₦airaland Forum

Let it reach N3,000.

THOSE SUPPORTING THE SLAUGHTER OF INNOCENT IRANIANS SHOULD ALSO SUFFER.

It is just the beginning.

PJ123:
Look at you - so other countries experiencing fuel price hike due to the war would also have to blame APC.

That's why you opposition cannot be trusted because of your apparent manipulation and deceits.

you really sound like seyi law ,kunle

Back in the days, by now queues would have started appearing at petrol stations. We have indeed come a long way.

oluwaseyi0:
Now imagine we did not have refinery are they saying fuel will be 2k per litre?

Presidency need to step in and sell local consumption crude to Dangote at a benchmarked price

It's not same as old subsidiary as this will not directly cost money but crude after all the crude is all ours

ElSudani:
And what will God do to the people who are blowing up oil facilities in the middle east?

Water and garri

Na as cement be. He will sell 3000 someday

How will people get to work? Where is NLC?

iwaeda:
When you get to any filling station, present your APC card, tell them your case is different, they will sell at N40 per litre, it will favour you and family.

So, that means you support government incurring more debt so that you can enjoy cheap fuel.

Good.

This defies logic.

Petrol Prices should stay the same - hang with me.

Higher Crude prices mean more dollar inflow for FG, which should directly impact the supply of FX and bring dollar prices down.
This should also imply lower operational costs for the Dangotes and suppliers and they should balance out.

Yeah, I know we all know economic calculations in Nigeria usually defy logic

binary123:
mumu talk.be quite if you are not updated with the situation around the world.all over the world that is how fuel prices is being high because of the war in the middle east. Or, is it your APC that courses the war?

Is it COURSE 101 or APC 001

iwaeda:
When you get to any filling station, present your APC card, tell them your case is different, they will sell at N40 per litre, it will favour you and family.

Helinues, Yarimo, Madridguy, TimeManager, Seunmsg.... dem dey sell fuel for all card carrying APC members at N40 per litre for all MRS fuel stations oooooo

Dotherightthing:
I just knew I would see the stupid comment from uwaeda

What kind of comment was this from All Promises Cancelled, APC leaders looters before we allowed them implement their changes 11 years ago

How many pictures of APC incomplete projects are you using to pay the subsidy Nigerians are forced to pay them for the massive corruption in their oil sector?

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/

Straight of hormuz🙄

oluwaseyi0:
Now imagine we did not have refinery are they saying fuel will be 2k per litre?

Presidency need to step in and sell local consumption crude to Dangote at a benchmarked price

It's not same as old subsidiary as this will not directly cost money but crude after all the crude is all ours

If they do that, many people drilling for oil won't agree, because they would not be able to profitably and crucially sustainably drill for oil.

And government can't afford subsides....yes, I know tinubu is stealing money, but the kind of money needed to subsidize fuel right now is in the trillions of naira, not billions.

This Islamic economic terrorism. He is doing it deliberately, this is the danger of monopoly, especially in a wrong hand

nairalanda1:
So, that means you support government incurring more debt so that you can enjoy cheap fuel.

Good.

Please why are we incurring more debt now that APC has removed subsidy TWICE, despite local fuel production by PDP-licensed private refinery

What is the logic for the increased borrowing even though all socioeconomic indicators are getting worse?

gabydaniels:
Aug 25, 2016
The Vice President, Professor Yemi Osinbajo, has disclosed that the federal government has so far saved the sum of N1.4 trillion for not paying oil subsidy.

He also assured Nigerians that very soon, the foreign exchange market would stabilise going by some radical policies already introduced by the Central Bank of Nigeria (CBN).

The vice president who spoke in Kano yesterday during the third day of the 15th Joint Planning Board and National Council on Development meeting, urged Nigerians to restore confidence in President Muhammadu Buhari’s administration, insisting that soonest, the current economic problems would become a thing of the past.

