Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers - Politics (2)

Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers - Politics (2) - Nairaland

Nairaland Forum › Nairaland General › Politics › Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers (11369 Views)

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Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by donself9: 7:04am On Feb 01

These is where we see the Marketers, they are always filled with joy to carry the news 1st ... Buh let int'l price drop they will start all kind of excuses,

Hopefully, Dangote in the mix wont let that happen

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by Ladoja19: 7:06am On Feb 01

It falls and rises just like our dear President

bentenny:
FG: The price of PMS will keep falling...

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by udeh3(m): 7:23am On Feb 01

My question is simple, especially for those who travels regularly to the middle east: As the international crude price increases, for Oil producing nation, does it affects them in terms of pump price increases?

I'll be waiting for response, cos in Iran, Libya, fuel is almost free!

1 Like

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by happney65: 7:26am On Feb 01

oshkoach:
Majority is Nigerians are happy to be oppressed.
They take whatever the government throw at them.
Our civil society organizations have become an arm of the government and too fragmented to challenge government policies.

Most of the so called civil societies are actually sponsored by the people in power now. When they leave government,they will find their voices

But for now,they can't talk.

Shey you get it?if you don't get it,forget about it..

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by ravensckar(m): 7:27am On Feb 01

miracle002:
I made a post about Dangote's ulterior motive during his face off with Farouk. You people ate me raw.

Dangote was reducing the price of Pms, fighting importation and competition just to gain monopoly.

Look at the little shege we are seeing

What would have happened if he had gained absolute monopoly.

Trust me, Nigerians are beyond being saved.

My own anger is how we do the same thing and expect a different result.

Imagine trusting Dangote who got into the cement business and made it unaffordable for the common man (despite sourcing the raw materials locally).

The day that guy will finally fend off his competitors, that's the day Nigerians will see "premium shege".

1 Like

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by esemes256: 7:28am On Feb 01

If crude oil price rises by 3 to 4%, shouldn't the price of petrol also rise by only 3 to 4%?
Why is petrol price rising by about 14% for a 3% rise in crude oil price?
Why are prices so easy to rise but slow to drop down?

2 Likes 1 Share

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by occfx: 7:32am On Feb 01

Islie:
https://punchng.com/petrol-to-hit-n1000-litre-as-crude-crosses-70-marketers/#google_vignette

Peter Obi go hear am... He will buy fuel at 1000 per liter

1 Like

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by femmy2010(m): 7:40am On Feb 01

Koko is the percentage increase in crude is aboit 3.5%. Which should be less than N35 increase in pump price. Marketers should stop the noise.

1 Like

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by FatimaAbubakar(f): 7:49am On Feb 01

nairalanda1:
Dangote still has to pay workers salaries that are globally competitive, he also has to pay for maintenance , upgrades and expansions of the refinery and he has to pay for crude at international prices

And the people that drill for crude can't charge cheaper than global price. It's expensive to drill for crude in Nigeria. So prices go up, from crude to petrol

Cheap propagandist. One thing I've observed about you is that you're fond of defending the corrupt and incompetent government of APC. Keep deceiving yourself. Na una go still suffer am. Tueh!

4 Likes 1 Share

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by jaxxy(m): 7:50am On Feb 01

Are we still importing?? undecided

nairalanda1:
Dangote still has to pay workers salaries that are globally competitive, he also has to pay for maintenance , upgrades and expansions of the refinery and he has to pay for crude at international prices

And the people that drill for crude can't charge cheaper than global price. It's expensive to drill for crude in Nigeria. So prices go up, from crude to petrol

That's not what increases international crude prices and its not affected by fluctuations in crude price. Those are fixed costs so its not a reason for our prices to go up or be so expensive.

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by bashylyfe: 7:51am On Feb 01

esemes256:
If crude oil price rises by 3 to 4%, shouldn't the price of petrol also rise by only 3 to 4%?
Why is petrol price rising by about 14% for a 3% rise in crude oil price?
Why are prices so easy to rise but slow to drop down?

