₦airaland Forum

If landing cost of imported petrol is 770 or thereabout, why is Dangote refined product costing us more. Dangote should be selling at about N770 maximum even thou it should be far lower than that in normal countries

Whenever it comes down to where apc met it before they took over, I will take them serious.

teeteepeejay:
Lamentations. Make hunger no kill you and your family like this

No be only me e go kill, e go kill you too

Bobloco:
The excitement and euphoria of being sworn in as Nigeria's president overtook Tinubu’s reasoning, which led him to make that thoughtless statement: 'subsidy is gone.'

That thoughtless statement, followed by the floating of the naira, brought untold hardships on Nigerians, and this country will never recover from it.

Subsidy removal was supposed to be a gradual process, ensuring first that our refineries were operational and implementing measures to mitigate its effects on Nigerians.

There was no justification for the price of petrol to rise from below ₦200 to over ₦1,350 per liter in such a short time.

It was pure wickedness and draconian by the Tinubu regime in the way it handled the subsidy removal and floating of the naira.

If Dangote Refinery and other refineries were operational before the subsidy removal, the price of petrol wouldn't have gone beyond ₦400 per liter, and transportation costs, food prices, goods, and services wouldn’t have skyrocketed to the extent that they have

the clear reduction in prices by Dangote has shown that the entire subsidy regime was a charade.

I don't know what was chasing Mr. Tinubu to hurriedly remove subsidy when he can wait few months for Dangote to come up.

Cajal:
Sorry
Subsidy is gone
U can look elsewhere for free money
Sorry...
Dualization of foreign exchange is gone for good
You can source your dollars from trump

You are a huge clown

Bobloco:
The excitement and euphoria of being sworn in as Nigeria's president overtook Tinubu’s reasoning, which led him to make that thoughtless statement: 'subsidy is gone.'

That thoughtless statement, followed by the floating of the naira, brought untold hardships on Nigerians, and this country will never recover from it.

Subsidy removal was supposed to be a gradual process, ensuring first that our refineries were operational and implementing measures to mitigate its effects on Nigerians.

There was no justification for the price of petrol to rise from below ₦200 to over ₦1,350 per liter in such a short time.

It was pure wickedness and draconian by the Tinubu regime in the way it handled the subsidy removal and floating of the naira.

If Dangote Refinery and other refineries were operational before the subsidy removal, the price of petrol wouldn't have gone beyond ₦400 per liter, and transportation costs, food prices, goods, and services wouldn’t have skyrocketed to the extent that they have

I feel like knocking your head severally

Who ever places the cart before the horse

For decades, your recommendation is what many presidents have followed yet it got us nowhere until Tinubu took the bull by the horn

There is no free lunch in life. Ole!

Odobaone:
This man can sell petrol for #650 comfortably and still run business but you see grid. Thank God for competition. Let importation and price war continue.

I'm still surprised you think Dangote can unilaterally fix the price of petrol without govt intervention. Whatever price he's selling today has the handwriting of the govt in it.

People are actually too politically un-savvy to see that election is already coming. Tinubu had between now and December to convince Nigerians on whatever economic magic he's performing.

Mandate1:
the clear reduction in prices by Dangote has shown that the entire subsidy regime was a charade.

I don't know what was chasing Mr. Tinubu to hurriedly remove subsidy when he can wait few months for Dangote to come up.

It was pure madness

And the effects of that thoughtless statement is what we are suffering today

galserv:
I feel like knocking your head severally

Who ever places the cart before the horse

For decades, your recommendation is what many presidents have followed yet it got us nowhere until Tinubu took the bull by the horn

There is no free lunch in life. Ole!

Take a walk

I know you lack the mental capacity to fully comprehend my comment

Bobloco:
The excitement and euphoria of being sworn in as Nigeria's president overtook Tinubu’s reasoning, which led him to make that thoughtless statement: 'subsidy is gone.'

That thoughtless statement, followed by the floating of the naira, brought untold hardships on Nigerians, and this country will never recover from it.

Subsidy removal was supposed to be a gradual process, ensuring first that our refineries were operational and implementing measures to mitigate its effects on Nigerians.

There was no justification for the price of petrol to rise from below ₦200 to over ₦1,350 per liter in such a short time.