“With the deregulation of the downstream petroleum sector, there has been a significant increase in the availability of petrol throughout the country for the savings of N1.4 trillion on subsidy payments alone,” he said.

“Also, a more flexible exchange rate regime, we will have to decrease the pressure on the external reserve. In the short run of course, there should be consequences for inflation. We expect that with greater priority we have seen in the implementation of the policy by the CBN, the foreign exchange market will stabilise and confidence will be restored.

http://www.thisdaylive.com/index.php/2016/08/26/osinbajo-we-have-saved-n1-4tn-by-not-paying-fuel-subsidy/

This is why you don't hand over key economic activity of your country in the hands of greedy old dang the. Una ho hear wheenn

Dangote my man . He is not here to save any Nigerian . He is here for business and to make profit for his investors . As long as Nigeria and its citizens refuse to have at least a state owned functional refinery, squabbles in Yemen will cause price hikes in an oil producing country like Nigeria .

However we should ALL be thankful to Dangote . Our prayers during long queues and horrible scarcities has always been give us petrol we will pay . Well we have fuel , no queues now. If there was no Dangote refinery in the picture , people will be buying 4000 per liter in the black market to avoid long daily queues. Those wicked petroleum marketers will be smiling to the bank daily.

Amen. My bro, I use diesel to run my daily activities and I can't bear it anymore. I have told my customers about increasement in price change

Hmalic:
May God help us in this country

pak:
This defies logic.

Petrol Prices should stay the same - hang with me.

Higher Crude prices mean more dollar inflow for FG, which should directly impact the supply of FX and bring dollar prices down.
This should also imply lower operational costs for the Dangotes and suppliers and they should balance out.

Yeah, I know we all know economic calculations in Nigeria usually defy logic

The problem is debt.

Our budget is pegged to the price of oil. Most of the time, oil is never high enough to adequately fund the budget. As a result, borrowing results (and I am not talking about benchmarks set by government...even with those , government has to borrow).

When oil price is low, debt grows. By the time oil prices rise again, the debt has to be settled and serviced first before anything else...so anyone expecting appreciation of naira and dwindling costs should really forget about it.

Remember also that we used to use forex to subsidise the strength of the naira? Not anymore...so the naira would still be bad. The only way to have a strong naira is by selling manufactured stuff the world needs...which is how the economy of strong nations works.

deji17:
It's the effect of the Iran/ Us/ Israel war
Cost of crude has gone up. All over the world petrol prices has gone up

Stop justifying failed system. Do you think it increases in Russia in fact Russia sell lesser than global price.
The government is just been wicked.

miracle002:
I knew it will get to this. When Dangote was reducing the price of petrol and propaganda against Farouk, We thought he was the side of the masses and also for our betterment.

Now Iook at what is happening

The entire world is facing this petroleum products wahala due to the ongoing war in Iran 🇮🇷

Thank God for Dangote refinery.
If you don't have Dangote refinery in Nigeria today, you will buy petrol at #2,000 and you will be on line for a day before you will be able to fill your car fuel tank.

bigcasava1:
This Islamic economic terrorism. He is doing it deliberately, this is the danger of monopoly, especially in a wrong hand

Kindly note that there no monopoly in the fuel economy, since two NNPC refineries have been producing for 11 years now and exporting since 2024.

This is in addition to modular refineries and BUA's refinery that is almost completed.

Princecalm:
Jul 29, 2015

The Nigerian National Petroleum Corporation has announced that the Port Harcourt and Warri refineries have been successfully re-streamed after a nine-month rehabilitation exercise conducted by its in-house engineers and technicians.

The corporation, in a statement, noted that both plants commenced preliminary production of petroleum products after successful test-runs, adding that while PHRC was ramping up its operation to about 60 per cent of its 210,000 barrels per day capacity, WRPC production was projected to hit 80 per cent of its installed 125,000bpd capacity.

