Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers - Business (2)

Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers - Business (2) - Nairaland

Nairaland Forum › Nairaland General › Business › Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers (4672 Views)

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Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by Reference(m): 6:58am On Jun 29

MrPOTUS:
Stop spitting out rubbish alaye

What is his cost of production?

If marketers despite the variance in exchange rate can sell below 1k per liter, how much more a person that refines himself.

It's like a retailer selling cheaper than a manufacturer, no be juju be that.

Quit trying to be clever by half

'Retailer selling less than manufacturer'....
Very poignant.
Such a pity.
Three years, a whole three years after Nigerians are yet to understand or feel the effects of the gradual industrialization of that sector.
Before noon you will see a defender coming out to tell us how expensive fuel is sold in Mogadishu or Bulawayo.

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Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by Lanretoye(m): 6:59am On Jun 29

nairalanda1:
LOL...so what do you want government to do? Set his prices so that his refinery becomes scrap in ten years time, and we all have to waste forex importing fuel again?, and millions of jobs lost?

Bros, not everyhting is about you. If you were the owner of a refinery, and you want your refinery to become scrap, just ask government to set your gantry price at N100 per liter. You go see shege.

that’s not the news here,what they are saying is that the way they were quick to hike prices citing the war that does not concern Nigeria is the same way they should reduce their prices or revert when normalcy is being restored

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Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by lawani(m): 7:00am On Jun 29

eldoradoxx:
Nigeria is a different world. Even if it drops below what it was before the Iran war, it will never drop here in Nigeria, we have very greedy people here.

Any market anywhere behaves exactly the same way

Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by AhmeduandOkopi: 7:11am On Jun 29*

What has Nigerians ever benefitted from?
Only lamba...

1 Like

Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by EdiskyHarry: 7:16am On Jun 29

When criminals are in power, the masses suffereth more

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Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by MrPOTUS: 7:16am On Jun 29

Reference:
'Retailer selling mess than manufacturer'....
Very poignant.
Such a pity.
Three years, a whole three years after Nigerians are yet to understand or feel the effects of the gradual industrialization of that sector.
Before noon you will see a defender coming out to tell us how expensive fuel is sold in Mogadishu or Bulawayo.

Don't mind them @nairalanda1, they can defend every rubbish undecided

Giving license to just a few to build refineries still doesn't help. It becomes an oligopoly market, not good for the economy, look at the cement industry.

License to build refineries should be given to as much people as possible that can afford it.

Marketers should be allowed to import as much as possible.

The government should bring that industry down to as close to as a perfect competitive market, let see if prices of fuel won't fall.

Dangote shouldn't be given all the power, he only thrives in a monopoly market undecided

2 Likes

Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by dododawa1: 7:21am On Jun 29

Nigeria leaders are terrible human brings

Only bringing HARDSHIP to the citizens

1 Like

Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by Ewedegubbler: 7:28am On Jun 29

When it goes up Nigeria says they’re losing. Wheh it goes down Nigeria cries.

Nigeria is À loser nation

2 Likes

Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by ccollins(m): 7:43am On Jun 29

nairalanda1:
LOL...so what do you want government to do? Set his prices so that his refinery becomes scrap in ten years time, and we all have to waste forex importing fuel again?, and millions of jobs lost?

Bros, not everyhting is about you. If you were the owner of a refinery, and you want your refinery to become scrap, just ask government to set your gantry price at N100 per liter. You go see shege.

it seems you are working for dangote media team to protect his image and pr. You better stop your selfish reasoning for dangote. His refinery is not greater than the well being of over 200 million Nigerians. Nairaland era should take note of dangote boys who are justifying the wickedness of keeping fuel prices up

Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by walexbiz(m): 7:44am On Jun 29

IamPatriotic:
Dangote should be kind to mankind for once. He once said that he is no longer in business merely to make profits, but to offer services and provide solutions. Now is the time for him to demonstrate that commitment to us.

Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by Gboss247(m): 7:46am On Jun 29

sleek214:
Dangote and other marketers are pure evil

You who kept quiet when petrol subsidy was removed but still want to buy petrol at subsidized rate is more evil

Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by nairalanda1(m): 7:54am On Jun 29

ccollins:
it seems you are working for dangote media team to protect his image and pr. You better stop your selfish reasoning for dangote. His refinery is not greater than the well being of over 200 million Nigerians. Nairaland era should take note of dangote boys who are justifying the wickedness of keeping fuel prices up

Apparently saying that you as a business have the right to set your prices in a way that keeps your business running means I work for dangote.

Thanks.

Economics , you book read no.

Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by nairalanda1(m): 7:59am On Jun 29

MrPOTUS:
Don't mind them @nairalanda1, they can defend every rubbish

Giving license to just a few to build refineries still doesn't help. It becomes an oligopoly market, not good for the economy, look at the cement industry.

License to build refineries should be given to as much people as possible that can afford it.

Marketers should be allowed to import as much as possible.

The government should bring that industry down to as close to as a perfect competitive market, let see if prices of fuel won't fall.

Dangote shouldn't be given all the power, he only thrives in a monopoly market

Licences to refine were given to over 60 people by 2012. What stopped them from doing much about it (apart from the six who did) was that subsides meant that it would be risky for any bank or investor to put money into refineries.

Dangote was able to get financing because if subsidy forced him to default on payments of the loans, the banks can just simply via AMCON take over his other buisnesses and pay themselves back.

Subsidy has a negative effect on building new refineries. Prices are set below production cost, which means losses, and subsidy payments are at best irregular, meaning building new refinery in such a country is at best risky.

Now that subsidy has gone, more refineries are in the pipeline. If we had listened to GEJ in 2012, there would have been even more refineries up and running. If we had listened to the millitatry and IMF in 1993, we would have had more refineries, plus the NNPC refineries would have been working.

(Blame tinubu for opposing subsidy removal in 2012, despite Oshiomole probably telling him that it was not right)>

Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by Fortune109(m): 8:00am On Jun 29

nairalanda1:
Tinubu did a lot of bad things, and is doing a lot of bad things, and his wife was insensitive, but removing subsides on fuel was not one of them.

Again, subsides should have gone since 1993, because that was the point when it was obvious that we could not keep subsides and keep the refineries running well at the same time. Our budget deficit that year was sky high.

But we said no, and in 2012, most of you listened to tinubu then, and said no to removal of subsides. The resultant spending to maintain subsides forced us into a connundrum by 2022, where we were all boorrowed out, and could no longer pay for subsides in any meanigful way.

Had we removed subsides even in 2012, we would have passed the teething stage now.

Too bad it was removed by tinubu, but then again, no one had a choice.

P.S : If the oppostion was united as it should have been in 2023, Tinubu stands zero chance. STILL GO AND VOTE.

😏

Come you are just derailing like WTF! Is this deliberate or what??

Did the report talk about Government Setting the Prices for Dangote? No!

In this thread...Has anybody said Subsidy should return?? No!

You brought up the two issues yourself and you argue it all on your own...

Is it a crime for people to ask Dangote to drop prices now that the Crude Price has dropped like he hiked them quickly when Price was high??

Are people even normal anymore!

1 Like

Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by Gboss247(m): 8:02am On Jun 29

franchasng:
Wetin concern Dangote concern Nigerian people's wellbeing? Is he your President?

Dangote is a monopolistic businessman, he is only interested in making profit and growing his conglomerates to compete with global billionaires.

Can't you see that Elon Musk is a dollar trillionaire? Aliko must join them, even if na to join $100billion club, at least that one de okay. Nigerians should be happy they have Dangote representing them in global billionaires list, that alone should make you people to allow Dangote sell petrol at NGN1350 so he can reach $100billion mark faster

How is this post related to Elon Musk been a trillionaire?

Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by nairalanda1(m): 8:03am On Jun 29

Lanretoye:
that’s not the news here,what they are saying is that the way they were quick to hike prices citing the war that does not concern Nigeria is the same way they should reduce their prices or revert when normalcy is being restored

Unfortunately any oil price increase affects nigeria.

Nigeria as an OPEC Member is obliged to sell crude to domestic and foreign users at OPEC prices. Guess how many OPEC Members were affected by the straits thing.

