₦airaland Forum

Dangote should take the price to N699. We'll see how it goes from there.. May God deliver Nigeria.

Enforcement of policies that will favour the masses should be critically look into. Inflation of oil price put pressure on all other essential commodities of common man.

Prices will crash in the next one week or 10days. Nigeria is cheaper than European import marketed at Togo. It's a gradual process.

ironheart:
In a day petrol price was increased twice in a roll. They claimed the increase in crude price and the iran war. Now that the price of crude has crashed to 72 dollar a barrell, they are finding it difficult to reduce the price. Greed and selfishness is what i see. The lack of regulatory authority whom have not been compromised is another factor.

you've said it, in the business world greed or over maximizing profit is not a crime,infact it is expected no moral the only thing ilegal is fraud or contraband.

ordinarily Nigerians should not be left at the mercy of Marketers & producers to lord pricing, in develop world there is consumer protection that allows regulatory nodies to compel fair pricing and govt is always on the look out no one is shortchanged

But here in Nigeria consumer are in OYO forest undrr the captives of merketers/traders no quality control or consumer protection, the bodies that should regulate appear to playing politics with activities, they are simply cashing out n look away

we don't have govt we don't have a system ...so they do us anyhow, dangote as seen dying for Nigerians is. not worth it, if you can't beat them join them

ironheart:
Well said, Monopoly is whats killing us. A lot of licenses where given but he was the only one who could fight his way through to make it happen. I dont blame him because if the government owned refinery are working, there will be health competitions. I remember there was a special window granted for dollar during the years of trying to build the refinery, now they no longer remember it

https://www.reuters.com/article/business/finance/africas-richest-man-got-a-fistful-of-dollars-in-nigerian-currency-squeeze-idUSKCN0Z90ZO/

Imaginary monopoly is your problem and not the bad government you voted into power based on tribe and religion.

Gboss247:
Imaginary monopoly is your problem and not the bad government you voted into power based on tribe and religion.

a comment from a suffering Nigerian who doesn't see the log in his eyes

MadPolitician:
It is unconstitutional and glaringly evil to entrust the responsibility of setting the nations fuel pump price in the hands of a notoriously ruthless ultra capitalist like Dangote. That job has always been, and should always be that of the federal government. But it is obvious that the APC cartel-government has been desperate to allign with the Dangote set up to liquidate Nigerians. They are in bed with this man and ordinary Nigerians are paying dearly as a consequence.
The whole Dangote interjections in critical sectors of the economy have only served the country in one way; solving critical problems by ultimately creating fresh critical problems. He delves into these highly important sectors with his gigantic plans. He unleashes his financial muscles, and he ultimately provides the needed products locally. But that's where the good story ends. How do I mean?
The scorecard is very clear: Dangote always provides quality local substitutes for imported products. He makes it look lije he is the ultimate agent for the industrialisation of Nigeria/Africa. But what undercuts his warped nationalistic narratives is the fact that his locally produced materials are always costlier than the imported ones by miles. Even with the cheap local labour. You will get the products for sure but you will pay through your nose. Where is the gain then?
Even the argument that he helps to curtail foreign exchange flight through local productions is jejune at this point, because let's face it, a lot of his foreign royalties coming from exported goods, end up in his offshore accounts and seldom gets into Nigeria. So if we are paying more for goods that we can import cheaply, and the excess gains from local producers end up in the offshore accounts of one man, how is his amorphous dominance of the country's economy beneficial to the ordinary man on the streets?

Are you really a MADpolitician for failing to acknowledge the production of NNPC refineries since 2015, according to A-looter Propaganda Conmen, APC leaders of integrity

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/

MadPolitician:
It is unconstitutional and glaringly evil to entrust the responsibility of setting the nations fuel pump price in the hands of a notoriously ruthless ultra capitalist like Dangote. That job has always been, and should always be that of the federal government. But it is obvious that the APC cartel-government has been desperate to allign with the Dangote set up to liquidate Nigerians. They are in bed with this man and ordinary Nigerians are paying dearly as a consequence.

The whole Dangote interjections in critical sectors of the economy have only served the country in one way; solving critical problems by ultimately creating fresh critical problems. He delves into these highly important sectors with his gigantic plans. He unleashes his financial muscles, and he ultimately provides the needed products locally. But that's where the good story ends. How do I mean?

