₦airaland Forum

ceejay80s:
We have refinery and we have the crude oil
, so wetin concern Iran abeg?

Now tell me that USA fuel price in America has increased too because of the war or tell me weda Iraq that has crude oil too price has increased in their country

Me sef dey wonder for my corner o.

Moreover, the windfall of the oil price increase should be used to make petrol cheap locally, first and foremost before we allow the president to buy more luxury for himself while dashing us palliative bread instead of jobs promised.

chisomkachy:
Nigerian President Bola Tinubu’s first supplementary budget includes a fleet of SUVs for himself and his wife, a presidential yacht and the renovation of his villa amid a cost-of-living crisis for some of the poorest people in the world.

The proposal — which seeks additional funding beyond the annual budget approved by Tinubu’s predecessor — comes as the government asks Nigerians to persevere through pain caused in part by a raft of economic reforms ushered in by the new president. Africa’s most populous country faces rampant unemployment, soaring food prices and a plummeting currency.

Federal lawmakers approved the president’s request for extra spending on Thursday, but eliminated the provision of 5 billion naira ($6.01 million) to buy a presidential yacht. Instead, they doubled the allocation to a student loan fund to 10 billion naira, according Abubakar Bichi, chairman of an appropriations committee in the House of Representatives.

The lawmakers approved 1.5 billion-naira proposed to purchase SUVs for the office of First Lady Oluremi Tinubu — an amount larger than that allocated to many individual federal colleges. The supplementary budget also proposes almost 6 billion naira to purchase SUVs for the presidency — more than the amount initially allocated to fund a student loan program for poor families.


https://www.bloomberg.com/news/articles/2023-11-02/nigeria-budgets-for-suvs-and-yachts-amid-economic-hardship

anonymous1759:
Supporters of Trump will still blam BAT for their over grown baby.

Please would you be willing and able to explain how supporters of Trump are responsible for ebilokan’s failure to deliver on his promise of crashing petrol price below the level in January 2023?

El Rufai is right in saying that ebilokan is the worst disaster of a president, which ebilokan himself unfortunately confirms even as he mocks us and brags about his ability to buy politicians’ loyalty with money stolen from subsidy savings and increased tax burden on the poor.

Deltafirstson:
Although the pump price of fuel was N197 when President Bola Tinubu took over on May 29, 2023, the product now sells for N617 per litre – less than two months after.

In his inaugural address, Tinubu announced that subsidy was gone, fulfilling a promise that all leading presidential candidates made during the campaign.

However, pump price of fuel hit N537 per litre days after Tinubu ended subsidy.

On Tuesday, the price climbed further to N617, a development that the Nigerian National Petroleum Corporation Limited (NNPCL) attributed to “market forces”.

Nigerians have been lamenting the hardship occasioned by fuel price hike. Amid the lamentation, a video where Tinubu campaigned to slash the price of fuel went into circulation.

Checks by Daily Trust affirmed the authenticity of the video uploaded on the YouTube page of Channels Television.

At his campaign rally in Abeokuta, Ogun State capital, on January 25, 2023, Tinubu spoke on a number of issues, but those of fuel scarcity and naira redesign made the headlines.

However, Tinubu who spoke in Yoruba language, also assured the crowd that though people were saying petrol price would hit N200, it would be reviewed downward under him.

“The great Nigerian youths, the great Nigerian students, the confident Nigerian youths. This is a revolution. This election is a revolution. They are plotting, but they will fail. They said fuel price will increase and reach N200 per litre. Go and relax, we will bring it down,” he had said in the 7th minute of the video.

King Wasiu Ayinde Marshall, a Fuji musician who performed at the rally, interrupted the president’s speech with chants as the crowd cheered.

On the campaign podium with the president were Vice-President Kashim Shettima; Pa Bisi Akande, interim National Chairman of the APC; Femi Gbajabiamila, Chief of Staff to the President; Senator Gbenga Daniel; among other bigwigs of the ruling party.

Tinubu went further to say Nigerians would defy the acute fuel scarcity at the time and trek to cast their votes.

