Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch - Politics (2)

Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch - Politics (2) - Nairaland

Nairaland Forum › Nairaland General › Politics › Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch (33683 Views)

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Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by DeLaRue: 2:09pm On Sep 15, 2024

commoditiesnig:
Very true. Law of Demand and Supply

Not 100% correct actually.

The law of demand and supply works perfectly with certain products, but not with others.

It may work well for certain consumer products like tomatoes, water, garri etc

But it doesn't work perfectly for a product like petrol where the manufacturer/producer/seller has a production cost that it can't really influence that much because the price of the input material is determined internationally.

So there is a certain level below which a refinery cannot sell .... at least not for long.

Glaxo, Cadbury etc can operate at a loss in Nigeria for 3, 4, 5 years or even longer before closing down. That's because their operations and therefore losses are relatively small compared to a loss-making refinery.

A loss making large refinery will shut down rather than permanently sell at a loss making cheaper price due to over supply. Or they find markets in other countries.

So the coming on board of Port Harcourt and Warri refinery and other refineries currently being built will not reduce price by more than N5 to N10 or thereabout per litre.

3 Likes

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by Feldie: 2:24pm On Sep 15, 2024

Nigerian government will never learn. Even if fuel price comes back to 700, the price of things that went up with it will never come down again. Don't wait till things spoil before trying to fix it

4 Likes

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by obonujoker(m): 4:03pm On Sep 15, 2024

So why were people jubilating for Dangote refinery then?

1 Like

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by onatisi(m): 4:03pm On Sep 15, 2024

Finally, this will free up the FX and most likely reduce the pressure on the naira . Kudos to Dangote

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by Judolisco(m): 4:05pm On Sep 15, 2024

D best thing for Nigerians is not to buy.... They'll start selling 800 or 900... It's still d same thing as buying 1k

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by Minjim: 4:05pm On Sep 15, 2024

This is nothing but a scam.

I've been saying that all the latest increase is geared towards Dangote Refinery

2 Likes

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by MOG4LIFE: 4:05pm On Sep 15, 2024

[quote I was waiting for you to give us the correct information. I no come see any 😀😀post=132008207]Incorrect information useless journalist everywhere to make simple investigation become problem for them. They only good at sitting in office cross legs they only go internet to copy and paste trash.

Nigerians journalist are the most useless organization presently in Nigeria of course another problem facing the country just like judiciary, police officers and prison guard officers. Very lazy set of people.

May the soul of Dele Giwa continue rest in the bosoms of our lord jesus christ.[/quote]

2 Likes

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by onatisi(m): 4:05pm On Sep 15, 2024

Feldie:
Nigerian government will never learn. Even if fuel price comes back to 700, the price of things that went up with it will never come down again. Don't wait till things spoil before trying to fix it

Prices of goods will fall but not immediately. It will take some time for everything to adjust and come back to normal . It will take time but eventually it will happen

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by lexy2014: 4:06pm On Sep 15, 2024

ALTERNATEID:
Which one should we now believe? Punch at N766 or Vanguard at N960/980?

Why is it so difficult for Dangote to publicly announce the price he intend to sell to marketers? He has been very vocal about a lot of things this year but now that it’s time to sell, he is keeping quiet about the price.

Up till now and from the topic, are you not aware that dangote is not selling to marketers?

2 Likes

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by frog12: 4:06pm On Sep 15, 2024

even with dangote, no change in price. 2 newspapers, 2 different stories shocked

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by lexy2014: 4:06pm On Sep 15, 2024

obonujoker:
So why were people jubilating for Dangote refinery then?

Help me ask them

1 Like

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by Minjim: 4:07pm On Sep 15, 2024

ALTERNATEID:
Which one should we now believe? Punch at N766 or Vanguard at N960/980?

Why is it so difficult for Dangote to publicly announce the price he intend to sell to marketers? He has been very vocal about a lot of things this year but now that it’s time to sell, he is keeping quiet about the price.

Can't NNPCL simply announce the price itss buying from Dangote? After all, its a public enterprise that is controlled by FOI

1 Like

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by wisepigeon: 4:08pm On Sep 15, 2024

Shadomaan7:
Good news

What good news, this is only a speculation, just keep your fingers crossed!

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by Bobloco: 4:08pm On Sep 15, 2024

gaby:
Oh, Lawd...

How bad this administration is making most of us miss the "great economist and administrator in the person of Bubu. A man who was able to hold pump prices of pms under #200 for the most part of his 8-year reign.

It goes to show that if this refinery had come on board under his watch, the pump price of pms would have been slashed by half to say #100...

Oh Bubu, we miss your ingenuity and managerial wizardry.

Emilokan dey carry us dey go where we no know...

Oya make una come attack..

God bless Buhari and punish Tinubu

Tinubu is already being punished

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by Oghene86: 4:08pm On Sep 15, 2024

Yourprick:
What's now the essence of the refinery of we're still buying fuel at above 300

This is not a good one at all, what's wrong with these people self.