The scorecard is very clear: Dangote always provides quality local substitutes for imported products. He makes it look lije he is the ultimate agent for the industrialisation of Nigeria/Africa. But what undercuts his warped nationalistic narratives is the fact that his locally produced materials are always costlier than the imported ones by miles. Even with the cheap local labour. You will get the products for sure but you will pay through your nose. Where is the gain then?

Even the argument that he helps to curtail foreign exchange flight through local productions is jejune at this point, because let's face it, a lot of his foreign royalties coming from exported goods, end up in his offshore accounts and seldom gets into Nigeria. So if we are paying more for goods that we can import cheaply, and the excess gains from local producers end up in the offshore accounts of one man, how is his amorphous dominance of the country's economy beneficial to the ordinary man on the streets?

God will bless you for this post, I've been having sleepless nights over these exactly as your analysis. Dangote is a wicked man

ironheart:
a comment from a suffering Nigerian who doesn't see the log in his eyes

If you could see the log in your own eyes, you would know that NNPC refineries have been working since July 2015, 10 months before Buhari removed subsidy in May 2016, as a wicked anniversary joke on us for letting Tinubu make him president four years after calling him expired in 2011.

How much suffering have you endured since 2015, in terms of the subsidy FORCED on you by the massive corruption in APC's oil sector? Abi you have been paying N70 or less for petrol since Tinubu begged Buhari to come out of retirement and make Jonathan a one term president, thereby ending 16 years of PDP prosperity, peace and stability with cheap dollars, cheap petrol and less debt burden as well as less tax burden?

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/

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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/

ironheart:
a comment from a suffering Nigerian who doesn't see the log in his eyes

Continue to quote imaginary monopoly after voting in and government

adenigga:
Motorists and commuters across several states have urged the federal government and petroleum marketers to reduce the pump price following the recent drop in the global crude oil price.

The crude oil price has fallen after tensions in the Middle East eased.




Source: https://dailytrust.com/motorists-demand-cheaper-petrol-as-crude-price-falls

We're very wicked in this country

There is a lag between the drop in price of crude oil to the effects in the price of gasoline but zero latency in the hike of petrol prices when the strait is barely closed.
Greedy people

Oil is 72 dolars a barrell and is projectied to fall further as the year progresses, as an oil producing nation the pump price for PMS should drop p 700 Naira while Diesel drop to 900 a litre, its a shame that motorists are still charging same fares.

Fuel is currently 1270 a litre in my domain it dropped from 1320 lastweek.

If i dont see furhter drop I will send thunder to the erring filling stations.

...demand and supply determine?

Mrchippychappy:
when last did APC return the price of anything?

Some clowns here Will advice una to calm down... they're still selling old stocks..

adenigga:
Motorists and commuters across several states have urged the federal government and petroleum marketers to reduce the pump price following the recent drop in the global crude oil price.

The crude oil price has fallen after tensions in the Middle East eased.




Source: https://dailytrust.com/motorists-demand-cheaper-petrol-as-crude-price-falls

We quite understand all these your macro and micro economics theory of market forces of demand and supply, we shouldn't be hiding under these things. There was a sharp increase of crude oil price due to the Iran US war, which consequently lead to a sharp increase in the pump price. Now that there is a clear sharp decrease in the price of crude oil, then there should also be a corresponding sharp decrease in the price of petroleum pump price

Consumers and their entitled mentality and lack of empathy is at play here.

What if Dangote bought the stock of crude oil he is using now at over $100 per barrel? Thats why prices wont crash overnight, and thats why competition is necessary.

Many who want the price to crash are also against imports of petroleum byproducts.

Foreign imports are the best way for prices to stay competitive

MadPolitician:
It is unconstitutional and glaringly evil to entrust the responsibility of setting the nations fuel pump price in the hands of a notoriously ruthless ultra capitalist like Dangote. That job has always been, and should always be that of the federal government. But it is obvious that the APC cartel-government has been desperate to allign with the Dangote set up to liquidate Nigerians. They are in bed with this man and ordinary Nigerians are paying dearly as a consequence.

The whole Dangote interjections in critical sectors of the economy have only served the country in one way; solving critical problems by ultimately creating fresh critical problems. He delves into these highly important sectors with his gigantic plans. He unleashes his financial muscles, and he ultimately provides the needed products locally. But that's where the good story ends. How do I mean?