Exactly my thought

2 Likes

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by Onyeisi01: 7:55am On Feb 01

The reforms has not yet take effect.....una go learn in a very hard way

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by uniqueboi1(m): 8:07am On Feb 01

He just wants to comment.
Don't mind the guy.

MrMcJay:
Did Dangote get cement customers?
Or sugar customers?

Dey play.
You gon learn.

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by Iamzik: 8:15am On Feb 01

nairalanda1:
Assuming government kept subsidy, it would have to increase the amount that it spends subsidizing fuel prices with every rise in crude oil price beyond what was originally budgeted for

That means that for the budget, money that could have gone for health, education, etc would be spent on subsidy and government would have to borrow more than it planned to fill the hole left in by subsidy cost going up.

That means growing debt which means bad news for the economy and the population.

At some point the debt would be so high that things would start getting difficult

But the debt is still growing despite the removal. Even the president is going abroad for medical treatment in the name of state visits.

How much was saved from subsidy removal and what was it used for?

If you take unbiased look at all the resultant hardship and inflation that followed this unplanned subsidy removal you will see that it is actually cheaper for government to pay the subsidy provided they plug all the leakages and inefficiency around subsidy payment. Many companies were making fake subsidy claims without importing fuel and that quadrupled the subsidy cost.

Subsidy in itself is not bad like APC tried to convince Nigerians. Every country have subsidy... education, healthcare, oil etc. Removing every form of subsidy and increasing taxes, floating dollar, hiking interest rates etc are very conflicting policies but let's keep defending it because we belong to APC

4 Likes 1 Share

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by Gotocourt: 8:31am On Feb 01

dfrost:
Okay, let me understand these marketers. Price of crude oil 🪔 increased or will increase, are we importing fuel?

What exactly are we importing to enable the increase in pump price? Are we not refining locally via Dangote's refinery?

The courting of Dangote by marketers is funny. Time shall tell.

That dreaded period where the heat will get to everyone is getting close. Not even those in Diaspora will escape the heat. Everyone should be doing why they are doing.

It's not matter of refining locally, cost of raw has increased and it will be passed to end-users🤷🏿.
It's a factor of production 🙌.

2 Likes

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by femi4: 8:33am On Feb 01

Smh...there was a country

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by NinjaMetahuman: 8:34am On Feb 01

nairalanda1:
Doesn't work that way

If the price of crude is increasing, then the price of petrol must increase. That's how it happens normally. It's only here in Nigeria that subsidy of five decades prevented us from seeing reality

Dangote is buying crude at international price. When he reduced prices, crude was at 54 or less per barrel. Now that it is at 70 , it follows prices have to go up. No three ways about it

the only sensible comment on the post.

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by GEJDHERO: 8:36am On Feb 01

Dangote looking at the marketers with bombastic EYES

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by NinjaMetahuman: 8:38am On Feb 01

anonimi:
Any idea why Tinubu and APC are borrowing more than PDP presidents borrowed, even though they have removed subsidy TWICE and saved trillions of Naira as well as billions of dollars from the resulting hike in petrol price

they are not borrowing to pay subsidy, they are borrowing to give you stuff like coastal highways, sokoto super high ways, etc.

Do you know why Jonathan failed despite have highest crude sale, depleting foreign reserve, and borrowing heavily to pay salary yet zero legacy infrastructure to his name?

If you have a clue to the answer, then you will know.

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by miracle002(m): 8:46am On Feb 01

ravensckar:
Trust me, Nigerians are beyond being saved.

My own anger is how we do the same thing and expect a different result.

Imagine trusting Dangote who got into the cement business and made it unaffordable for the common man (despite sourcing the raw materials locally).

The day that guy will finally fend off his competitors, that's the day Nigerians will see "premium shege".

That's the truth my brother. We like praising our oppresors and I don't know why. Look at cement just as you said although he is getting the raw materials locally.

I pray he doesn't fend of his competitors as he has trying hard to do, If not it will be hell on earth

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by Druss(m): 8:47am On Feb 01

jessicahanlo:
Lol. Nigeria is truly a cruise without seatbelt.

