Petrol Import Into Nigeria Drops Sharply In October - Politics (2)

Petrol Import Into Nigeria Drops Sharply In October - Politics (2) - Nairaland

Nairaland Forum › Nairaland General › Politics › Petrol Import Into Nigeria Drops Sharply In October (13370 Views)

Re: Petrol Import Into Nigeria Drops Sharply In October by wellmax(m): 9:27am On Oct 17, 2024

News I like to read.

Now let’s bring down the price.

What NNPC cannot do, a single individual has done it.

Re: Petrol Import Into Nigeria Drops Sharply In October by alanto: 9:28am On Oct 17, 2024

ALTERNATEID:
lol. You can’t get an immediate impact. PMS is not imported on cash and carry basis. A lot of these transactions are done on credit. Even if we don’t import anything for 6 months, we will still keep paying for what we’ve imported previously and servicing our debts. There is no immediate gain. It takes time for the gains to start trickling in.

Good luck trying to savage an Obidient.

They don't care about common sense. They just want to country to tank so bad so they can say that they told you so.

4 Likes

Re: Petrol Import Into Nigeria Drops Sharply In October by anonimi: 9:29am On Oct 17, 2024

ALTERNATEID:
https://nairametrics.com/2024/10/16/petrol-import-into-nigeria-drops-sharply-in-october-as-dangote-refinery-ramps-up-production/?amp=1

If Tinubu and APC are not telling lies as usual, then why is the Naira exchange rate getting worse despite the reduced need for dollars to buy imported fuel huh

1 Like 1 Share

Re: Petrol Import Into Nigeria Drops Sharply In October by Deefirm: 9:29am On Oct 17, 2024

Normally, as it should be!

ALTERNATEID:
https://nairametrics.com/2024/10/16/petrol-import-into-nigeria-drops-sharply-in-october-as-dangote-refinery-ramps-up-production/?amp=1

Re: Petrol Import Into Nigeria Drops Sharply In October by Topman7: 9:30am On Oct 17, 2024*

ALTERNATEID:
There is a reason the world bank guy said we should stay true to the ongoing reform for at least 15 years.

You guys simplify our economic challenges by thinking just two weeks of decline in PMS import will automatically result in Naira stability. It’s not that quick and easy. We need to remain consistent for at least a year before we can start counting the impact of the forex savings on our local currency. There is no shortcut to any of these things. It takes time and consistency for result to start showing.

Honestly you have time.

These Obidients KNOW the effects will take time to come through.

But they don’t care.

They just want to attack the govt and Tinubu because that’s what makes them sleep at night.

4 Likes

Re: Petrol Import Into Nigeria Drops Sharply In October by Kaiser20: 9:31am On Oct 17, 2024

Hotest Nigeria News: every day, ITS either Dangote vs NNPCL. OR. Wike vs Fubara OR Tinubu vs Nigeria

Re: Petrol Import Into Nigeria Drops Sharply In October by ecomalchemistt(m): 9:32am On Oct 17, 2024

Re: Petrol Import Into Nigeria Drops Sharply In October by Nazgul: 9:32am On Oct 17, 2024

tundegan:
This is the true meaning of "game changer".

Dangote refinery will transform the Nigeria economy in ways we never imagined.

What stupid game changer?

Have you been to any fueling station lately to see the kind of queue there?

Yesterday I wanted to buy fuel but couldn't cos of the crowd. Imagine queueing for hours just to buy fuel at N1,200 per liter and you're calling it game changer. You must be a clown.

1 Like

Re: Petrol Import Into Nigeria Drops Sharply In October by naijaboy756: 9:34am On Oct 17, 2024

lailo:
You lots lack political intelligence. How would he get there if he didn't support him, let alone to have opportunity to even begin any reform in the first place? Destroying PDP, removing Jonathan and installing Buhari were the Tinubu's surerest strategies to get to presidency and it is all good for Nigeria. Nigeria is on course. Baba wa Tinubu, ride on.

Go English school first and come back

Re: Petrol Import Into Nigeria Drops Sharply In October by fuelsaver: 9:34am On Oct 17, 2024

Namaster:
It's nice to finally put a face to the SCOURGE of Nigerians.

And it's DANGOTE and his GREEDY partners.

A NEWLY operational refinery has taken over the supply of 1 MILLION of the 1.3 Million barrels that Nigeria needs.

That's MORE than 75% of the Nigerian Petroleum supply being handled by Dangote.

That's a MONOPOLY!

Or near enough rhat it makes no difference.

Every problem the refinery is supposed to SOLVE has been EXACERBATED.

Dangote pays Naira for crude oil YET the Naira continues to PLUMMET.

He cut out the MIDDLEMAN (NNPCL) and instead of price reduction, he JERKED UP the price.

The transportation savings from NOT having to pay the shipping fees of importing refined petroleum products is NOT passed to customers.

