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Nairaland Forum / Nairaland / General / Politics / NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement (69581 Views)
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Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by TsbAfrica: 8:01pm On May 31, 2023 |
SensualMan1:pure hate .... But the funny part is you are the one who has to carry it with you everywhere you go ... I won't be surprised that you live in Lagos ............... The irony |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by maasoap(m): 8:03pm On May 31, 2023 |
Aguogba: Why would you buy at 2500 naira and sell at 2000 naira These are simple knowledge that business people possess that even learned people outside the business community don't easily understand. You have to be involved to understand what they know. You don't know your Maths at all. The price you buy determines the price you sell. You bought N170 per litre and sell N450 per litre, you already made your profit. If you go back and buy at N500 per litre, you won't come back and sell at N450/L. So my friend, why would you say anyone who bought subsidised petrol and selling N500/L now doesn't make profit? Go back to school |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by edoairways: 8:06pm On May 31, 2023 |
AntiChristian: |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by maasoap(m): 8:06pm On May 31, 2023 |
Dbegining:My household and I voted for Tinubu and nobody transferred money to us, likewise many voters that I knew. May be 5k was transferred to you, I can't say. |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by Emdebby2: 8:12pm On May 31, 2023 |
Wahala no dey finish for this country! |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by Dohn: 8:27pm On May 31, 2023 |
Hahahaha mk i lafff first,,, apc supporters ,,,,,, i hope u guys are spared of dis sudden hardship o....... Tnk God say everybody d suffer am togeda,,, ders no seperate mkt for fr apc and oda parties |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by Dbegining: 8:33pm On May 31, 2023 |
Idaytesj29: Oga, now you're talking about pain. Nigerians have been in pains for the past 8 years. Will we talk about fuel scarcity that we took from one year to another year (for the first time in the history of this country) or the unfavorable Business policies or the cash scarcity or the increased VAT and other taxes or the high dollar rate. Tinubu's first policy should be to ease this sufferings not to bring increased shege. He goofed big time. Please don't talk about pain near Nigerians again. We have endured so much. Please! |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by Dbegining: 8:36pm On May 31, 2023 |
maasoap: That you weren't paid doesn't mean that others weren't. Especially those evidently confirmed in Ikorodu. And, wait so you voted this disaster and you weren't paid. Omoh, na you loose pass o. Even some people wey vote Obi still collect APC money. After all na our money. 1 Like |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by LilleG(m): 8:37pm On May 31, 2023 |
priceactionx:But the masses are not put into consideration |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by Gungala: 9:36pm On May 31, 2023 |
All those responsible for this evil act, yes including all those who for whatever reason supported tinubu may your days be filled with suffering and may your lineage end with you. Since all you have to offer the world is stupidity and wrong decisions it's best you don't pass it on to future generations |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by grandstar(m): 9:42pm On May 31, 2023 |
obaidan: Many thanks for your response. I am glad you get the sense of what I am saying. Nigerians think the price would drop fantastically once the subsidy is removed especially once competition is thriving. The benefits from local refining and competition will only affect the price a little. The real benefit from fuel subsidy removal would be the massive investment that would flow into the petroleum industry. Just think of what happened in the telecoms industry now repeating itself in the oil and gas industry? It would be transformative. It would create wealth. Expect more refineries to be built. The country has barely tapped the potential that awaits it in the downstream sector. 1 Like |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by Spain007(m): 11:14pm On May 31, 2023 |
maybe it's because you did not vote for APC, those who did in my area are buying 5ltr rubber for #500 just identify yourself by holding a broom. |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by Aguogba(m): 11:39pm On May 31, 2023 |