The only way prices of crude could have fallen would have been government forcing a subsidy on crude oil producers...which in turn would have affected government financing. For every barrel of crude sold, government takes something ...which goes to financing the budget. Problems with government financing means a larger deficit, and even more hefty loans...plus the one government is already taking.

Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by Gboss247(m): 8:03am On Jun 29

legendarystar:
Abi naw, I since 1999 I have never seen a price go up and revert back to normal in this country.

Nigeria defies ECONOMY, hence making the economic laws and principles we were taught in school seems like a big fat lie.

The truth is Nigerian economy is just like Bet9ja virtual..

Its RIGGED BY UNSEEN HANDS

Which economy does Nigeria defy?

Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by nairalanda1(m): 8:04am On Jun 29

Fortune109:
😏

Come you are just derailing like WTF! Is this deliberate or what??

Did the report talk about Government Setting the Prices for Dangote? No!

In this thread...Has anybody said Subsidy should return?? No!

You brought up the two issues yourself and you argue it all on your own...

Is it a crime for people to ask Dangote to drop prices now that the Crude Price has dropped like he hiked them quickly when Price was high??

Are people even normal anymore!

Well, the common sentiment on this thread is government is insenstive to people by not bringing down the price of fuel, and I am telling people why it isn't possible.

I'm responding to the sentiment on this thread. Sorry if you didn;t get it.

Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by Gboss247(m): 8:04am On Jun 29

Reference:
What bothers me about this whole thing is that it took the market intervention of importers to open the eyes of Nigerians to lower gasoline prices, twice if I am not mistaken.

So it means if we had shut our economy completely to imports price gouging will persist.

This is highly, highly disappointing from our local refiners and dangerous to the economy because it will simply give fuel (no pun intended) to those who rather trade than produce, our economic bane for half a century.

Too bad.
Dangote, please give those who campaign for industrialization, production rather than consumpotion something to work with.

Intervention of marketers importing substandard petrol

Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by Gboss247(m): 8:06am On Jun 29

MrPOTUS:
Stop spitting out rubbish alaye

What is his cost of production?

If marketers despite the variance in exchange rate can sell below 1k per liter, how much more a person that refines himself.

It's like a retailer selling cheaper than a manufacturer, no be juju be that.

Quit trying to be clever by half

You aware that marketers are importing substandard petrol?

Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by nairalanda1(m): 8:06am On Jun 29

MrPOTUS:
Stop spitting out rubbish alaye

What is his cost of production?

If marketers despite the variance in exchange rate can sell below 1k per liter, how much more a person that refines himself.

It's like a retailer selling cheaper than a manufacturer, no be juju be that.

Quit trying to be clever by half

Unfortunately, businesses have to run at a profit. The problem really is, we do not have a manufacturing sector that can make refinery components (apart from pipes and a few other things) at home.

The result is that prices can go up.

Russia can afford to keep fuel prices cheap in part because it has a domestic industry that can make fuel refineries from scratch.

Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by Gboss247(m): 8:07am On Jun 29*

MaziObinnaokija:
Dangote sha wan frustrate/ strangulate NIGERIANS with his WICKEDNESS

Wickedness is when you kept quiet when government remove subsidy and still want to buy at subsidized rate.

1 Like

Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by Gboss247(m): 8:09am On Jun 29

MrPOTUS:
Don't mind them @nairalanda1, they can defend every rubbish

Giving license to just a few to build refineries still doesn't help. It becomes an oligopoly market, not good for the economy, look at the cement industry.

License to build refineries should be given to as much people as possible that can afford it.

Marketers should be allowed to import as much as possible.

The government should bring that industry down to as close to as a perfect competitive market, let see if prices of fuel won't fall.

Dangote shouldn't be given all the power, he only thrives in a monopoly market

If you like, give licence to 1 billion people to build refineries, you will still buying at the current price you are buying.

1 Like 1 Share

Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by Gboss247(m): 8:10am On Jun 29

ccollins:
it seems you are working for dangote media team to protect his image and pr. You better stop your selfish reasoning for dangote. His refinery is not greater than the well being of over 200 million Nigerians. Nairaland era should take note of dangote boys who are justifying the wickedness of keeping fuel prices up

The 200 million Nigerians when the government they voted into power removed petrol subsidy and now wants Dangote to subsidize petrol for them. What level of stupidity is that?

Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by nairalanda1(m): 8:10am On Jun 29

MrPOTUS:
Stop spitting out rubbish alaye

What is his cost of production?

If marketers despite the variance in exchange rate can sell below 1k per liter, how much more a person that refines himself.

It's like a retailer selling cheaper than a manufacturer, no be juju be that.

Quit trying to be clever by half

A word of advice, before I block you.

If this is how you talk to people in real life, I'm afraid that things may not quite rebound to your advantage, to paraphrase a certain emperor.

Good morning.

Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by boxypane: 8:10am On Jun 29

Last last, na electric car I go buy. Coz even if person shift enter CNG, they will make it difficult in the long run. A responsive Government will re introduce subsidy, bypass Dangote and fully take over import of crude products by bypassing the evil marketers too.

Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by nairalanda1(m): 8:12am On Jun 29

Gboss247:
If you like, give licence to 1 billion people to build refineries, you will still buying at the current price you are buying.

The guy doesn't get it. He thinks that refinery profits end up in the pocket of the refinery owner...forgetting that there are things like salaries, pensions, maintenance costs, upgrade costs, even expansion costs, and government is not giving any kobo, and the kobo it has given is expected to be repaid.

1 Like

Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by MrPOTUS: 8:12am On Jun 29

Gboss247:
If you like, give licence to 1 billion people to build refineries, you will still buying at the current price you are buying.

Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by Noblex2011(m): 8:25am On Jun 29

nairalanda1:
Kind of amusing that Nigerians and their government want price controls for others, not for themselves.

If the government starts setting prices for the petroleum sector, in the name of helping the poor, it's going to end badly.

Y'all can call me oppressor, go.oat, or whatever, setting prices for businesses in this country, by government, is why we don't have a working power sector, and why we lost four refineries...and now EFCC is picking thrhough the corruption mess that resulted.

You won't like government setting your prices to help the poor if you were a businessperson, because governments want to be elected. And once you give them the power to set prices, they are going to force you businessperson to set your prices in a way that makes them popular and makes them win votes. Because tinubu is running for reelection, he may lose, and if he can kick fuel prices down before election, people gonnal vote for him...even if it means you guys lose your buisness in the names of losses.

One of the silliest things I have found being on this site is people willing to support price controls to help the poor. Despite historical evidence that the thing has been tried in several countries, and has always ended badly. People like making money, and people want to live the good life.

And see how price controls wrecked the fuel sector , and the power sector. It's just now that we are picking up the pieces. Yet most of you are gonna quote me and call me silly names like tinubu supporter, oppressor, go...o...at, or whatever, because simple economics is somehow beyond your ken.

Anyway, fuel prices are dropping. But it ain't got to drop to the level where people starve and government overborrows and gets us into more debt, just so that you can enjoy fuel at N40 per liter.

I'm begining to see why people voted widespread for buhari in 2015, and Apc. All it takes is saying fuel would be sold at N40. And yes, a lot of GEJ supporters and neutrals love the idea. Unfortunately in the real world....things cost money

And I ain't working for government, or voting APC, and this thing affects me badly too. But I ain't going to accept a solution that would lead to an outcome that would be infinetly worse than anything we can imagine...just because we want cheap things.

FFS, vote a leader that would encourage productivity and sane economics, not a leader that would be dashing you money and keeping prices low because they wanna be voted in forever, like this current government for example.

Someone of you need to be muted for some times with comments.
What is the correlation with the news?
Before they were saying Iran war bla bla.... now that caused price increase but now the crude oil price has reduced drastically to $71 or so for close to 3 weeks or so now. Why can't it comes down to the initial price?
Unnecessary write off..
These are some of the nonsense these people might see for them to continue their rubbish.
E sha ma rora

Re: Nigerians Not Benefiting From Drop In Crude Price – FCCPC Warns Petrol Marketers by Noblex2011(m): 8:30am On Jun 29

PheelzAlmighty:
Nigeria is a crime scene......

By the way, Thunder 🔥🔥 all nairaland mods, they are stewpiid animals

😆 😆 what did they do?

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