Dangote and his ELITE backers are taking advantage of Tinubu's shitty policies to DESTROY Nigeria.

That's what happens when the national cake is finally handed over to the national oppressor. Can the government claim ignorant of who and what dangote represents in Nigeria seeing that he's carried along by every government in nigeria. Nigerians were deceived to believe that petrol price will come down when dangote begins to produce fuel...all lies! Today dangote buys crude oil in very weak naira yet price keeps going up. Which other mineral resources is being sold in Naira? I bet you dangote will finish all the oil in Niger Delta because with time they will start exporting the oil and collect dollar since they're buying in Naira. Corruption can never die in nigeria as long as we keep building institutions and creating opportunities that enables it to thrive.

Re: Petrol Import Into Nigeria Drops Sharply In October by NOETHNICITY(m): 9:35am On Oct 17, 2024

Namaster:
It's nice to finally put a face to the SCOURGE of Nigerians.

And it's DANGOTE and his GREEDY partners.

A NEWLY operational refinery has taken over the supply of 1 MILLION of the 1.3 Million barrels that Nigeria needs.

That's MORE than 75% of the Nigerian Petroleum supply being handled by Dangote.

That's a MONOPOLY!

Or near enough rhat it makes no difference.

Every problem the refinery is supposed to SOLVE has been EXACERBATED.

Dangote pays Naira for crude oil YET the Naira continues to PLUMMET.

He cut out the MIDDLEMAN (NNPCL) and instead of price reduction, he JERKED UP the price.

The transportation savings from NOT having to pay the shipping fees of importing refined petroleum products is NOT passed to customers.

Dangote and his ELITE backers are taking advantage of Tinubu's shitty policies to DESTROY Nigeria.

So what do you want?

2 Likes

Re: Petrol Import Into Nigeria Drops Sharply In October by anonimi: 9:36am On Oct 17, 2024

ALTERNATEID:
lol. You can’t get an immediate impact. PMS is not imported on cash and carry basis. A lot of these transactions are done on credit. Even if we don’t import anything for 6 months, we will still keep paying for what we’ve imported previously and servicing our debts. There is no immediate gain. It takes time for the gains to start trickling in.

How much time will it take for Tinubu’s short term goal of N300/$1 to be achieved, with all the fuel imports reduced stories huh

Dollar Rate Hits N463.67, Tinubu Plans To Cut Exchange Rate To N200

The Naira faces possible devaluation going into the year, considering Nigeria’s President-elect, Bola Tinubu, plans to end the multiple exchange rate regime.

However, one of his plans is to raise the value of the Naira against the Dollar to ₦300, then ₦200/$1 in the next four years by collaborating with the CBN to harmonize the fiscal and monetary policy.

“My administration will collaborate with the Central Bank to harmonize the fiscal and monetary policy to achieve immediate stabilization of the value of the naira against the US dollars and other currencies and in the short term, strengthen the naira by boosting the supply of foreign currency and moderating demand.

“The short-term goal is to achieve a naira/dollar rate of 300 naira/US$ and gradually achieve a less than 200 naira rate over the next four years,” Tinubu said.

https://www.primebusiness.africa/dollar-rate-hit-n463-67-tinubu-plans-to-cut-exchange-rate-to-n200/

1 Like 2 Shares

Re: Petrol Import Into Nigeria Drops Sharply In October by LandMann: 9:37am On Oct 17, 2024*

2 Likes

Re: Petrol Import Into Nigeria Drops Sharply In October by Myname55: 9:38am On Oct 17, 2024

Okay

Re: Petrol Import Into Nigeria Drops Sharply In October by udeh3(m): 9:40am On Oct 17, 2024

All the times, we talk about the Dangote Refinery... There are other refineries, though, not as big as the Dangote Refinery

Let the media also focus on other refineries and the government should create a level playing ground for all the investors in refineries in Nigeria

Re: Petrol Import Into Nigeria Drops Sharply In October by Myrrhis: 9:44am On Oct 17, 2024*

helinues:
Good

FX savings

So, where is the effect?
The naira continues to worth less with each passing day.

Re: Petrol Import Into Nigeria Drops Sharply In October by yemmight(m): 9:44am On Oct 17, 2024

And yet, pump prices are increasing by the day.

Re: Petrol Import Into Nigeria Drops Sharply In October by humility33(m): 9:44am On Oct 17, 2024

naijaboy756:
Oga dollar was used to import those products before now right?

So since October, we did not need that! Dollar was saved as FX or let’s say that the pressure that amount of dollars was supposed to exert was taken off and it ought to have an immediate impact on the value of the Naira right ?

