTemplar:
So many things wrong with this country. How does govt know they(NNPCL) are not pumping excess crude out in return of favour abroad?

Everybody in government knows they do , but when everybody in government gets his own slice of the loot ,everybody in government cannot say anything because everybody in government is a rogue.

wirinet:

First of all Europe does not produce crude oil, all crude for their refineries are imported at international price.

Secondly, there is heavy tax on refined petroleum products in Europe.

Thirdly, demand of petrol is very low in Europe when compared to Nigeria. They have mass transportation system. Many of their cars are electric. Many Europeans have no business with petrol.

Fourthly, they have an efficient energy policy with good energy mix of which energy from petrol is very minimal. They have solar, Gas, nuclear and hydro as significant portion of their energy mix.
And lastly and most importantly, there is little or no corruption in their system. They don't have oil thieves, subsidy thieves and thieving political elite that is above the law.

First you didn't get the angle I was driving at .
Secondly there are many countries in Europe that consume more petroleum than Nigeria

https://www.citypopulation.de/en/world/bymap/oilconsumption/

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.

You got a point but the present Management should just go!
Nigerians have suffered enough, they don't have what it takes to make it better, afterall,they have been there a long time and Nigerians have been suffering for lack of Kerosene, PMS, Diesels,etc.
The NNPC,like DISCOS, Customs, the NPA,can't give what they don't have! They are very Corrupt!
•President Tinubu should try NEW Hands- who should be given a Target of 2- yrs and failure,they should go!
•Imagine that DISCOS are still switching lights as Off and On everyday,with many Area in total darkness at Nights and these Organisations, think they are - helping Nigerians!
The failures of these MIDAS is why Nigerian Youths are not happy,as there is no Jobs and no Future guaranteed!
•NNPC - should just Published their Accounts for all to see and Independent -Auditors-should be allowed to see their Accounts and Budgets for the past 5- yrs!
Nonsensical People Everywhere!

Reinaldo:


We will only love the rightful winner

You're saying exactly the same thing cos the rightful winner has been sworn in the rightful manner and is rightfully ruling on.

bluefilm:


You and who?

God forbid BAT thing.

The entire people of Nigeria except the the negligible dot nation.

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

Because there is no provision for subsidy payment in the 2023 budget prepared by the previous administration.

SalamRushdie:


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

Hindsight is always 20:20

The question is not what per second sounds like today. The real question is what it looked like in 2002/3.

Also it really doesn't matter if it was being done in europe. For the Nigerian customers what happens is what it did in their market.

Let's not diminish innovation as if it mean being first. It can include the ability to deploy it successful in new environments. What is important is not the view of the statistician ut the view of the consumer.

jidemojola:


Because there is no provision for subsidy payment in the 2023 budget prepared by the previous administration.

What then happens to the subsidy payments budgeted for the month of June?

SalamRushdie:
Wait so we were swapping crude for petrol and then still claiming to pay subsidy? People need to be shot at firing squads

just imagine.just imagine just imagine.we have been scammed.
There is nothing like subsidy.chai cba

BreconHills:


Crude swap does not impact transportation and distribution costs. Neither does it reduce the loss from fx sales. If Nigeria is producing less than 1.8bpd instead of its 2.5bpd allocation. It even dropped to 900,000 bpd at a time. If you are now using out of that same low production capacity for discounted refining swaps you have less fx income meaning lower reserves meaning low value vs USD meaning higher prices.

Meanwhile the lifting of petrol from depots is higher than domestic needs because there is a thriving market in smuggling.

All round subsidy cripples Nigeria and has been doing so since 1982. Meanwhile less than 100 people are multi billionaires as a result with another 5000 or so small scale jerry can smugglers mortgaging their future for naira windfalls with no real value.

did you read what you typed at all.
We have been exchanging crude for petrol all these while and some people are collecting 400 billion as subsidy.
We are only paying for transportation.and you are saying they are correct.chai chai chai

SalamRushdie:


First you didn't get the angle I was driving at .
Secondly there are many countries in Europe that consume more petroleum than Nigeria

https://www.citypopulation.de/en/world/bymap/oilconsumption/

I was talking about petrol and your switched over to petroleum? Are we discussing subsidy on petrol or subsidy on petroleum. Petroleum includes Kerosene, diesel, Aviation fuel, gas, LPFO, HPFO, petroleum jelly, bitumen, condensates, etc. Of course a more industrialised nation will use more petroleum products to run their industries.

SoloCraft306:
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.

Now everyone looks forward to the next release by NNPCL

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?

Me too just de wonder oo
So where is the N6tr o called subsidy money coming from or going into?

And how come FG is owing NNPC N2.8trillion subsidy money?

Government magic

SalamRushdie:


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?

When other alternatives come into play, supply will be excess and price will drop.

Forget OPEC, cost of drilling varies from location to location, not everyone is an OPEC member
Cost of refining and transportation also varies.

And if Nigerian investors were wise, they will invest in hybrid carburetor.

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?

Bless you richly.
Immediately I saw the headline I said to my partner in the office that we've been scammed all these while. He just shouted Mogbe, moku modaran

You can see that we've scammed all these while

Its based on the contract they have with the refinery.

Do your research if you are really interested in the detail.

wirinet:


How much does the swap cover?

Sisora:
I build investment website for 10k only or you can get the script for 5k and install it yourself.

All scripts work superbly.

I also build VTU website for 10k only or you can get the script for 5k.

I also build multivendor ecommerce websites like jumia or jiji cost 10k only or you can get the script for 5k and install it yourself.

You people have resume this scamming again.

Building a funtional website with back end developmet, not eve web designing for 10k.

Be deceiving yourself.

Please why haven,t the price come down for Diesel since it has been deregulated.All these economic experts, do you know what is call union(IPMAN) they will determine price from now.

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.

@garriAndsugar, man, come on! You and the people who shared and liked your response are being disingenuous.

Tinubu didn't not end the subsidy regime. Buhari technically ended it by paying up to June. Tinubu only announced its demise.

I think it was Shehu Sani who had opined before May 29 that Buhari had set traps for Tinubu. Buhari could have handled the issue in such a way that Nigeria would be exiting the subsidy regime by the time Dangote refinery starts refining, which is August. So, in effect, Buhari could have paid up to the end of July. But no, he decided to pass the problem to the next government.

gabbytabby:
Its based on the contract they have with the refinery.

Do your research if you are really interested in the detail.

You made a claim that the swap agreement does not cover the cost of the petrol, meaning that is the justification for paying N3 trillion in subsidies for petrol alone. I asked you to tell me how much the swap agreement covers and you are asking me to do research. If you know why not just give us the figures.