“The great Nigerian youths, the great Nigerian students, the confident Nigerian youths. This is a revolution. This election is a revolution. They are plotting, but they will fail. They said fuel price will increase and reach N200/N500 per litre. Go and relax, we will crash the prices,” he had said.

https://dailytrust.com/breaking-video-of-tinubu-campaigning-to-crash-fuel-

he had said in the 7th minute of the video.



https://www.youtube.com/watch?v=4JH8CC_JdUA

ThothHermes:
I thought that the crude oil was now being refined in Nigeria by Dangote. Why is a foreign war affecting prices in Nigeria

The crude is priced at international rate. So all over the world the price will increase even in producing countries except those subsiding.

The only benefit is that without local refining importers and marketers would have started hoarding and there would have been scarcity. This is gone in Nigeria.

So many wicked people in Nigeria trying to exploit the masses.
Thank God ,there is a cease fire!
The war has been suspended.

Let us see how your planned long term exploitation will work.
Economic criminal gangs everywhere!

Are we importing crude? No. So why is d international price come take concern us.


It is not 2 our advantage dat we have oil. Why do we need 2 sell to refiners here @ international rate?.

If gonmet is serious, dey should 4 d people sell crude oil to local refinery @ a lower rate , lower dam d international price. Dat way we can den have lower fuel price, and not war going on between Thieves like NNPCL and GOD bless DANGOTE

Sirleo05:
Are we importing crude? No. So why is d international price come take concern us.


It is not 2 our advantage dat we have oil. Why do we need 2 sell to refiners here @ international rate?.

If gonmet is serious, dey should 4 d people sell crude oil to local refinery @ a lower rate , lower dam d international price. Dat way we can den have lower fuel price, and not war going on between Thieves like NNPCL and GOD bless DANGOTE

Even though Dangote Refinery has been refining crude oil here in Nigeria, we’re not yet out of the woods when it comes to fuel prices. The refinery is still ramping up and hasn’t fully met the country’s demand for petrol and other products. That means we still rely partly on imported refined fuel.

Also, crude oil prices are set on the global market. So when there’s a conflict or disruption elsewhere in the world, like a war,it can push up prices everywhere, including Nigeria.

To make matters worse, we still trade heavily in dollars, and with the naira being weak, it makes everything, from importing fuel to running refineries,more expensive.

Until we’re able to meet our fuel needs locally and stabilize our currency, global events will continue to affect what we pay at the pump, no matter where the refinery is located.

Vision101:
The crude is priced at international rate. So all over the world the price will increase even in producing countries except those subsiding.

The only benefit is that without local refining importers and marketers would have started hoarding and there would have been scarcity. This is gone in Nigeria.

Price is dropping again and we're going to see drop in fuel prices if they won't cheat us

Make the price 2K per litre, make everybody rest.

One more character.

Bad things happen in d world, Nigeria must involved





Good things happen in d world, Nigeria not Involved

ManirBK:
https://dailytrust.com/iran-israel-war-petrol-nears-n1000-l-in-nigeria-marketers-predict-further-hike/

Are we still importing fuel? What happened to our crude oil?

ManirBK:
https://dailytrust.com/iran-israel-war-petrol-nears-n1000-l-in-nigeria-marketers-predict-further-hike/

If not that Nigeria govt are not the type of govt who want the best for their country and citizens to enjoy cheaper fuel Dangote refinery and owning our own functional refineries around Nigeria then oil marketers will not see a war happening in another country and use this to deter the price of fuel in Nigeria this monopoly has to stop we have oil we should refine it to a finish products so that our own citizens can buy at cheaper price that’s the only thing the masses are enjoying from PDP govt back then they subsidize a lots of things being that Nigerians are not directly getting benefits from govt APC and Tinubu came and remove all

ManirBK:
https://dailytrust.com/iran-israel-war-petrol-nears-n1000-l-in-nigeria-marketers-predict-further-hike/

Foolish Nigeria. Is Iran supplying us oil?

I dey always tell people say we too wicked for this country why we go dey inconvenient ourself because of what is happening the middle east. How e take affect us.

Shey na so Iran dey do to their own people when oil price dey do press up for international market?