maasoap:Lol. Now i know why a lot of people fail in business. To make it clear like ABC to you like a JJC that you are. Assume you got a loan to start petroleum retail. You rented a station everything is in place. You used your capital and bought A SINGLE TANKER of petrol as at May 25th for 175/L ×33,000 (5,775,000) . Normally you would sell for 220/L and make profit of 45/L (profit is 1,485,000 ) Now after 29th May, subsidy is removed. As novice wey u be, u rush sell that product for 450/L. For your "Olodo" mind u don hammer be that. Na to go price land for a new station. 450×33,000 =14,850,000. (profit is 9,075,000 abi) Then you go to depot to buy ANOTHER SINGLE TANKER of 33,000 litres of petrol and they tell you Depot price is 480/L 480×33,000= 15,840,000. Now answer me, did you MAKE PROFIT? |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by obaidan: 11:46pm On May 31, 2023 |
grandstar:Do you know another reason I think it's going to be difficult for the people to wait as they patiently waited for the transformation in the telecoms sector. For telecoms, we were coming from a place of mobile phone and even landlines being a luxury or something for the rich and upper middle class kind of, so it was easy for the people to look away while the gains materialize. In this case of oil and gas, we are coming from a place where even the poor will be badly affected in all of their doings. From tuition, to cost of any kind of food they eat, to cost of transportation. I still think this government should have started with measures to pacify the people, particularly the poor, even if it's not going to be enough at least something they can hold on to while they wait for the gains to materialize. Something like a massive teacher recruitment, followed by free tuition in secondary and primary schools across the country. The gains of subsidy removal by a serious govt is massive in the long run but the govt has to be trusted by the people. They are just leaving room for saboteurs to jump on the gnashing of the poor to cause problems. And I don't expect APC to make this same mistake, they understand this gimmick more than anyone else. I hope for the best sha. |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by philipojukwu1: 12:07am On Jun 01, 2023 |
AntiChristian: I won’t course whom the gods have blessed. |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by grandstar(m): 1:05am On Jun 01, 2023 |
obaidan: What do you think Nigerians are really deriving from the petrol subsidy? It can be summed up in one word and that is POVERTY! Nothing else but poverty. If the subsidy was removed without even a single palliative measure, fine by me. I even feel government should go further and add a fuel tax. A N50 tax should be levied on very litre sold of fuel sold, whether it be PMS, AGO or kerosene. If this is spent on maintaining all federal roads, fine. I don't support all these palliatives. They have always been ways to deceive the public. Countries poorer than us are doing okay without the subsidy. It is simply an indulgence the people are used to. Why do I say it increases poverty? It increases the budget deficit and puts pressure on the Naira. About $10bn will be wasted this full financial year if not reduced. Tomorrow, you'd be complaining the Naira has fallen to $1-1,200. Tomorrow, you'll condemn the government for having nothing in the excess crude account. Bad fiscal policies damage the value of your currency. It is also inflationary and it is the poor who you want to protect the most, who actually suffer the most. While the rich can hedge against inflations by buying assets such as property or change Naira to dollars and hold, the poor cry. If there are going to be palliative measures, then it is best government implements sound economic policies. What most people fail to realize is that there are economic policies that cause far more pain than the removal of the petrol subsidy. Poultry would be very cheap and affordable if the importation wasn't banned. The price of rice would also fall if the protectionist walls around it was lifted. Nigeria has no comparative advantage in producing rice. We are better at other kinds of agricultural products such as cocoa and shea butter for instance. Rice too would be quite cheap if there was an import duty on it like 10% Lifting the ban and replacing them with "lowish" tariffs would not only yield the government massive revenue, but bring down food costs. Others are to reduce import duty on cars to 20%. This would bring down the cost of cars. There are so many policies that can be done to make life better for all Nigerian especially the poor but fuel subsidy and any type of deceitful palliative should be discarded. Also, an added benefit of the fuel subsidy removal is with a reduced deficit, lending rates can come down which would encourage investments, which would create jobs for people. Nowadays, government borrowing crowds out the private sector when it comes to bank borrowing. I also don't understand people. When I moved to Akute in 2020, a bus ride from Berger to Akute was N200. It had risen to N300 last year. This was without an increase in the litre cost of petrol. This was due to the general increase in the price level. Dollar when I