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by kareemkamil(m): 4:09pm On Sep 15, 2024

Hmm, una never see anything yet, Dangote no send anybody ooo, he just carry innocent face but evil mind. I fear who no fear Dangote.

2 Likes 1 Share

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by gigabyte13: 4:09pm On Sep 15, 2024

Is this a subtle way of saying
Good bye to our own refinery..... huh

??
Game on.........

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by Damseldammie(f): 4:10pm On Sep 15, 2024

Melagros:
COMRADES, Nigerians have not escaped yet

You’re making lots of senses bro

1 Like

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by Tombrown3(m): 4:11pm On Sep 15, 2024

Odua4life:
It's a welcome development. Now I wonder how much the independent marketers will sell to us
It's a good start at least subsidy remains . And the price can only go down as the value of naira increases. I'm very happy that at least the product will flood the market. And remember the Port-Harcourt refinery will start working soon. Once it's privatisation is completed God bless Nigeria

Story, price goes down as the value of naira go down?, for this country? 😏

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by yommen: 4:11pm On Sep 15, 2024

ALTERNATEID:
Which one should we now believe? Punch at N766 or Vanguard at N960/980?

Why is it so difficult for Dangote to publicly announce the price he intend to sell to marketers? He has been very vocal about a lot of things this year but now that it’s time to sell, he is keeping quiet about the price.

You no know Dangote na hypocrite who only started crying when things seemed not to go his way.

Mind you, I told my colleagues the other day fuel subsidy has to go in order for Dangote to produce and sell at his own price. Everything was well-planned a very long time ago. Why NLC accepted 70k minimum wage still amazes me.

3 Likes

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by baralatie(m): 4:12pm On Sep 15, 2024

✍️🤔🤔

1 Like

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by hardbody: 4:12pm On Sep 15, 2024

Odua4life:
It's a welcome development. Now I wonder how much the independent marketers will sell to us
It's a good start at least subsidy remains . And the price can only go down as the value of naira increases. I'm very happy that at least the product will flood the market. And remember the Port-Harcourt refinery will start working soon. Once it's privatisation is completed God bless Nigeria

You dey smoke Igbo?

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by sematec(m): 4:12pm On Sep 15, 2024

What about our own refinery
Nnpc supply Dangote crude
Dongote refined it then nnpc now but it back
Nonse

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by oloriooko(m): 4:12pm On Sep 15, 2024

this is a well planned move master class
increase pump price astronomically, allow people make the noise, tell the people you don't have an idea how much dangote will sell (which is a pure lie), tell the people you will negotiate with dangote, come out with the already set price, people will go for it cuz its cheaper than the current price and everyone is happy
may the god of thunder not spare tinubu and his cohorts who have deceived nigerians and make a big fool of the people

4 Likes 1 Share

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by cunny88(m): 4:13pm On Sep 15, 2024

ALTERNATEID:
Which one should we now believe? Punch at N766 or Vanguard at N960/980?

Why is it so difficult for Dangote to publicly announce the price he intend to sell to marketers? He has been very vocal about a lot of things this year but now that it’s time to sell, he is keeping quiet about the price.

You don't get it, they are not allowing Dangote to sell to Maketers, he is selling back to NNPC. The price at which crude is sold to Dangote is also secret. No freight, no dollar impact, yet they are telling us fuel will still be over 800naira.

1 Like

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by Solidex(m): 4:13pm On Sep 15, 2024

A subsidy of 200/L is not shouldn't be a big deal for the FG. The masses need this desperately to give them a sense of relief and hope, haveb suffered for months because of this fuel crisis.
Let us have this product at least below N700/L . It ll go a long way.

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by Feldie: 4:13pm On Sep 15, 2024

How long until they deny this? I give it 12 hours

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by Cocolatti(m): 4:14pm On Sep 15, 2024

Lipscomb:
Incorrect information useless journalist everywhere to make simple investigation become problem for them. They only good at sitting in office cross legs they only go internet to copy and paste trash.

Nigerians journalist are the most useless organization presently in Nigeria of course another problem facing the country just like judiciary, police officers and prison guard officers. Very lazy set of people.

May the soul of Dele Giwa continue rest in the bosoms of our lord jesus christ.

Gone are the days of investigative journalism/journalist in Nogeria. What we have now is brown envelope and click bait journalist/journalism.

2 Likes

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by baralatie(m): 4:14pm On Sep 15, 2024

gigabyte13:
Is this a subtle way of saying
Good bye to our own refinery.....??
Game on.........

No
It is not
It is dependent on the executive fg and other players who would later come into the business

Re: Dangote Refinery Sells Petrol To NNPC At ₦766/Litre - Punch by blaise26abj(m): 4:14pm On Sep 15, 2024

Remove all subsidy now . Let Nigerians buy at 1000-1200. This is the best time to do it.

As long as there is a form of subsidy , the fuel will always find its way into neighboring countries . Since our immigration , police etc are useless to secure our borders , let Nigerians suffer more . Atleast there won’t be any more excuses of subsidy payment .

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