It was pure wickedness and draconian by the Tinubu regime in the way it handled the subsidy removal and floating of the naira.

If Dangote Refinery and other refineries were operational before the subsidy removal, the price of petrol wouldn't have gone beyond ₦400 per liter, and transportation costs, food prices, goods, and services wouldn’t have skyrocketed to the extent that they have

First of all, you have to understand that Subsidy wasnt even included in the budget of 2023, which coincidentally started around the time Tinubu took over.
Buhari himself had removed it from the budget with the consent of Tinubu- even before he officially became President.

Secondly, removing subsidy gradually is not as much an option as you think because, just look at how long those Elites have tried to drag this tax reform bill- we have spent almost a year and it's still being passed across the houses, how much more subsidy that will take more "food" from their mouth.

We should be feeling a positive impact from the subsidy removed reflecting in the FAAC nearly tripled.
The problem we have in this country is that no one holds their State Governor accountable.

PBAT tried to remedy that a bit by giving LG autonomy in such a way that the LG chairmen can be investigated by EFCC while in office, unlike the Governors.
Guess what? most states have not even done LG election e,g Northern and SE states, among those that have done, it's the Governor that conducted it with their state Electoral body, without the approval or supervision of INEC e.g Osun,Rivers
Then some state Governors are still fighting that law e.g Makinde(Oyo).

To cap it, PBAT still increased the minimum wage.
How many states have increased their workers wage? even those that did, did not increase it at the 133% rate the minimum wage was actually increased to.
Forget 133%, Not even the 100% increate rate.
At least, if I work in a Govt organization and earned 100k when the minimum wage was 30k. Simple maths says I should earn at least 200k now that the minimum wage is 70k and the allocations has been tripled.
If that is done accordingly, the ripple effect will affect the private sector and the effect of the inflation rate will be less felt.
i.e it's only difficult to pay your rent that has increased from 500k to 700k or pay your TV sub that has increased because you still earn the same old salary or barely got 30k added to your old salary.

But as it stands we have most citizens being underpaid without even knowing that they are underpaid -despite the minimum wage increase.
Meanwhile, the cost of goods and service these companies they work in produce, keep getting increased.
So these companies are gaining more with the old expenditure on salaries.

And the worst part is that the Media is not helping matters, they will rather keep misinforming and distracting the already gullible masses with frivolities.
They will rather waste time deliberating IBB's new book or Natasha's blackmail on the Senate in the guise of sexual harrassment allegation than talk on the state of the LG elections, the ineptitute of most Governors and how most are performing worse even with double/triple FAAC (allocation).
Even the financial analyst will rather talk about the rise in price of foodstuff than the percentage increase of the average salaries earned by white and blue-collar staff relative to the increase in the price of goods/service they produce and minimum wage increase.
We are not asking the right people the right questions.

Then everyone turns around to blame the FG.

Bobloco:
It has absolutely nothing to do with courage. It is a lack of planning and wickedness.

It is pure wickedness to subject Nigerians to such hardships.

Subsidy removal was supposed to be a gradual but sustained process.

Worldwide, that's how things are done.

I know very well that the price wasn't going to remain at ₦165 per liter; it would have risen to something around ₦400, but not over ₦1,350 in such a short time, inflicting untold hardships on Nigerians.

We like to deceive ourselves in this country. A liter of petrol in Saudi is about 900 naira. Saudi is the largest producer and the people don't actually pay tax. So how can a liter of petrol be #400 in Nigeria at a time when debt payment was choking us?

This thing should just drop to N100..competition should be amongst local refiners...let this import stress just disappear

True talk my brother. I go vote Tinubu again for just this alone. My prayer is that he doesnt stop importation otherwise this local refinery people will sabotage the economy like our farmers are doing

Daddyk87:
Best thing president Tinubu have done since his inauguration is petrol subsidy removal.
Now we got it right.
God bless Nigeria

sayittome:
True talk my brother. I go vote Tinubu again for just this alone. My prayer is that he doesnt stop importation otherwise this local refinery people will sabotage the economy like our farmers are doing

Increased Supply:
Warri refinery is operating at 60%, it will soon increase.
Kaduna refinery is on the way.
BUA refinery is in the works too.

