₦airaland Forum

Sheuns:
NNPC no dey announce their prices?

Thought they have 2 functioning refineries now

The people that refused to fix their refineries to serve Nigeria for many years until now that Dangote is showing them pepper, do you think they are happy?

AbuAeesha:
If the govt can't subsidize oil
It would be nice if oil sellers too emulate bdc operators MO.
since dollar price determines oil price.
Everyday, current price of oil should be announced and used by all filling stations

It can't work that way.

Gotocourt:
Donald Trump is behind all this. Trump told OPEC to reduce prices, they didn't bother. Trump implement %50 tax on import from their neighbors (mexico &Canada)
Now, America still needs oil. They turned to Venezuela whom has the largest oil reserves in the western hemisphere and Nicolas Maduro (Werey promax) reelection has not been recognized by USA, EU and allies. Trump gave him a deal, to return venezuelan deadly street immigrants gangs (Tren de Aragua☠️) in exchange of buying venezuelan crude oil. Trump came up with that idea for fear of Venezuela rejecting it's citizens.
This gangs are in their thousands, what a great deal 🤷 . Maduro offered to send in transport plane to pick em up (sharp man 😂🤣😅). Trump have sent USA officials to seal the deal and publicized their visit photos officially. Chevron drilling license have been renewed ASAP
US dollars runs the world (at least for now), alot of countries are presently lobbying America for sales. Venezuela has dead cheap crude oil. Maduro is the hottest chic on the block. Billions of USD will start flowing .

It's no brainer. Lastly naira is gaining value.

Gbamsulotely, Haha 😂

My SUV tank go smile this week.

Tinubu has done this!

I need to go church today for Thanksgiving even though am not a Christian

EMIOMOADEOYE:
In this case, this is monopoly at work.

This is not the last of this.

Dangote can afford to go as low as 500 or 600

But he knows that he is a Tiger in the midst of pussycats.

Just keep in sptep with their puny littel moves and milk as much profits as possible.

EVenetually, all this small players will fizzle out when they can no longer match baba's moves.

When they are all gone, baba will then move price back up

Just like he did with cement

Dangote cannot afford to go below the price crude oil is sold to him.

tete7000:
Venezuela has the largest oil reserve. Where did you get that information from please?

He is correct, as at 2024, Venezuela has 303 billion crude oil reserve in the world,

Google has the information, but my concern is that, despite this huge oil reserve in Venezuela, the country is still backward, the same thing with Congo Drc that has one of the largest Mineral deposits of Gold in the world which is estimated to be around 24 trillion dollars, but look at the stupid leaders in Congo Drc and the war going on for several years in Congo Drc

cc: Gotocourt is absolutely correct and spot on

GeneralDae:
The warri refinery produces only diesel and kerosene for now but would start producing petrol before April. The old PH refinery produces petrol of not more than 2 million litres per day which is not up to 5% of Nigeria’s demand.

Hmm

ITbomb:
With the deregulation, we expect prices to rise and fall, however, I think we should have a stabilization fund to keep prices stable for at least each quarter.

When the price is lower than govt price, we save, when it is higher, we use it to keep the price.

It will help in medium term fiscal planning

Someone will still touch the stabilization fund and it won't be available when needed. The best way to deal with most Nigerians is to never give them the access to the purse.

AngelicBeing:
He is correct, as at 2024, Venezuela has 303 billion crude oil reserve in the world,

Google has the information, but my concern is that, despite this huge oil reserve in Venezuela, the country is still backward, the same thing with Congo Drc that has one of the largest Mineral deposits of Gold in the world which is estimated to be around 24 trillion dollars, but look at the stupid leaders in Congo Drc and the war going on for several years in Congo Drc

cc: Gotocourt is absolutely correct and spot on

Interesting I used to think Saudi has the highest reserve. By comparison though Saudi crude is light in comparison to venezuelan oil making it more economical to produce.

seunmsg:
That’s what market forces is all about. The price of PMS can never be stagnant when crude oil prices and exchange rate keeps changing.

Guess thats why the naira exchanges for over 1600 to $1. FYI, PMS price per litre in Nigeria is linked to so many politicians in the form of 'compensation' for making Dangote build and operate his refinery.

tete7000:
Interesting I used to think Saudi has the highest reserve. By comparison though Saudi crude is light in comparison to venezuelan oil making it more economical to produce.