The NNPC said the Port Harcourt refinery was projected to boost the nation’s local refining capacity with a product yield of five million litres of petrol per day, while Warri refinery would contribute 3.5 million litres of petrol.

Providing insight into the rehabilitation exercise, the NNPC noted that it had to adopt the phased rehabilitation strategy after the Original Refinery Builders, who were initially contacted for the project came up with unfavorable terms.

It said, “Though a decision was taken in 2011 to rehabilitate all the refineries using the ORB of each of the refineries, we were impelled to switch strategy after the ORBs declined participation and nominated some partners in their stead who came up with outrageously unfavorable terms.”

The NNPC stated that the nominated partners, as sole-bidders, came up with humongous price offers after two years of thorough and exhaustive scope of work definition and price negotiations.

It added that the proxies were also unwilling to provide post rehabilitation performance guarantees.

The corporation said, “The phased rehabilitation strategy which entailed phased and simultaneous rehabilitation of all the refineries using in-house and locally available resources in line with the spirit and letter of the Nigerian Content Law, also involved the use of Original Equipment Manufacturer representatives to effect major equipment overhaul and rehabilitation.”

The national oil firm said the phased rehabilitation programme, which started in October 2014 after the required funding stream was established, created a 70 per cent reduction in costs which helped largely in mitigating the financing challenges of refinery rehabilitation.

It observed that with the successful re-streaming of the PHRC and WRPC, attention has now moved to the 110,000 barrels per day Kaduna Refining and Petrochemicals Company which was billed to come on stream soon.

http://www.punchng.com/news/pharcourt-warri-refineries-commence-preliminary-operations-nnpc/

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saintopus:
Dec 06, 2024
The PH Refinery ships its first export of petroleum products to Dubai.
The company is expected to load the cargo in the coming days onboard the Wonder Star MR1 ship, signalling the commencement of operations at the plant and the exportation of petroleum products.

The ship will load 15,000 metric tons of the product, which translates to about 13.6 million litres.

Although the volume coming from the NNPC into the global market is still small, the development has the potential to impact the Very Low Sulphur Fuel Oil (VLSFO) benchmarks in the future while changing the market realities for Atlantic Basin exporters into Nigeria and other regions.

The sulfur content of the export by NNPC stands at 0.26 per cent per wt and a 0.918 g/ml density at 15°C, according to Kpler, a data and analysis company.

The cargo was reportedly sold at an $8.50/t discount to the NWE 0.5 per cent benchmark on a Free on Board (FOB) basis.

Kpler reported that the development would help displace imports from traditional suppliers in Africa and Europe, as Nigeria’s falling clean product (CPP) imports are already decreasing, dragging imports into the wider West Africa region lower as well.

https://guardian.ng/energy/nnpc-begins-export-from-ph-refinery-as-dubai-firm-buys-first-cargo/

Lovit:
Tinubu needs to restore subsidy temporarily till this war is over and crude prices returns to normal

It's not in the budget unless he goes for another emergency loan. Dangote refinery can serve Nigeria if the crude oil is available but the remaining oil after Buhari used our crude oil to borrow money into the future so that Amaechi could build a railway from Nigeria to Niger Republic is not enough unless Dangote imports from somewhere else. Same Amaechi is some people's messaih today. We need to face the consequences.

anonimi:
Please why are we incurring more debt now that APC has removed subsidy TWICE, despite local fuel production by PDP-licensed private refinery

What is the logic for the increased borrowing even though all socioeconomic indicators are getting worse?