Reduced demand:
Kaduna BRT bus is on its way.
More railways are getting erected in Lagos- Purple line, Green line

Naturally, the law of Demand and Supply Law will keep dragging the price down and we will even export more, which will bring more FX and subsequently increase the value of Naira.
We are also a passive member of BRICS now, and that will enable us sell in Naira.

lionshare:
Let the competition continue—Dangote should eliminate all these importers by dropping the price to N650. That way, the importers will have no choice but to buy from him until it becomes cheaper to import.

But Dangote is also a callous capitalist. Once he eliminates those importers, Nigeria would be I trouble. Same scenario is playing out on cement.

I just love the competition but the government should grant more licences for modular refineries like that of Abia and ensure that the Port Harcourt a d Warri Refineries keep working so as to ensure Dangote does not have the monopolistic upper hand

What I knew is that importation must continue till eternity because both dangote and marketers are all evil importation is the only thing that will make citizens to enjoy the benefit of the deregulation of dawn stream sector

i agrree with you. For the cement, govt should open the border so importers can compete with dangote

CursedOsuPigs:
But Dangote is also a callous capitalist. Once he eliminates those importers, Nigeria would be I trouble. Same scenario is playing out on cement.

I just love the competition but the government should grant more licences for modular refineries like that of Abia and ensure that the Port Harcourt a d Warri Refineries keep working so as to ensure Dangote does not have the monopolistic upper hand

[quote author=sayittome post=134532260][/quote]So why did we close the borders and not allow cheaper rice in?

it may come down. However, we shouldnt undermine the effort of this govt as we can clearly see that prices are coming down cos of importation. So our prayers should be that govt should continue to allow for importation of petrol and go futher by allowing importation of agric commodities, cement, etc. inflation is too much

Smithwilliams826:
Whenever it comes down to where apc met it before they took over, I will take them serious.

Bobloco:
The excitement and euphoria of being sworn in as Nigeria's president overtook Tinubu’s reasoning, which led him to make that thoughtless statement: 'subsidy is gone.'

That thoughtless statement, followed by the floating of the naira, brought untold hardships on Nigerians, and this country will never recover from it.

Subsidy removal was supposed to be a gradual process, ensuring first that our refineries were operational and implementing measures to mitigate its effects on Nigerians.

There was no justification for the price of petrol to rise from below ₦200 to over ₦1,350 per liter in such a short time.

It was pure wickedness and draconian by the Tinubu regime in the way it handled the subsidy removal and floating of the naira.

If Dangote Refinery and other refineries were operational before the subsidy removal, the price of petrol wouldn't have gone beyond ₦400 per liter, and transportation costs, food prices, goods, and services wouldn’t have skyrocketed to the extent that they have

An interesting observation. You are very correct. Petrol was N145 before Tinubu came with his knee-jerk announcements. Hence the normal ex-subsidy price would not have gone beyond N400. They are now fighting to sell at N800, having sold at N1,350 earlier.
PURE ROBBERY.

Honestly i dont know. I am really advocating that border should be open for alot of items cos inflation is too high. our local players are killing us

AerialMapper:
So why did we close the borders and not allow cheaper rice in?

Bobloco:
The excitement and euphoria of being sworn in as Nigeria's president overtook Tinubu’s reasoning, which led him to make that thoughtless statement: 'subsidy is gone.'

That thoughtless statement, followed by the floating of the naira, brought untold hardships on Nigerians, and this country will never recover from it.

Subsidy removal was supposed to be a gradual process, ensuring first that our refineries were operational and implementing measures to mitigate its effects on Nigerians.

There was no justification for the price of petrol to rise from below ₦200 to over ₦1,350 per liter in such a short time.

It was pure wickedness and draconian by the Tinubu regime in the way it handled the subsidy removal and floating of the naira.

If Dangote Refinery and other refineries were operational before the subsidy removal, the price of petrol wouldn't have gone beyond ₦400 per liter, and transportation costs, food prices, goods, and services wouldn’t have skyrocketed to the extent that they have

Not true. Having many refineries will help. But the sole determinant is the price of crude oil in international markets. The price was 75 use per barrel but further declined recently to 73.5 usd.

