₦airaland Forum

https://www.youtube.com/watch?v=1z84_x5okxQ?si=b67n8jr5oAlTkCiP

Another snippet

https://www.youtube.com/watch?v=7Xw3pQ3pzbA?si=vYKmOglpibMssQoo

The (PAACA) has urged the Federal Government to delay the planned introduction of a 15 per cent import tariff on petrol and diesel, warning that the move could trigger a sharp rise in pump prices and worsen the current economic hardship.

The organisation said the policy should not be implemented until domestic refining capacity reaches at least 80 per cent of national demand.

Speaking at a press conference in Abuja, Executive Director of PAACA, Ezenwa Nwagwu, said data shows that domestic refining is not yet sufficient to meet national demand, and forcing importers out of the market would lead to scarcity and higher prices.
According to him, imported petrol currently lands at about N802 per litre, while locally refined products land at N929.72 per litre.

He said adding a 15 per cent tariff would further increase costs, pushing the pump price up by between N140 and N165 per litre across the country.
He noted that the Dangote Refinery, which the policy appears set to favour, currently supplies about 40 per cent of national demand and still imports components for its own blending, making the case for import restriction premature.

Nwagwu also warned that depending on one major supplier could give that company control over pricing and distribution, while sidelining independent depot owners and marketers who have invested heavily in infrastructure. He urged the government to suspend the proposed tariff until domestic refining capacity reaches at least 80 per cent of national needs.

He said, “Our call today is straightforward. The Federal Government must suspend or reject the proposed tariff, expose and correct its economic, social, and ethical flaws, and educate the public on the dangers of monopolies in vital sectors like fuel, cement, and food. Above all, it must promote transparency and fair competition to protect consumers, workers, and small businesses across the country.

“The facts are clear. The Dangote Refinery currently meets only about 40 percent of national fuel demand. Restricting imports now will not stabilize supply; it will create scarcity. Imported petrol today lands at roughly N802 per litre, while the locally refined product from Dangote lands at N929.72 per litre.

“Adding a 15 percent tariff will only make things worse, increasing pump prices by between N140 and N165 per litre and driving up the cost of transportation, food, and essential goods.”

Nwagwu called for transparency in refinery supply agreements and monthly publication of refinery output, import volumes, and landing costs by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

The organisation further recommended establishing a downstream competition framework under the Petroleum Industry Act and an energy market monitoring unit under the Federal Competition and Consumer Protection Commission to prevent cartel formation.

Nwagwu said true energy security requires multiple suppliers, not protection of a single player, adding that government policies must prioritise citizens’ welfare.

integrity16:
That 15% has come to stay whether they like it or not.

BUA refinery is coming up soon. It may seem that the government is protecting dangote, well that's the benefit of being the first to take the initiative to exploit business opportunities in the downstream sector of the petroleum industry

Committing such humongous outlay of $20billion to build a refinery of that size is no joke, and to see him fight off so many cabal in that industry to a stand still? That's very admirable. MTN enjoyed it in the Telecom industry. Let dangote enjoy!

Dangote Refinery is not the only refinery operating in the country, there is Walter Smith refinery, and one other refinery, I can't remember the name now. So to say the 15% is protecting a single refinery is wrong.

Wow! Congratulations to me for making first to comment after all these years.

DMCY:
I wonder why there’s no mercy for the masses…
When will the succor come gangan?

Jorussia:
I think the president need to ban the importation of petroleum products.

thomas2024:
A government bent on taxing the citizens to death with no substantial achievement to show except for propaganda, and window-dressing packaged achievement, lol

HighQue007:
The problem with Nigeria is that the people do not know when the government is on there side. So easily the anti people blackmail the government and the uninformed people queue at their back. Bola Tinubu Amoda Ogunlere no send una papa. He will do what he wants regardless. That’s the kind of iron balls the country needed since 1999..

fatosky1:
The government is just trying to make Dangote the sole supplier of petrol and diesel. A monopoly market where producer dictate and manipulate pricing for maximum profit.