Wicked nation, wicked people!

This the music they like to hear, Dangote included, unlimited increases to the high heavens, the so called hormuz strait is not the only means of transporting crude outside the region, it controls a paltry 20% of supply, there are alternative routes like the east-west pipeline( Petroline) which transverses Saudi Arabia to the Persian gulf to Port Yanbu via red sea .
Cables are buried under the sea but pipes lines are not , wonder who said everything must be shipped. The egg heads didnt consider alternative routes in their shipping business.

ManirBK:
https://dailytrust.com/iran-israel-war-petrol-nears-n1000-l-in-nigeria-marketers-predict-further-hike/

Make them just calm down, they are always fast to increase but won't be fast to reduce when the price goes down. Between Sunday night and Monday night crude oil price has even gone down back below what it was before the war started

I still don't understand how the fight between Israel and Iran affects the price of fuel here. If the war caused an increase in a barrel in the global market, is it supposed to increase the price of fuel here when our major distributor of fuel is Dangote, and he refines here in Nigeria or am i the one missing out on a vital information? He gets crude from Nigeria, he doesn't import it, he distributes directly from his refinery after refining; so i don't get why the war should affect fuel price when we are not involved in the war.

ufotunang:
.. dangote imports crude oil at international oil price which has increased to 79 dollars a barrel due to Iran Israel war.... dangote is not getting sufficient crude oil from NNPC.. Nigeria is using it's crude oil in exchange of payment of debts ,loans they collected

So they cannot use the subsidy that removed for settling debts?

ThothHermes:
So they cannot use the subsidy that removed for settling debts?

. abi..they have not told Nigerians what they are using the funds from.the removal of fuel subsidy to do..so this is Nigeria for you.. corruption everywhere in the government sector

ManirBK:
Filling stations across the country have adjusted the pump price of premium motor spirit (PMS), otherwise known as petrol, with a litre sold at almost N1,000 across the country, Daily Trust can report.

This followed the recent increase in the price of crude oil on the global market, triggered by the escalating Israel-Iran hostilities, with marketing advising Nigerians to brace up for further increases unless there is a de-escalation of the current tension.

Daily Trust reports that since the conflict started, there has been severe damage to critical oil infrastructure, triggering a sharp spike in global oil prices.

Spike in crude prices

As soon as the conflict started, Brent crude increased by 11.71% from $66.45 penultimate Monday to $74.23 after hitting an intraday high of $78.50, the highest since January 27.

Also over the penultimate weekend, U.S. West Texas Intermediate crude finished at $72.98 a barrel, up $4.94, or 7.62%.

Similarly, WTI jumped over 14% to its highest since January 21 at $77.62. WTI climbed 13% to its level a week ago.

Israel and Iranian hostilities have worsened volatilities in the oil and gas sector as investors are on the edge of price instability amidst fear of escalating Middle East conflict.

As of yesterday (Sunday), crude prices have rallied above $77 per barrel, slipping from $79 over the weekend. There are fears of further increases following US President Donald Trump’s decision to strike three nuclear facilities in Iran, even as Iran has vowed retaliation.

Fear of further spike as Iran vows retaliation

Analysts say retaliation from Iran may increase crude prices further.

As the third-largest oil producer in the world, Iran accounts for over 24 percent of the oil in the Middle East and over 10 percent of the global oil.

In a worst case scenario, JP Morgan said it sees oil averaging $60 in 2026, but flagged $120–$130 per barrel as a potential range in the event of worst-case outcomes—namely, military conflict and a closure of the Strait of Hormuz, through which one-fifth of global oil flows.

JP Morgan noted that while such escalations could lead to meaningful supply disruption, particularly if Iran’s 2.1 million bpd of exports are cut off, its base case still assumes diplomacy holds.

While increasing prices of crude means more foreign exchange inflows for Nigeria, its flip side is the rise in the price of PMS at the domestic market, with analysts and marketers warning that Nigerians should brace up for more.

