₦airaland Forum

The Nigerian National Petroleum Company (NNPC) Limited has increased petrol price at its retail outlets to N933 per litre in Lagos and N960 per litre in Abuja.

The national oil company increased the product’s price by N103 from N830 in Lagos, and by N85 from N875 per litre in Abuja.

TheCable observed on Wednesday that the NNPC increased the price at its retail outlets in Apple Junction and along Ago Palace Way in Lagos.

In Abuja, the product was also sold at a new rate of N960 per litre at NNPC retail stations along Airport Road in Lugbe.

On March 2, the Dangote Petroleum Refinery increased its ex-gantry petrol price to N874 per litre, from N774 per litre.

The pump price hike comes amid the ongoing geopolitical tensions in the Middle East, which have triggered significant shifts in global crude oil prices.

On March 3, Brent crude rose to $85 per barrel — from $72 on February 28.

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETRAON) had asked the federal government to ensure a steady crude oil supply to local refineries to reduce the impact of global disruptions on Nigeria’s petroleum market.

The association warned that if the crisis persists, its effects will go beyond pump prices, impacting foreign exchange (FX) stability, domestic fuel pricing, and overall inflation.

Islie:
https://www.thecable.ng/nnpc-hikes-petrol-pump-price-to-n933-in-lagos-n960-in-abuja/

Islie:
https://www.thecable.ng/nnpc-hikes-petrol-pump-price-to-n933-in-lagos-n960-in-abuja/

anonimi:
Petrol should never cost more than N70 per litre, says APC

January 19, 2015

The All Progressives Congress (APC) has described as mere tokenism the reduction of petrol price from N97 to N87 per litre, saying the petroleum product ordinarily should sell for N70.

On Sunday, the federal government announced the reduction of petrol price, citing the fall of global crude oil price.

But the APC through Lai Mohammed, its spokesman, on Monday accused the government of making a show out of deceit, saying “a 10.3 per cent slash in the price of petrol was a mere tokenism at a time the price of crude oil has crashed by about 60 per cent”.

It argued that the pump price of a litre of petrol should not be more than 70 Naira, alleging that at N87 per litre, the government was forcing Nigerians to subsidise the massive corruption in the oil sector by N17 for every litre of fuel.

https://www.thecable.ng/petrol-never-cost-n70-per-litre-says-apc/

erai30:
Nigeria is working,this is the set of clueless criminals working for Nigeria and some paid comedian will come to tell us that Nigeria is better than 10 years ago. Stupid clowns everywhere.

TrainPark:
It is not NNPC or Tinubu.

It is the Epstien regime of the dumb Donald Trump.

Oil is a global product whose prices are determined by world events.

The murderous, blood thirsty, pedophilic juice started an imperialist war that is now messing up people's lives.

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.

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.

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



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

omolola12345:
The so called Nigerians are the problems of themselves. Mr President supposed to use iron hand to handle sector like this but the question is how clean is Mr Presidents hand. Because he supposed to ensure the price is regulated at all cost. We don't know the reason for this sudden hike in price of petrol and gas. Even when Iran and Israel war has not started the price is going up.

owobokiri:
Why should Nigerians allow Dangote, the federal government and the compromised media houses to fool them nonstop on fuel pricing?

nairalanda1:
So, basically, you are arguing that NNPC should sell fuel way below its prodiction cost so that you can be happy....while it loses so much money as a result?

Business have to be run at a profit so that they can pay taxes, pay staff salaries (remember NNPC Is no longer wholly funded by government, and government is even taking away its money making powers self)...pay for transport costs and so forth.

A business selling at a profit is hardly signs of NIgeria failing.

Remember...the USSR used to subsidise everything including fuel and food. By 1985, there were queues for everything, and scarcity everywhere. That's the end result of subdising fuel.

Nigeria used to subsidsze food...recall ESSENCO...until the government ran out of money due to oil price collapses...by the end, there were queues for milk and sugar and even bread. Until the thing was ended in 1985.

anonimi:
How Indorama sustains manufacturers, boosts Nigeria’s FX earnings

Indorama Eleme Petrochemicals Limited (IEPL) has emerged as a major value creator in the Nigerian economy. It is responsible for the survival, growth and sustenance of many manufacturing companies in Nigeria today. A large number of plastic and allied firms depend on the Eleme-based company for petrochemical resins (or polymer resins) which serve as their raw materials.

The petrochemical company is just one of the several subsidiaries of Indorama-Nigeria Group, which also comprises Indorama Eleme Fertilizer & Chemicals Limited (IEFCL), Indorama PET Nigeria Limited, and Indorama Port Operations.

Since Indorama Corporation of Indonesia became core investor in the old Eleme Petrochemicals Company Limited (EPCL) in 2006 through privatisation programme of the Federal Government, the group has become a game changer in the Nigerian economy.

The petrochemical company has solved the major challenge facing a number of manufacturers— poor access to raw materials. Rather than scramble for foreign exchange to import inputs, the company ensures that manufacturers have access to their critical raw materials, enabling them to save costs and improve margins.

The major resins used by plastic and allied companies are polyethylene and polypropylene. Indorama produces about 45 grades of these products for various industries. About 600 of such companies in Nigeria depend on IEPL for their survival. They are estimated to have over 90,000 workers.

https://businessday.ng/real-sector/article/how-indorama-sustains-manufacturers-boosts-nigerias-fx-earnings/

nairalanda1:
Why should you suggest that government should set prices of every business person?

You know what happened when government was setting prices of petrol...there was scarcity galore, and we lost four refineries...because the sector was not making enough money to keep things running well. Plus we lost billions of government money to smugglers.

owobokiri:
Getaway you..
Happy serfs..