Yesterday Naira crashed further to over N1,700

Are you an APC supporter? Let me know how to package the insult

I don't understand because the refinery was supposed to lessen the pressure on the naira at least we are supposed to see the effect even the claim trade surplus by the FG last month is of no effect on the naira

1 Like 1 Share

Re: Petrol Import Into Nigeria Drops Sharply In October by ttmax09(m): 9:53am On Oct 17, 2024

naijaboy756:
And Naira is still crashing against the dollar.. What is the effect of the FX not used for importation?

Demonic government in power

Naira still crashing is intentional by the government, the money they sharing at FAAC monthly is the exchange rate differentials gain.

Re: Petrol Import Into Nigeria Drops Sharply In October by StraightGaay: 9:53am On Oct 17, 2024

tundegan:
This is the true meaning of "game changer".

Dangote refinery will transform the Nigeria economy in ways we never imagined.

When pls

Re: Petrol Import Into Nigeria Drops Sharply In October by Jlow2: 9:56am On Oct 17, 2024

Yet dollar and petrol price is sky rocketing, Nigeria is irredeemable

Re: Petrol Import Into Nigeria Drops Sharply In October by samwheel(m): 10:01am On Oct 17, 2024

bdon123:
Dont be ignorant my brother.Dangote is a business not charity n d issue of monopoly is useless.yes he bought crude in naira bt did u care to ask at wat exchange rate?its jst like giving me option of receiving 1800 naira or 1 dollar rite now...i will collect 1800 n leave 1 dollar becos they probably d same.As far as our exchange is over 1600 to a dollar,products will still be expensive except if government sells crude at cheaper price to dangote or direct pays a little subsidy to cover reduction in price which is not bad as our true consumption has been reflected right now.

Forget boss, dangote is a crook with no good intentions aside greed.

If you ask him why his petrol is expensive, he might say cost of production, if u check well, he might be that he's making excess profit per liter.

After all, it's a monopoly, no competition for now and importation is costly due to our weak currency.

If T-pain could stabilize and peg the naira at 1k, I'd prefer we keep importing than allow dangote be our sole refiner of fuel,

Look at his cement, on the high side, when he even sells lower to other African nations coz those govt are proactive.

That man eh, God have mercy lipsrsealed

Re: Petrol Import Into Nigeria Drops Sharply In October by LofP(m): 10:01am On Oct 17, 2024

JASONjnr:
Very soon, they will come up with defamatory statement about how Dangote fuel is destroying our vehicles and not good enough for consumption and why Nigerians should boycott it.... Just to resume their import from Malta.

Just read what someone said already before your comment. They will just play that narrative.

Re: Petrol Import Into Nigeria Drops Sharply In October by lailo: 10:06am On Oct 17, 2024

naijaboy756:
Go English school first and come back

This is no English competition but political discussion. You lack intelligence and i was right. But anyway you at least have slave mentality undecided

Re: Petrol Import Into Nigeria Drops Sharply In October by helinues: 10:09am On Oct 17, 2024

Myrrhis:
So, where is the effect?
The naira continues to be worth less with each passing day.

Na same day you plant cassava you go harvest am?

1 Like

Re: Petrol Import Into Nigeria Drops Sharply In October by baralatie(m): 10:12am On Oct 17, 2024

Omo
Dangote don hammer serious money😲😲😲
Ha🏃🏃🏃
Kyari come oi want my own refinery licensek want to build refinery too na😍
Is not for money o🤧 but I like th dollars too🤣🤣🤣

Re: Petrol Import Into Nigeria Drops Sharply In October by Os3e(m): 10:12am On Oct 17, 2024

ALTERNATEID:
https://nairametrics.com/2024/10/16/petrol-import-into-nigeria-drops-sharply-in-october-as-dangote-refinery-ramps-up-production/?amp=1

MONOPOLY IS DETRIMENTAL TO HEALTHY DEVELOPMENT

Re: Petrol Import Into Nigeria Drops Sharply In October by csamii: 10:16am On Oct 17, 2024

ALTERNATEID:
Buhari did not implement any reform. He continued with the wasteful pattern of previous administration and even took it to another level.

Tinubu has departed from that wasteful pattern of spending all we earn plus loans to subsidies PMS and keep the exchange rate low. We are now on a new course and we need to remain consistent to it if we want to see result.

So we should stay on course till dollar reaches 2500 abi?

You guys are arrogantly st***id!

1 Like

Re: Petrol Import Into Nigeria Drops Sharply In October by Ennyjude(f): 10:16am On Oct 17, 2024

tundegan:
This is the true meaning of "game changer".

Dangote refinery will transform the Nigeria economy in ways we never imagined.

Fact

Re: Petrol Import Into Nigeria Drops Sharply In October by baralatie(m): 10:16am On Oct 17, 2024

Os3e:
MONOPOLY IS DETRIMENTAL TO HEALTHY DEVELOPMENT

You get money to build refinery 🤔🤔

2 Likes

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