₦airaland Forum

Nazgul:
Nigeria isn't refining petroleum products, Dangote is. And he's out to make profit thus pegging the price of his products higher than independent marketers.

Bobloco:
Tinubu, how much has been saved from the subsidy removal, and where is the money?

Bobloco:
Tinubu, how much has been saved from the subsidy removal, and where is the money?

mrvitalis:
It is mathematically impossible for landing cost of petrol to be ₦950 let's be realistic

I honestly don't understand why this Yoruba APC government lie over irrelevant things

The lowest anyone can get petrol of low quality like the ones we use here is around 70 cents per litres

So when at the ₦1655 exchange rate it's ₦1158 plus say ₦30 shipping fee ₦1188 is the minimum you can get petrol into nigeria

If Nigerian marketers can import petrol at ₦950 None absolutely none of them would sale in Nigeria when their is Ghana, Togo, Benin Cameroon and the rest ready to pay ₦1350 per litres

I don't get why APC government can't come out openly and say yes we pay subsidies and end all this rigmarole they are doing... It makes no sense

Judolisco:
uno hear say state allocation Don increase?

Lithiumite:
You are either a bot programmed to attack the govt at every turn or you are just trying to be downright mischievous......where in the post did the govt make the announcement on landing cost at 971.....it's the marketers themselves who are inferring and trying to make a case on why they should be allowed to import and trying to force govt to support them and which they are saying no way!! If you want to import you are free but with your own money and at your own risk.....no right thinking business man would be ready to go that route.

adenigga:
Source: https://punchng.com/Petrol-Landing-Cost-Drops-To-N971/litre-Report

Lithiumite:
You are either a bot programmed to attack the govt at every turn or you are just trying to be downright mischievous......where in the post did the govt make the announcement on landing cost at 971.....it's the marketers themselves who are inferring and trying to make a case on why they should be allowed to import and trying to force govt to support them and which they are saying no way!! If you want to import you are free but with your own money and at your own risk.....no right thinking business man would be ready to go that route.

Nazgul:
That 70 cents per liter is the retail price for the masses. Meaning the fuel would have passed through the refinery operators, and marketers, before reaching the retailers who would would sell to you guys.

If you're buying as an importer in millions of metric tonns, it would be more cheaper. Cos you'll be buying directly from the refinery, so you're boycotting the marketers and the retailers.

So it is mathematically possible for the landing cost to be N971.

RealLordZeus:
You did not factor in impure products

It's widely known that importers of every commodities in Nigeria usually requested for sub standard version

From Transsion Phones, to accidented vehicles and drugs..

My own point is, as an oil producer, must we be buying at the international rates...

Allowing foreign market to dictate how much we are going to be buying our freely God given resources is the height of insensitivity and wickedness on the part of the Government

Pickmycall:
All this report about landing costs, demurrage and what not are all economic jargons.If the price of crude oil goes up at the international market,Nigerian government will increase the price of fuel per litre.When the price of crude oil comes down they will not reduce the price of a litre of petrol.Nigeria is now refining petroleum products and the price is higher than imported ones.Which kind economy sense is that?

Is04970:
Nigeria was borrowing money to pay subsidy. Now that subsidy has been removed, they borrow less.
No saving anywhere.
Hope this helps.

Pickmycall:
All this report about landing costs, demurrage and what not are all economic jargons.If the price of crude oil goes up at the international market,Nigerian government will increase the price of fuel per litre.When the price of crude oil comes down they will not reduce the price of a litre of petrol.Nigeria is now refining petroleum products and the price is higher than imported ones.Which kind economy sense is that?

Is04970:
Nigeria was borrowing money to pay subsidy. Now that subsidy has been removed, they borrow less.
No saving anywhere.
Hope this helps.

dalitigator:
I like the fact that the deregulation is working. I bought 1k per liter yesterday from NIPCO as against 1025 from NNPCL as at Saturday. I believe with time, it will come down to 500.

dalitigator:
I like the fact that the deregulation is working. I bought 1k per liter yesterday from NIPCO as against 1025 from NNPCL as at Saturday. I believe with time, it will come down to 500.

Judolisco:
uno hear say state allocation Don increase?

Bobloco:
Is Tinubu government not engaging in mindless borrowings despite not paying any subsidy?

Pickmycall:
All this report about landing costs, demurrage and what not are all economic jargons.If the price of crude oil goes up at the international market,Nigerian government will increase the price of fuel per litre.When the price of crude oil comes down they will not reduce the price of a litre of petrol.Nigeria is now refining petroleum products and the price is higher than imported ones.Which kind economy sense is that?

Judolisco:
uno hear say state allocation Don increase?

Kobojunkie:
That makes no sense!

Judolisco:
wetin Don ever make sense to you?

adenigga:
The estimated cost of landing Premium Motor Spirit, commonly known as petrol, on Nigeria’s shores has seen a considerable reduction of 20.34 per cent, dropping to N971.57 per litre over the past three months.

This decline in landing cost, which reflects the price of importing and distributing the product, indicates some relief in terms of global market fluctuations and supply chain factors.

However, despite this reduction, the retail price of petrol in Nigeria has sharply increased by N443, or 71.79 per cent, from N617 per litre on August 1, 2024, to N1,060 per litre by November 8, 2024.

According to data released by the Major Energies Marketers Association, in its competency centre daily energy bulletin, oil marketers imported petrol at N1,219 per litre at a Brent crude oil price benchmark of $80.72 per barrel and at an exchange rate of N1,611 per dollar in August. Petrol sold at N617 per litre during this period.

But in November, with an estimated landing cost of N971.57, Brent crude price benchmark of $75.57 per barrel and an exchange rate of N1,665.84 per dollar, the product currently sells at N1,060 at the Nigerian National Petroleum Company Limited retail station and N1,180 at stations owned by independent marketers.

The document also showed that the landing cost stood at N945.63 in September 2024 and N903.64 per litre in October 2024. This increase, despite falling landing costs, can be attributed to factors such as the ongoing deregulation of the fuel market, fluctuations in the exchange rate, rising inflation, and the broader economic challenges facing the country.

However, experts say they expect the reduction would lead to a corresponding drop in the retail price of petrol.

On Sunday, the Nigeria Labour Congress accused fuel marketers of inflating petrol prices, claiming the pump price is significantly higher than the actual market value.

The NLC in a communique released following its National Executive Council meeting, contended that Nigerians are being exploited, with citizens enduring heightened suffering and hunger due to government policies that are pushing many into destitution.The organization’s call underscores its growing concerns over the economic strain on Nigerians and its commitment to holding both fuel marketers and the government accountable for citizens’ welfare.
Source: https://punchng.com/Petrol-Landing-Cost-Drops-To-N971/litre-Report