₦airaland Forum

Dbegining:
I've been saying it that Dangote is a dangerous monopolist who ams at exploiting this country to maintain his status as Africa's riches man.

flokii:
This wicked man is targeting #1,800 to #2,000 per litre petrol price before year end.. Nigerians will be the ones to suffer for the injustice going on in the Petroleum sector.

A man operating refinery in Free Zone has no business with the Nigerian markets.. his petroleum products are as good as imported products once they enter into Nigeria's custom territory yet they are stopping marketers from importing cheaper petrol for someone that's technically not operating within Nigeria.
When the economy shuts down completely, all our eyes go clear.

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

youngsahito:
When the useless govt refused to fix the state owned refineries, we will all be at the mercy of the monopolist Dangote. Nigeria govt has failed his people.

youngsahito:
When the useless govt refused to fix the state owned refineries, we will all be at the mercy of the monopolist Dangote. Nigeria govt has failed his people.

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/

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/

TheFreshVanilla:
Cowards. Continue running your mouth online. Don't go out to protest.

youngsahito:
When the useless govt refused to fix the state owned refineries, we will all be at the mercy of the monopolist Dangote. Nigeria govt has failed his people.

nairalanda1:
The refineries broke down over three to four decades because Nigerians asked for subsidy, which meant that price controls were put on everything sold from the refineries

These forced the refineries to operate at a loss. Result, we went from 400000bpd refining capacity per day in 1990 to less than 6000bpd in 2019.

The only way to keep the refineries running would have been the government removing subsides as early as 1992. If they had done that, the refinereis would have been running profitably and would never have gotten to the level of scrap

Veenzuela used to have refining capacity of 900000 BPD which had fallen to 100000bpd by 2008. All because they were selling fuel at N40 per liter.

That is why your refineries are scrap today. You cannot pretend that something that costs N1000 costs N90. Mba!

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/

anonimi:
Is that why every PRAGMATIC Nigerian is working with others to return our country to those who championed deregulation and privatisation consistently, as the foundation for 16 years of widespread prosperity in our country

nairalanda1:
Yes, but his workers have to work under tinubu economy, he is competing internationally, not locally, and the cost of crude is rising.

Nothing that free zone can do or undo. Blame trump and the iranians if you want to blame someone.

Robnectar:
Holmus k0, Puxxxy open nih

nairalanda1:
They championed it, but didn;t do it.

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/

nairalanda1:
Yes, but his workers have to work under tinubu economy, he is competing internationally, not locally, and the cost of crude is rising.

Nothing that free zone can do or undo. Blame trump and the iranians if you want to blame someone.

Cocolatti:
Unjust Exploitation.
The US-Iran war has given the blood suckers an opportunity to drain us more.
Question is will they revert to pre-war prices after the hostility ceased??

Gotocourt:
This two weeks won't make any significant change and will reflect in the next weeks 🤷🏿😥

nairalanda1:
Erm, doesn't work like that

1. Iran hasn't reopened the strait...quite. There is an announcement, but that does not mean that shipping would start flying through the strait just yet

2. Oil facilites have been damaged in the area. That's going to take time to fix

3. Crude is going to take time to fall, unless there is a spike in production that is able to make it fall by 50 dollars in one week.

nairalanda1:
Erm, doesn't work like that

1. Iran hasn't reopened the strait...quite. There is an announcement, but that does not mean that shipping would start flying through the strait just yet

2. Oil facilites have been damaged in the area. That's going to take time to fix

3. Crude is going to take time to fall, unless there is a spike in production that is able to make it fall by 50 dollars in one week.

Gboss247:
What are many state owned refineries are functional around the globe?
How will a functional state owned refineries be a magician?
Where is the monopoly?