Whereas his production or output is yet to meet local demand according to the statistics. The gap of 60% is being met through importation. With introduction of 15% import duty. Importers will be discouraged because they can't compete on price otherwise their selling price will be higher. Why is this government hell bent on making live miserable for the citizens.

The 4 government refineries is producing nothing despite millions of dollars sunk into turn around maintenance annually for the past years.

fatosky1:
The government is just trying to make Dangote the sole supplier of petrol and diesel. A monopoly market where producer dictate and manipulate pricing for maximum profit.

Whereas his production or output is yet to meet local demand according to the statistics. The gap of 60% is being met through importation. With introduction of 15% import duty. Importers will be discouraged because they can't compete on price otherwise their selling price will be higher. Why is this government hell bent on making live miserable for the citizens.
The 4 government refineries is producing nothing despite millions of dollars sunk into turn around maintenance annually for the past years.

Cromagnon:
how does a tax protect you Abi they are just looting to buy private jet

koxyz:
Anyone that advised government to implement imports tarrif on petroleum products at this moment must be a wicked person.

Qtsnow:
https://tribuneonlineng.com/15-fuel-import-tariff-will-trigger-scarcity-price-hike-cso-warns-fg/

ponziponzi:
If Dangote is unable to meet local demand, why is he exporting products abroad?

Equating a local refinery with another from India, Russia or Malta will be the height of policy recklessness and stupidity. They don’t have the same value on the Nigerian economy and shouldn’t be put on the same footing.

Most beweries exist in Nigeria because of 20% tariff on imported products.

thomas2024:
A government bent on taxing the citizens to death with no substantial achievement to show except for propaganda, and window-dressing packaged achievement, lol

JuanDeDios:
I'd take this sort of risk with beer, not PMS. By removing susbidies, Nigerians have suffered enough. To then add a 15% increase (that's what is, since it allows Dangote to increase prices by 15% without any fear of competition) is unconscionable.

Arutan:
Dangote is dropping price and will continue week in week out. You put high tariffs on imports to protect your national interests not to hurt the people. Let’s be smart to see the good in some actions of government.

Arutan:
It seems you don’t really understand that the tariff is in favor of the people, in favor of Nigeria and really pissed off Trump and co. It was a master stroke of a tariff that seeks to save us from the oil cabals etc. Most of them are already winding up their various refineries outside Nigeria with this 15% imposition. It has no negative effect on the people. Those guys with this press conference are fronts for those that has been milking us. Most refined product importers are already declaring losses as there are no subsidy, no incentives nor petroleum equalization fund. Corruption is approaching zero in the petroleum sector. All tank farms are virtually empty. No more pressure on our foreign reserves. The benefit is very huge.

integrity16:
This question you are asking is unnecessary really because its a very simple.

Firstly, If you are into refinery busines in this country, that 15% protects you from foreign competition.

Secondly, it preserves our scarce forex, and then attract other players into that industry leading to more jobs for Nigerians and then just imagine that BUA comes on stream and then adopt cost reduction strategy to overcome barriers to entry into that industry, competition would set in and thus prices of petroleum products will come down for nigerians to buy cheap.

Cromagnon:

Are you a refinery operator?
I said you not dangote


no it s doesn't. Cos we pay more in taxes

JuanDeDios:
I'd take this sort of risk with beer, not PMS. By removing susbidies, Nigerians have suffered enough. To then add a 15% increase (that's what is, since it allows Dangote to increase prices by 15% without any fear of competition) is unconscionable.

integrity16:
Allowing importation of substandard petroleum products into this country wont do us any good in the long run. You are export jobs to other refining countries by doing so. Yes you might enjoy it now by way of cheap fuel but it would hurt our economy, deplete foreign reserves. Lets be patient, by the time BUA refinery comes on stream, the $50Biillon refinery that is about to be constructed in Ondo comes on stream, our economy will be good for it.