₦airaland Forum

dre11:
https://leadership.ng/importers-jittery-as-dangote-refinery-slashes-pump-price-to-n899-50-litre/

AKPOSbaba:
FORMER Minister of Petroleum and Energy, Prof. Tamunoemi David-West, said that Nigerians should expect sharp drop in petrol price from the current N87 to about N40 per litre, saying, “the president-elect, Gen. Mohammed Buhari, will reduce the fuel pump price to N40 per litre.”

In a telephone interview with Vanguard, the former minister argued that Nigeria produces millions of barrels of crude oil daily, and if properly harnessed will boost the performance of the industry.

His words: “I want to assure you that by the time he takes over, petrol will be dispensed at N40 per litre. This is possible and he has the credibility to make it work.

The major assignment of the president-elect when he is eventually inaugurated is to restore confidence to the industry.

He noted that the president-elect is familiar with the petroleum industry, adding that he is a straight forward person that has respect for democratic principles.

“As military head of state, he dealt with the Federal Executive Council with the tenets of democracy. Buhari will build new refineries to make petroleum products available for the masses. No responsible government will allow the masses to suffer.

SOURCE..http://www.vanguardngr.com/2015/04/buharill-reduce-petrol-to-n40l-david-west/

dre11:
https://leadership.ng/importers-jittery-as-dangote-refinery-slashes-pump-price-to-n899-50-litre/

GloriousGbola:
this is free market economics. the price of crude has dropped, therefore the cost of refined products has also dropped

this is actually what happened in 2016 when buhari first attempted to end the subsidy - price of oil dropped very low [because saudi flooded the market to kill fracking]

there is no benevolent socialist altruism here. if price of oil rises, the price of pms will rise.

Olat4421:
nonsense for something that was sell for 197 per litre barely a year plus ago . U called dis good news, tinubu has successfully reset ur brain

Olat4421:
let hear word how are dey doing it when they where were selling it 197 naira barely a year ago, defender of nonsense of a oil producing country, since they ave remove d subsidy what what major success have they achieved in other sector like road light and infrastructure corruption fighting and inflation to justify their removal, ur brain has been reset. Was he not part of d people leading protest during Jonathan regime when he remove subsidy dat time, nw his is turn everything he done is justified follow like zombie

Titogbanski:
Any progress that does not better the Jonathan era is not progress. This was a regime we vilified daily with a tirade of the worst insult...and now we are packaging N899 fuel as progress ...ona no serious.

anthonykezy:
Oil slump: Bring down fuel price immediately, Fashola tells FG ON DECEMBER 7, 2014

Lagos—As the global oil prices slid further downward, Governor Babatunde Fashola of Lagos State, yesterday, asked the Federal Government to review downward the pump prices of Premium Motor Spirit, PMS,  from N97 per litre in the country in tandem with the slump in world oil price. President Jonathan and Gov Babatubde Fashola of Lagos The Organisation of Petroleum Exporting Countries, OPEC, had last Friday, on its website pegged the oil price at $66.27 per barrel.

Fashola who blasted FG for its reluctance to adjust the pump price of   PMS, made the remarks while addressing hundreds of youths at the  Lagos State and After School  Graduation Development Centre,  AGDC, IGNITE Employability Project 5, Ikeja. He lamented that Nigerians were not receiving fair treatment from the central government like others in oil producing nation. Fashola said, “Now we should be enjoying cheap fuel if the price of oil has dropped globally. Even as we import the product, a major component has reduced in price and while this has reduced, the pump price of fuel in the country still remains the same. “Then something is wrong. If the price increases in the country when the price of oil goes up globally, then it should also reduce when the price of oil drops.

“I understand that I am not an economist; they (Federal Government) are the economists. But I have some logic and common sense to ask critical questions. For instance, if one buy flour at N10 per kilogram, and the bread was sold at N1 per loaf. If the price of flour drops, the price of the bread should also change,” Fashola added.

The governor, therefore, urged President Goodluck Jonathan led administration to follow the footstep of other countries that have reduced the pump price of oil products for their citizens. Fashola noted that the oil sector of the country had not been improved to address challenges confronting the nation especially unemployment, saying “The economy is not doing well. Some of you (audience) are compelled to try to survive through whatever means.”

Source: http://www.vanguardngr.com/2014/12/oil-slump-bring-fuel-price-immediately-fashola-tells-fg-2/

oyeb15:
Even at 300 per litre its still profitable but Tinubu has taxed d sector. Thats where he get all d money hes throwing around

blamingthedevil:
God Bless President Bola Tinubu
God Bless Federal Republic of Nigeria

Gains of reforms coming gradually

Children of disobedience and SPV guys won't understand

Blitzking:
This was used by Sir John Rockfeller. In an attempt to engage in price wars with other business men in the oil business..Sir carnegie also used it in the steel business and even foreign airlines tried using it against Air peace..but the timing of this is so skilfully timed that u will think its to help the masses..its to make those business men run at a massive loss and go out of business. Why didn't he do it for sugar...flour...cement...he wants to get market share at all cost...but Nigerians will pay for it later..its a form of pay less now and pay higher later.

Ishilove:
So that is how they will be playing ping pong with the the prices? Crude that is being locally refined is also subject to international market forces? Is that how it is supposed to be?

Am confused 😕😕😕

Ishilove:
So that is how they will be playing ping pong with the the prices? Crude that is being locally refined is also subject to international market forces? Is that how it is supposed to be?

Am confused 😕😕😕

oyeb15:
The fall of Dangote group will signal d rivival of Nigeria economy.

Hes is d arrowhead of Nigeria industrial complex, the establishment who feast on Nigeria economy.


Sounds harsh on the surface but if you investigate the clandestine hand of monopoly on the Nigerian economy..you would agree this is what needs to happen

aylipple:
Lol. This serves the cartel of greedy & unpatriotic importers right!

When they were choking us with substandard imported fuel & shoving it down our throats just because we didn’t have alternatives, they weren’t jittery ooo; now they’re purportedly jittery & it has only just begun.

Being a shrewd businessman that takes no prisoners in any sector of the economy he has his fingers in, Dangote can deliberately take a few hits to his profit margins by slashing prices until the import-dependent marketers are forced to look inwards (read: patronize Dangote Refinery).

He could just wait to get information that they’ve imported their usual substandard PMS into the country worth several billions of dollars & just as they’re offloading to their various tank farms from the vessels, they’ll just hear that Dangote has further reduced fuel price by as much as N100; those marketers will just collapse due to the huge losses such a move will impose on them.

Anyways, I’m enjoying the price wars... May the greediest business owner lose!

muykem:
Good news

ollypass:
Your thinking it's the importers that are greedy but you ain't asking your self ..if dangote fuel was priced fairly for Nigerians ...who would import ?