Because APC is keeping the economy pegged to oil. And oil is never high enough for us at any time t. Hence borrowing

(Oga, I am not here to play APC vs PDP. Take your campaigning elsewhere.).

yinkus6750:
I said it, that PMS will be 1,500 per liter before end of this week
Illiterates that fail to understand international crude oil business are busy ranting online.
Doubt if they know their is an organization known as OPEC.
It's nobody's fault. It's damn to be like that.
Middle East supplies crude to the western world, and now, supplies is likely down by 50%.
We are lucky we refining our crude internally, and should be thanking Dangote, else, scarcity would have taken over and price would have been above 2,000/ litre now

You that is not illiterate go and verify if Russia price fluctuates like Nigeria price. Russia price is lesser than global price. Global price is over a dollar while Russia sells under a dollar.
How is Russia stabilising prices and Nigeria can't. Even before now Saudi is cheaper and may still be cheaper despite ongoing war.

Nice one.

You can imagine ow much Jona must have spend on subsidies as even during all the high oil price we still had to buy fuel at N97 per litre.

BAT who fought against GEJ subsidy removal with occupy protest removed subsidy on his first hour in office which Nigerians fully accepted.....today we have a one man monopoly refinery without any competition choosing its own price to sell

nairalanda1:
Because APC is keeping the economy pegged to oil. And oil is never high enough for us at any time t. Hence borrowing

(Oga, I am not here to play APC vs PDP. Take your campaigning elsewhere.).

I am realistic enough to know that APC and PDP (which is now essentially ADC) are the two viable options we have.

I have chosen the better of the two options, for my preferred deregulation and privatisation policies.

Before you talk, check Canada and US prices.
Leave Saudi and middle East countries.
READ THE LINK BELOW
.https://www.forbes.com/sites/siladityaray/2026/03/09/gas-prices-hit-347-per-gallon-as-crude-oil-soars-to-highest-level-since-2022/quote

author=ogascomax post=138713722]
You that is not illiterate go and verify if Russia price fluctuates like Nigeria price. Russia price is lesser than global price. Global price is over a dollar while Russia sells under a dollar.
How is Russia stabilising prices and Nigeria can't. Even before now Saudi is cheaper and may still be cheaper despite ongoing war.[/quote]

nairalanda1:
The problem is debt.

Our budget is pegged to the price of oil. Most of the time, oil is never high enough to adequately fund the budget. As a result, borrowing results (and I am not talking about benchmarks set by government...even with those , government has to borrow).

When oil price is low, debt grows. By the time oil prices rise again, the debt has to be settled and serviced first before anything else...so anyone expecting appreciation of naira and dwindling costs should really forget about it.

Remember also that we used to use forex to subsidise the strength of the naira? Not anymore...so the naira would still be bad. The only way to have a strong naira is by selling manufactured stuff the world needs...which is how the economy of strong nations works.

Thanks for your response.
But I'll say you are partly correct on both.
On debts, budgets even the part that involves debt settlements are based on benchmarks. Anything higher than those benchmarks would be considered excess to expected supply. unless you want to argue that crude prices before now have been largely below the benchmarks- so this increase in price is balancing out but seriously, I don't think that's the case.

Tthe concept of defending the naira, Now exchange rates are ideally supposed to be set by the forces of demand and supply, sort of seeking an equilibrium point. The concept of defending the naira comes from cases where a Govt chooses to provide FX below market prices from reserves or excess supply. Like Emefiele and Bubu did throughout their time.

Lowering fx rates due to an upshoot in fx supply is not defending the naira. This aligns with the fundamentals of how exchange rate work.

Thanks for your insight though

Don't mind them!
If this continues to next week ₦2,000-₦2,500 loading because crude will be close to $200/barrel or slightly above by then.
The funniest is that, some people are even cursing Dangote
I don't get it! Literate-illiterates are too many for our 'Kantiri'

yinkus6750:
I said it, that PMS will be 1,500 per liter before end of this week
Illiterates that fail to understand international crude oil business are busy ranting online.
Doubt if they know their is an organization known as OPEC.
It's nobody's fault. It's damn to be like that.
Middle East supplies crude to the western world, and now, supplies is likely down by 50%.
We are lucky we refining our crude internally, and should be thanking Dangote, else, scarcity would have taken over and price would have been above 2,000/ litre now