moved here was 440. It is now 760. People are ready to accept price increases in transport cost if it not caused by petrol subsidy removal. So, these price increases that people dread still happen anyway, but in a more malign way as it as no benefits, to either the poor, the government or the economy. Worse, it increases the costs of subsiding petrol, continues adding pressure to the Naira, causing it to drop in value. The removal is the way to go and investor showed their approval by the stock market going up in value by 5.2% What is left now is for the official and black market rates to merge. If they can arrive at around 650-680, this would lead to a slight decrease in the price of goods. This will be a start. FYI: The government actually borrowed $800m from the World Bank. This to to be parcelled out to the poor. They make up part of the palliative measures to help cushion the subsidy removal Read details below https://www.premiumtimesng.com/news/headlines/592958-inside-nigerias-800m-world-bank-loan-for-palliative.html 3 Likes |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by Nauttyprof(m): 5:19am On Jun 01, 2023 |
Pickmycall: Because you know his thoughts and move. I speak from fact. Obi mentioned in an interview that it won't last a day longer and that it will be removed immediately. What does this suggest to you? |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by ArcSEMPECJ(m): 2:38pm On Jun 01, 2023 |
NzogbuNzogbu: Lols....no wahala bro ..love your style then |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by Aguogba(m): 7:43pm On Jun 01, 2023 |
maasoap:Your response is the shallowest I've gotten in my life. Wetin you no Sabi pass you. If you need business education, go and do apprenticeship. I won't educate you for free. |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by maasoap(m): 7:25am On Jun 02, 2023 |
Aguogba: Long story. The price you buy determines the price you sell. They're selling subsidised petrol at 500/L. If you go back and buy 450/L now, you're free to determine what price you will sell to make profit. |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by Aguogba(m): 3:35pm On Jun 02, 2023 |
maasoap:Did you read the calculations at all? I am telling you something practical and you are talking about some phantom theories that don't work in real life. Well to educate further, the only 2 options that the dealer can adopt to make profit out of this scenario is to 1. Sell at the higher price (maybe 450 naira per litre) and quit the business and join another one, e.g building materials 2. Sell at the higher price, put his capital in the bank and hopes the subsidy removal is reversed or that depot price goes way below that selling price (450 naira/L) through competition then he starts same business again. This is the same law that guides stock trading. Thank me later for these nuggets. |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by Aguogba(m): 6:07pm On Jun 04, 2023 |
maasoap:https://punchng.com/five-things-you-need-to-know-about-fuel-subsidy-removal/ Check out point 1. Business is not all about mathematics. |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by JasonScoolari: 9:19am On Jun 13, 2023 |
Tonalphs:You come from a disorganized home, supporting a disorganized government. This is how disorganized you were. Alphonso tonye
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Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by Dybala11(m): 8:05pm On Feb 19 |
Nahunger:How far na. 🙄 |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by surgical: 8:44pm On Feb 19 |
Pickmycall:The painful part is how they were able to convince the people that they don't deserve any subsidy and the people are the ones giving the government reasons to purnish them with subsidy removal, while the same government continues to subsidy their ostentatious lifestyle |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by Nahunger(m): 8:49pm On Feb 19 |
Dybala11: 😂😂😂😂 E dey favor me oo... I no even get voters card na people wey vote I dey pity pass |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by Dybala11(m): 8:51pm On Feb 19 |
Nahunger:E be like say e dey favour everybody one way or the other right now sef. 😂😂😂😂 1 Like 1 Share |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by Nahunger(m): 8:59pm On Feb 19 |
Dybala11: 😂😂😂😂 God abeg 🤲 |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by Dybala11(m): 9:08pm On Feb 19 |
Nahunger:Omo, people dey suffer for Nigeria right now o and the suffering no dey distinguish between Obi, Tinubu or Atiku supporters. That's one fact that some Nigerians are yet to grasp. 1 Like 1 Share |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by StarRida: 10:05pm On Feb 19 |
Chai Omo na one chance we enter soooo" God why" this is the end oo |
Re: NNPC Confirms Increase In Pump Price Of Fuel, Releases Statement by riches4me(m): 10:12pm On Feb 19 |
Old tweet |
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