You want to make the argument that government involvement in business is wrong when the very government you are trying to defend with that warped narrative is busy awarding all construction contracts to some very successful government businesses from China!
How about that?

No economy will grow if the pricing for the most essential commodities are left to unpredictable vvagaries of undefined "free trade". You are just so full of it, abi too empty for this..

You surrendered the cement, floor and grain businesses to this guy and he has been setting the prices so high Nigerians are dying slowly while he laughs to the bank.

You guys are now trying to bring him into the petroleum business with all that weird talk about how private businesses flourish. Why is it that when private businesses fail you keep mute?

Is ECONET not a private business? It crumbled. Why don't use it as an example to ban.private ownership of companies?

Look at the power sector after privatisation. Its booming, abi? Why don't use the failures at PHCN and the many collapsed private banks and insurance companies as a reason to argeu against privatisation too??

owobokiri:
Getaway you..
Happy serfs..

You want to make the argument that government involvement in business is wrong when the very government you are trying to defend with that warped narrative is busy awarding all construction contracts to some very successful government businesses from China!
How about that?

No economy will grow if the pricing for the most essential commodities are left to unpredictable vvagaries of undefined "free trade". You are just so full of it, abi too empty for this..

You surrendered the cement, floor and grain businesses to this guy and he has been setting the prices so high Nigerians are dying slowly while he laughs to the bank.
You guys are now trying to bring him into the petroleum business with all that weird talk about how private businesses flourish. Why is it that when private businesses fail you keep mute?

Is ECONET not a private business? It crumbled. Why don't ypu use that as an example to ban private ownership of companies? Look at the power sector after privatisation. Its booming, abi? Why don't use the failures at PHCN and the many collapsed private banks and insurance companies as good reasons to argeu against privatisation too??

anonimi:
Neo-black Problem: Must Blacks Be Ruled by Whites in Order to Prosper?

In short, the neo-black dilemma may be framed as follows: is it better to live under white rule without political dignity but with basic life-sustaining standards for many;

or to live under black rule with illusory political dignity and without basic life- sustaining standards for the majority?
@
@
The path forward for Africa lies in cultivating higher and adequate levels of personal and communal agential integrity as well as full personal responsibility and productivity. Not to mention creativity (including epistemic creativity), productive justice (such as merit and freedom), harmony and reconciliation at local and international levels, and a proper domestication of capitalism and other related values and institutions.

Africa must stop wasting her time on dreams of socialism because it is a system of wealth distribution primarily. Whereas, capitalism is a system of wealth creation primarily, and wealth has to be produced before it can be distributed.

https://www.thisdaylive.com/index.php/2024/10/12/neo-black-problem-must-blacks-be-ruled-by-whites-in-order-to-prosper/

Bluntemperor:
For an Organization that ought to lift up the Masses burden but rather,are adding to the burden,so what do you expect?
NNPC should be dismanted.

•They should learn From Saudi Arabia ARAMCO - how they are doing it there!
Honestly,Most of the Past Executives of this Organization back to when it was Created - Should be behind the Bar 🍻- for failure to deliver the Very Refineries they pledged to Work but till today - the 4- Nigeria Refineries Are glorified Corrupt entities!
• If DANGOTE REFINERY HAS NOT BEEN ESTABLISHED - WE( NIGERIANS WOULD HAVE BEEN MADE TO BELIEVES THAT NNPC,DISCOS,etc- is not Possible.
Thank God for Dangote and his Crew- by breaking the ginx .
Now we can see that most of these Institutions - are Established to take More from the Masses than in Adding Values to us.
Too bad and terrible 😞.
Just FACTS AND TRUTH!

nairalanda1:
Yep, to be expected, higher crude oil price = higher fuel prices.

NNPC Has to adjust otherwise they would collapse financially.

It's kind of crazy that supporting the right of a business to set its prices means you support trinunu. Did my supporting the same right in 2011 make me a GEJ supporter?

Obviouslyblunt:
for a country that produces crude oil?

anonimi:
Are you working for Atiku to be president so he can dismantle NNPC as he promised and as he did to its petrochemicals division in 2006

Anndju:
SEUN YOU REALLY NEED TO CREATE DISLIKE BUTTON. NIGERIA REFINES OIL BY THEMSELVES FOR CHRIST SAKE!

anonimi:
Was city boy ignorant of all these details when he promised to crash petrol price in January 2023?

Is this what he told you personally?

Is the Chicago druggiee not the dumbo here, along with his dogmatic justifiers

erai30:
Nigeria is working,this is the set of clueless criminals working for Nigeria and some paid comedian will come to tell us that Nigeria is better than 10 years ago. Stupid clowns everywhere.

Anndju:
SEUN YOU REALLY NEED TO CREATE DISLIKE BUTTON. NIGERIA REFINES OIL BY THEMSELVES FOR CHRIST SAKE!

owobokiri:
Getaway you..
Happy serfs..

You want to make the argument that government involvement in business is wrong when the very government you are trying to defend with that warped narrative is busy awarding all construction contracts to some very successful government businesses from China!
How about that?


No economy will grow if the pricing for the most essential commodities are left to unpredictable vvagaries of undefined "free trade". You are just so full of it, abi too empty for this..

You surrendered the cement, floor and grain businesses to this guy and he has been setting the prices so high Nigerians are dying slowly while he laughs to the bank.
You guys are now trying to bring him into the petroleum business with all that weird talk about how private businesses flourish. Why is it that when private businesses fail you keep mute?

Is ECONET not a private business? It crumbled. Why don't ypu use that as an example to ban private ownership of companies? Look at the power sector after privatisation. Its booming, abi? Why don't use the failures at PHCN and the many collapsed private banks and insurance companies as good reasons to argeu against privatisation too??