So crude crosses $70 and immediately it’s ₦1,000/litre here, but when crude was below $60, did fuel ever come down? Dangote refinery is here, subsidy is gone, competition was supposed to help… yet na we still dey carry am for head.

At this point, marketers don’t even wait for increase to happen again, na forecast pricing we’re doing. Salary no dey increase, transport don double, food don triple, but fuel must always adjust.

Honestly, how is the average Nigerian supposed to survive this? People are already cutting meals, now transport and everything else will skyrocket again. Government should just come out and tell us the truth: there’s no plan. Because this one no be global market issue alone, na pure local wahala.

God help Nigeria, because Nigerians are tired. 😔

In addition the exchange rate has improved.

1 Like

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by Druss(m): 8:49am On Feb 01

miracle002:
I made a post about Dangote's ulterior motive during his face off with Farouk. You people ate me raw.

Dangote was reducing the price of Pms, fighting importation and competition just to gain monopoly.

Look at the little shege we are seeing

What would have happened if he had gained absolute monopoly.

Me thinks your logic is confused. We need more local production of petrol and less importation. Is Dangote importing fuel? Weren't contracts agreed a while ago for the fuel that is being delivered now?

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by Harrisonwo(m): 8:49am On Feb 01

I'm more interested in seeing if T-pain will still borrow to fund the 2026 budget.
Benchmark was approximately $65/b, if it crosses $70/b then we should have surplus and a boost in foreign reserves since they don't pay petrol subsidy

1 Like 1 Share

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by emmaitive(m): 8:55am On Feb 01

nairalanda1:
Assuming government kept subsidy, it would have to increase the amount that it spends subsidizing fuel prices with every rise in crude oil price beyond what was originally budgeted for

That means that for the budget, money that could have gone for health, education, etc would be spent on subsidy and government would have to borrow more than it planned to fill the hole left in by subsidy cost going up.

That means growing debt which means bad news for the economy and the population.

At some point the debt would be so high that things would start getting difficult

you are typically agbado or apc evil cult party called apc.

4 Likes 1 Share

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by Omalicious1: 8:56am On Feb 01

Islie:
https://punchng.com/petrol-to-hit-n1000-litre-as-crude-crosses-70-marketers/#google_vignette

Why is it that happenings around the world always affect Nigeria negatively? I'm asking this because I'm still yet to see an instance where it has affected Nigeria positively. Well, a increase in the price of petrol will always signal an increase in the prices of everything

1 Like

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by miracle002(m): 9:06am On Feb 01

Druss:
Me thinks your logic is confused. We need more local production of petrol and less importation. Is Dangote importing fuel? Weren't contracts agreed a while ago for the fuel that is being delivered now?

Dangote is getting the crude oil for his industry locally and at subdizised rate. So why is he increasing the price of petroleum just shortly after reducing it

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by PUNANI01: 9:09am On Feb 01

chatinent:
"Leave the body, focus on the brain."

Body we no see.
Brain we no see.

Everything don scatter for turkiye

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by Bimpe29(m): 9:25am On Feb 01

Allah is our provider, we shall never lack.

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by Tooreda: 9:27am On Feb 01

nairalanda1:
Assuming government kept subsidy, it would have to increase the amount that it spends subsidizing fuel prices with every rise in crude oil price beyond what was originally budgeted for

That means that for the budget, money that could have gone for health, education, etc would be spent on subsidy and government would have to borrow more than it planned to fill the hole left in by subsidy cost going up.

That means growing debt which means bad news for the economy and the population.

At some point the debt would be so high that things would start getting difficult

The irony of this is that you may be living below the poverty line.

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by ufotunang: 9:32am On Feb 01

These are the results of voting incompetent people into power..if the naira had appreciated and have value against the dollars the price of fuel will be cheap..like if the exchange rate is at 500 naira to a dollars the price of fuel will had been at least 250 naira to a litre even if the crude oil price is at 70 dollars per barrel

Re: Petrol To Hit ₦1,000/litre As Crude Crosses $70 — Marketers by lawani(m): 9:55am On Feb 01

You can't expect a fixed price in a deregulated market but the naira that is appreciating will help

2 Likes

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