The scorecard is very clear: Dangote always provides quality local substitutes for imported products. He makes it look lije he is the ultimate agent for the industrialisation of Nigeria/Africa. But what undercuts his warped nationalistic narratives is the fact that his locally produced materials are always costlier than the imported ones by miles. Even with the cheap local labour. You will get the products for sure but you will pay through your nose. Where is the gain then?

Even the argument that he helps to curtail foreign exchange flight through local productions is jejune at this point, because let's face it, a lot of his foreign royalties coming from exported goods, end up in his offshore accounts and seldom gets into Nigeria. So if we are paying more for goods that we can import cheaply, and the excess gains from local producers end up in the offshore accounts of one man, how is his amorphous dominance of the country's economy beneficial to the ordinary man on the streets?

Build your own refinery and sell lesser than the greedy Dangote, the monopolist.
Most of you who do business are very notorious for shortchanging your customers/clients, but you want to be buying everything else at below market prices.
Oga, go into the industry if you think you can do better.

The idea of waiting for every 4 years fir election before electing or removing a leader shouldn’t be allowed.

We should have a midterm election.

Buhari start the nonchalant and i don’t care attitudes about plight of Nigerians. It has never happened like this before with no question or media briefing from the executives.

The leaders don’t care about Nigerians sufferings and the economy.

What do you expect when there is no regulatory body anymore,


NNPC is no more, Dangote is ripping us off. Honestly and no one to checkmate this.

When NNPC don embezzle refinary maintenance funds.

What a country

They will start with their usual stories of why we can't reduce fuel prices. Always quick to increase and extremely slow to decrease.

You are really a mad politician with an accurate dissection of the charlatans terrifying the Nation as a whole. Nigerians are oligopolistic and monopolistic entrapped in the web of horrifying Shylock business men and of course clueless government of renewed hope. It's staggering and shocking that Nigerians are still living as if they have an anti suffering protection, anti hardship vest, hunger proof clothings.....Thanks Mad politician for bringing such to our sensitization.....



.......

MadPolitician:
It is unconstitutional and glaringly evil to entrust the responsibility of setting the nations fuel pump price in the hands of a notoriously ruthless ultra capitalist like Dangote. That job has always been, and should always be that of the federal government. But it is obvious that the APC cartel-government has been desperate to allign with the Dangote set up to liquidate Nigerians. They are in bed with this man and ordinary Nigerians are paying dearly as a consequence.

The whole Dangote interjections in critical sectors of the economy have only served the country in one way; solving critical problems by ultimately creating fresh critical problems. He delves into these highly important sectors with his gigantic plans. He unleashes his financial muscles, and he ultimately provides the needed products locally. But that's where the good story ends. How do I mean?

The scorecard is very clear: Dangote always provides quality local substitutes for imported products. He makes it look lije he is the ultimate agent for the industrialisation of Nigeria/Africa. But what undercuts his warped nationalistic narratives is the fact that his locally produced materials are always costlier than the imported ones by miles. Even with the cheap local labour. You will get the products for sure but you will pay through your nose. Where is the gain then?

Even the argument that he helps to curtail foreign exchange flight through local productions is jejune at this point, because let's face it, a lot of his foreign royalties coming from exported goods, end up in his offshore accounts and seldom gets into Nigeria. So if we are paying more for goods that we can import cheaply, and the excess gains from local producers end up in the offshore accounts of one man, how is his amorphous dominance of the country's economy beneficial to the ordinary man on the streets?

They are now buying crude at $72 per barrel but suddenly, it is no longer crude price that determines fuel prices. The black man is pure evil

For fuel prices, he noted that a sustained decline in crude oil prices could eventually translate into lower pump prices but the extent and timing will depend on other factors such as refining costs, exchange rates, taxes, transportation costs, and domestic market policies.

Stories, has all these not been there when It was being sold for between 750 and 800. Thank God the foreign exchange that has always been the reason for increasing price of goods and services has stabilized more than a year a go now. The NLC and other regulatory bodies should start picketing any petrol stations selling above 750 and 800 if there is no change after a week.

grandstar:
Consumers and their entitled mentality and lack of empathy is at play here.

What if Dangote bought the stock of crude oil he is using now at over $100 per barrel? Thats why prices wont crash overnight, and thats why competition is necessary.