Venezuela crude can also be like that of SAUDIS but remember that the current government in Venezuela is an oluwole useless corrupt government, they lack the charisma and leadership skills to do the right thing, they can invite experts to help them produce Saudi Arabia kind of oil but rather na, ballot grabbing to steal votes, corruption, Egunje Dem sabi , The same thing happening in Nigeria, Congo Drc etc bunch of useless and inept leaders

This is after the import prices dropped then he decides to reduce his own to maintain his customers NOT for the interest of Nigerians! Why didn't he do so since

GeneralDae:
Subsidize imported petrol how? If they are doing that, how come the price of imported petrol is almost thesame as that of Dangote? What is the current landing cost of petrol?

The landing cost of petrol from Europe is $0.9 across the coast of West Africa, importers sells it 50% below the landing cost and demands under-recovery cost from the federal government.

olatade:
https://tribuneonlineng.com/breaking-dangote-refinery-crashes-ex-depot-petrol-price-to-n890/amp/

We really need to stop using this word 'crash'!!

Mubiola360:
Dangote is a deceiver,he was actually planning g to increase the price and then boom, oil marketers started receiving oil from warri and port Harcourt Refineries.
It reminds me if when Abati ask PBAT about price control , the president said he doesn't belive in manipulating price(Price control) he said let the market force come to play, all what we can do is to keep supplying the market, they "Dangote and his likes) will have no choice than to bring the price down.By the time the market become saturated hording become useless and need to quickly let out product for competitive prices arises.
Tomato was over 100k few mobts ago, now 10,000 per basket

Last time I checked, NNPCL refineries sell petrol 100 NGN above Dangote.

budaatum:
You all now finally loving Dangote

I am number 1 fan of dangote, I like that man with passion

richard870:
Guess thats why the naira exchanges for over 1600 to $1. FYI, PMS price per litre in Nigeria is linked to so many politicians in the form of 'compensation' for making Dangote build and operate his refinery.

lol.

Gboss247:
The landing cost of petrol from Europe is $0.9 across the coast of West Africa, importers sells it 50% below the landing cost and demands under-recovery cost from the federal government.

You assume they demand under recovery from the FG except you have proof to back this up. But let’s even assume this is true, are you saying Dangote is currently selling at a loss? Why is he then not selling at 1200 (afterall shipping cost elimination doesn’t make much difference)?
What you should know is that the other West African countries impose high tariffs on petroleum products. Nigeria has never really been doing that and would not start now.

Till #400... e never reach... nonsense

Kreesxxx:
Naira will depreciate next week to balance price.

Agent of doom sighted

damkin24:
Agent of doom sighted

No. I am not. See Tinubu has benched mark how much he needs in naira via the cost of Petro. If petrol drops price the only way to balance the budget is to depreciate the naira or alternatively increase the production of crude oil. With what you know about our leaders which one do you think they benefit and the people will groan? You know the answer. Depreciating the naira comes easy and the people will groan under hardship.

olatade:
https://tribuneonlineng.com/breaking-dangote-refinery-crashes-ex-depot-petrol-price-to-n890/amp/

how will a 60 naira reduction improve the economy eh? Dangote?

Something that was increased from 165 naira to over 1k?

Na only agbadorians and WICKED CLOWN they use touch light even for day time dey look for news like this, because they are useless.

You can’t see the effect of this 10kobo reduction on the economy abeg.

Kreesxxx:
No. I am not. See Tinubu has benched mark how much he needs in naira via the cost of Petro. If petrol drops price the only way to balance the budget is to depreciate the naira or alternatively increase the production of crude oil. With what you know about our leaders which one do you think they benefit and the people will groan? You know the answer. Depreciating the naira comes easy and the people will groan under hardship.

That budget has not yet been passed. It starts in June. We are still working with the old budgets.

seunmsg:
lol.

Same 'market forces' are about to increase your electricity tariff.....you go laff tire

Okechinwadike:
I am number 1 fan of dangote, I like that man with passion

He said, "let there be locally produced petrol", and there is locally produced petrol, so I call him God and hope there'd be more like him.

GeneralDae:
That budget has not yet been passed. It starts in June. We are still working with the old budgets.

Ok. You seem to know more carry me along.

That's great news. Kudos Dangote. Let NNPCL follow suit

budaatum:
He said, "let there be locally produced petrol", and there is locally produced petrol, so I call him God and hope there'd be more like him.

I swear brother

richard870:
Same 'market forces' are about to increase your electricity tariff.....you go laff tire

That’s what we need to develop the power sector and expand our economy. Fuel, power and education subsidy must go for us to develop.

seunmsg:
That’s what we need to develop the power sector and expand our economy. Fuel, power and education subsidy must go for us to develop.

Lolzzz.. cl0wn

Ishilove:
So this is the economic yoyo we should be expecting going forward?

Actually yes. This is how price of fuel is in the free market.

Yet you insulted GEJ for selling petrol at N87, saying it should be N40!

The chicken has come home to roost

Acekidc4:
Good