The price of a liter of crude oil is sold to Dangote at around 700 naira. Add other things to it before they fine-tune it to PMS.

sayittome:
it may come down. However, we shouldnt undermine the effort of this govt as we can clearly see that prices are coming down cos of importation. So our prayers should be that govt should continue to allow for importation of petrol and go futher by allowing importation of agric commodities, cement, etc. inflation is too much

importation?! What stop the country from producing their own farm produce, let there be competition of cement, let us do things ourselves and stop relying on others.

Soon it will hit #500 per litre

sayittome:
i agrree with you. For the cement, govt should open the border so importers can compete with dangote

Exactly...but I think under Buhari government, he has been given many years of monopoly which no one knows when it will end. So sad.

Obviously, Nigerian problems are Artificial .

Bobloco:
The excitement and euphoria of being sworn in as Nigeria's president overtook Tinubu’s reasoning, which led him to make that thoughtless statement: 'subsidy is gone.'

That thoughtless statement, followed by the floating of the naira, brought untold hardships on Nigerians, and this country will never recover from it.

Subsidy removal was supposed to be a gradual process, ensuring first that our refineries were operational and implementing measures to mitigate its effects on Nigerians.

There was no justification for the price of petrol to rise from below ₦200 to over ₦1,350 per liter in such a short time.

It was pure wickedness and draconian by the Tinubu regime in the way it handled the subsidy removal and floating of the naira.

If Dangote Refinery and other refineries were operational before the subsidy removal, the price of petrol wouldn't have gone beyond ₦400 per liter, and transportation costs, food prices, goods, and services wouldn’t have skyrocketed to the extent that they have

"That thoughtless statement, followed by the floating of the naira, brought untold hardships on Nigerians, and this country will never recover from it“
Would Agbado people ever agree to this quote?
"

There is no time N10 was added during the increase of pms to above 1k. Why the #10, #10 deduction. It's not competitive yet. Let him remove #100. Then we know he is serious

donself9:
Can you please shut up if you dont know, the oil sector has being deregulated before Tinubu step on Board

Whatever price reduction we are seein now has nothing to do with any Tinubu or whatever ... int'l market price is on a free fall
but they wont give credit to where it due

Should the int'l market price start going up, you will realize the market forces you see now is nothing

You are very wrong, the Nigeria oil and gas sector was heavily regulated before Tinubu assumed office. But immediately Tinubu assumed responsibility and made a pronouncement that subsidy was gone. Deregulation began and structural policies were instituted to ensure its sustainability. If subsidy is still sustained, dangote refinery and other refineries will never come to live. Governments before Tinubu weren't courageous enough remove subsidy. Buhari government mooted on removing subsidy but lacked the audacity to do so. Subsidy removal beget deregulation. Deregulation gave rise to competition. And here is the result, price war among various stakeholders.And no sensible investors will put his money into oil and gas sector shrouded with opaque operations.
I think he took a painful and courageous steps but in the long run, Nigerians will sing songs of joy. Tinubu has not been perfect but he has been making some good initiatives. If these are sustained especially in the area of achieving crude oil production of 2.5million barrel per day. This will help to stabilize the forex market to achieve liquidity and value of currency will appreciate significantly.
Tinubu is also doing greatly in the agricultural sector and if the tax reform bills are eventually passed, I think, these will augment the confidence of the investors. Nigeria is on the path of economic prosperity.

Fear of approved modular refinery in Abia


We will get there

EXOUSIAng:
Jagaban na weyrey.
Now Obidients will understand what it means to let market forces control price.

Why una like to dey like to deceive una self?, The Almajiri , Dangote is the only nationalist in this rigged game

Pro-Tinubu, and Pro-Obi think alike.

Tinubu is the minister of petroleum. He has done nothing, than fight tooth and nail to prevent Dangote Refinery from coming online. He is still fighting, although cowardly.

Dangote's & Nigerian's like it or not owe their thanks to Buhari, the former Minister of Petroleum who signed the PIB - that gave Dangote the courage to move forward.

NNPC, and all its subsidiaries take orders from Tinubu.

Some of us refuse to be deceived.
https://punchng.com/wale-tinubu-hails-oandos-trinidad-refinery-lease-as-afro-caribbean-landmark/
^{Oando Nigeria’s subsidiary, Oando Trading, has been officially selected as the preferred bidder to lease the refinery assets of Guaracara Refining Company from Trinidad Petroleum Holdings Ltd.}

perfidious westerners >: :