Many who want the price to crash are also against imports of petroleum byproducts.

Foreign imports are the best way for prices to stay competitive

What you stated here is true, you don't buy something for $100 and sell it at the rate of $80 but the reasons being giving now is not consistent with that and also a week or two should be enough to sell off the old stock.

Guestmale:
What you stated here is true, you don't buy something for $100 and sell it at the rate of $80 but the reasons being giving now is not consistent with that and also a week or two should be enough to sell off the old stock.

Thats why competition is essential, very essential.

Those against the import of PMS and other petroleum products stating that Dangote can satisfy all the nations demand for them are unknowingly doing the country a huge disfavor.

Gboss247:
Continue to quote imaginary monopoly after voting in and government

na cheap data dey give you opportunity to make this kind comment. If data was not liberalised, you would have been economical with your thoughts

I understand you clearly but I still want you to consider my points.
This scenario is such that most of the people in APC today were formally of the PDP, so if there was some form of ideological delineation, it wouldn't have been possible.
Apart from the President, former President Goodluck Jonathan and a few others that have stayed true to their backgrounds, all others have no shame and you can't vouch for where they will be in a few hours.

SixSeven:
No, we can't say that. PDP messed up but one thing we can give to them was that they managed the economy much better than APC. Let's not even go there. From Buhari to Tinubu, it's been disastrous. Tinubu set himself up by announcing the end of subsidy from day one, despite advice from his own inner circle. You see how he was proud to even say it that he was bold. Okay, you are bold, what buffer did you plan for your people? I agree most parties lack ideology but the way PDP managed the unity of Nigeria was far far better than the divisiveness of APC. If Buhari's own was to his people and Tinubu's own is to his, what do you expect from their next candidate? They will continue what they think is normal to them. APC ideology currently is dangerous for this country. At least PDP had disagreement which made it better for not only our democracy but the country. This one where they want the party to be like 1984, the tyrant is just about to be unveiled. If PDP did not admit they were wrong in 2007, APC would not even have had any chance to smell any seat. APC grew too fast and were not ready for what they asked for but today, it's so convoluted that you can be APC in the morning and PDP in the night but vote for SDP on election day. It's politics of poverty worsened by corruption, lack of principles and ideology. Anywhere belle face

For your information if they like, let them make the a litre of fuel 10k, i will buy it. You know why? Weather you like it or not, i will transfer the cost to you. You must use my product and service and it doesn't concerns me. Keep lying to yourself and dont face reality. I never voted this government and there policy weather good or bad favours me. So why wouldn't i say whats affecting majority of Nigerian?

anonimi:
If you could see the log in your own eyes, you would know that NNPC refineries have been working since July 2015, 10 months before Buhari removed subsidy in May 2016, as a wicked anniversary joke on us for letting Tinubu make him president four years after calling him expired in 2011.

How much suffering have you endured since 2015, in terms of the subsidy FORCED on you by the massive corruption in APC's oil sector? Abi you have been paying N70 or less for petrol since Tinubu begged Buhari to come out of retirement and make Jonathan a one term president, thereby ending 16 years of PDP prosperity, peace and stability with cheap dollars, cheap petrol and less debt burden as well as less tax burden?



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Sensiblerealist:
I understand you clearly but I still want you to consider my points.
This scenario is such that most of the people in APC today were formally of the PDP, so if there was some form of ideological delineation, it wouldn't have been possible.
Apart from the President, former President Goodluck Jonathan and a few others that have stayed true to their backgrounds, all others have no shame and you can't vouch for where they will be in a few hours.

I understand you but don't forget that because of the style of APC politics, the PDP for instance cannot survive properly. Akpabio still has videos where he swore that PDP will never lose but today he is speaking for APC. I must not forget that PDP brought the destruction upon itself with nPDP and the likes of Obasanjo tearing their party cards in public. They also allowed the Governors grow too big that the monster they created can no longer be conttolled. A disciplined party would have expelled Makinde, Wike and their group in 2022 but why did they go what they did? The party does not follow its own guidelines. Those who were not patient with the destruction of their party had to leave to APC to achieve their ambition. The first thing we need is a party that must not be weaker than those it gives its platform. ANC in South Africa brought Zuma back to ground when he was becoming uncontrollable. Party supremacy must return first.