Speaking on the rising oil prices, Chief Executive Officer, Centre for the Promotion of Private Enterprises (CPPE), Dr. Muda Yusuf explained that while the surge in crude oil price would impact on foreign exchange earnings, oil being the biggest forex earner for the country, “Economies around the world [Nigeria inclusive] would witness a surge in the price of petrol, diesel, jet fuel, gas and related products in the near term. This would have far reaching implications for many economies and businesses.”

He said, “This would even be more impactful if output performance improves. Crude oil price has surged to $75 per barrel, which is about 15% higher than before the outbreak of the Israeli–Iran conflict.

“This development would also positively impact the country’s foreign reserves, ensure better forex liquidity and ultimately the stability of the naira exchange rate.”

Dangote adjusts ex-depot price

Dangote Refinery and Petrochemical Limited, Nigeria’s foremost petroleum refiner, last week adjusted its gantry price to N880 per litre, representing a N55 increase from the previous rate of N825 per litre.

This has raised fears of a fresh price hike by petroleum marketers who have upwardly adjusted pump prices across the country.

For instance, Dangote-affiliated filling stations in Lagos, like MRS, increased their pump price from N885 to N925. Also, AP filling station sells at N910 per litre.

Other filling stations in the state were still displaying old prices despite the increase in the price of fuel.

Daily Trust findings showed that some of them displayed N870 and N875 but were selling at N910 and N925.

Daily Trust observed that motorists were lured by the low prices displayed on the board, but expressed surprise at the point of sale.

“I thought it was N830 that was why I drove in. I didn’t know it was a different price at the point of sale,” a motorist said.

Also, a commercial driver, Aluko Taiwo expressed displeasure over the unstable price of fuel, saying the fluctuating price of fuel does not guarantee a fixed price for transporters.

Taiwo who plies Ogba to Ojota added that the recent increase in fuel prices had caused an increase of transport fare from N300 to N400, saying it is sparking dissatisfaction from the commuters.

“We don’t understand the fluctuation of the fuel prices over and over. It is affecting our business. We have increased fare from N300 to N400 and a lot of passengers are complaining. We know what we are facing,” he said.
https://dailytrust.com/iran-israel-war-petrol-nears-n1000-l-in-nigeria-marketers-predict-further-hike/

This followed the recent increase in the price of crude oil on the global market, triggered by the escalating Israel-Iran hostilities, with marketing advising Nigerians to brace up for further increases unless there is a de-escalation of the current tension.

Daily Trust reports that since the conflict started, there has been severe damage to critical oil infrastructure, triggering a sharp spike in global oil prices.

Spike in crude prices

As soon as the conflict started, Brent crude increased by 11.71% from $66.45 penultimate Monday to $74.23 after hitting an intraday high of $78.50, the highest since January 27.

Also over the penultimate weekend, U.S. West Texas Intermediate crude finished at $72.98 a barrel, up $4.94, or 7.62%.

Similarly, WTI jumped over 14% to its highest since January 21 at $77.62. WTI climbed 13% to its level a week ago.

Israel and Iranian hostilities have worsened volatilities in the oil and gas sector as investors are on the edge of price instability amidst fear of escalating Middle East conflict.

As of yesterday (Sunday), crude prices have rallied above $77 per barrel, slipping from $79 over the weekend. There are fears of further increases following US President Donald Trump’s decision to strike three nuclear facilities in Iran, even as Iran has vowed retaliation.

Fear of further spike as Iran vows retaliation

Analysts say retaliation from Iran may increase crude prices further.

As the third-largest oil producer in the world, Iran accounts for over 24 percent of the oil in the Middle East and over 10 percent of the global oil.

In a worst case scenario, JP Morgan said it sees oil averaging $60 in 2026, but flagged $120–$130 per barrel as a potential range in the event of worst-case outcomes—namely, military conflict and a closure of the Strait of Hormuz, through which one-fifth of global oil flows.

JP Morgan noted that while such escalations could lead to meaningful supply disruption, particularly if Iran’s 2.1 million bpd of exports are cut off, its base case still assumes diplomacy holds.

While increasing prices of crude means more foreign exchange inflows for Nigeria, its flip side is the rise in the price of PMS at the domestic market, with analysts and marketers warning that Nigerians should brace up for more.