₦airaland Forum

Weakness in the part of the authority is why we are have issues like this. No proper regulations.

casualobserver:
I am not sure it works that way though. The crude Dangote is refining today wasnt bought at todays crude prices. Similarly, importers did not buy their PMS at today's prices. For importers, it takes time for the petrol they bought when crude was >$100 to arrive in the country. thats the petrol they are selling today.

you dont buy crude today refine it today and distribute it to the retail pumps today. to ensure refineries have guaranteed feedstock, they pay in advance for their crude at the price prevailing when they buy the crude not the price of crude at the time the PMS comes out of the refinery.

oga your story is not new.
Answer this question. When they adjusted price upward instantly, when the price of crude went up , which stock were they selling?

philipobiz:
oga your story is not new.
Answer this question. When they adjusted price upward instantly, when the price of crude went up , which stock were they selling?

continue making noise!

Nigeria has turn to evil Forest

Every entity is just doing as it likes

How can government leave running of the energy sector in private business hands and giving them orders to reduce price


Radarada!!!

Alliswell248:
Tinubu is a failure because your brain cannot comprehend economic reform. Akpu eater.

Lolzzzzz 🤣

You shall not escape judgement

Are these not the market force proponent of subsidy remover were saying will stabilize the oil and gas sector, and overtime reduce pump prices.

The only change that is sure in Nigeria is upward review of price. It won't go down in Nigeria even if thewhole world is selling cheaper. The FG will find one war- torn country to show us that their pump price is higher than ours and we should be fortunate.
Why is the Minister begging or is he threatening?
When we have regulatory agencies to regulate the price to reflect current international price realities.
I am sure his man is just bluffing because those marketer have settled him. He is just talking for the camera. How would the marketer be shortchanging Nigerian without the FG being complicit? And this is all the FG can say on a matter so germane

Nigeria, a country where everybody is dangerously wicked with the name of God in their mouth. A very religious country, yet poor and wicked. Once the price of fuel goes up in the international market, within 24 hours, they jerk up the price but when it goes down, they remain adamant waiting for enforcement before they reduce. A very bad system we operate as a people

badoh:
If not for greediness, must they wait for the government to issue directive before they return to the old prices. No be only government deh rip thier citizens, what the citizens even do themselves are even worse. Everyone deh look for who to cheat from vulcanisers, rewire, mechanic, traders, spare parts sellers, marketwomen etc. Even you that wants to reply to this thread, youre not different. I rest my case.

If not for ignorance, how does the government issuing any statement has to do with a deregulated market?

nairalanda1:
Shows that the government wants to do price controls.

It never ends well.

Price control without subsidy?

Jydolomo:
Weakness in the part of the authority is why we are have issues like this. No proper regulations.

Proper regulations like?

casualobserver:
I am not sure it works that way though. The crude Dangote is refining today wasnt bought at todays crude prices. Similarly, importers did not buy their PMS at today's prices. For importers, it takes time for the petrol they bought when crude was >$100 to arrive in the country. thats the petrol they are selling today.

you dont buy crude today refine it today and distribute it to the retail pumps today. to ensure refineries have guaranteed feedstock, they pay in advance for their crude at the price prevailing when they buy the crude not the price of crude at the time the PMS comes out of the refinery.

Ok. But they immediately increase pump price immediately the strait of Hormuz was closed. And they had bought their products weeks back also.

casualobserver:
continue making noise!

Tunubu laptop boy. I have spotted you o

Good one from the minister.. the marketers and Dangote need to bring fuel prices down.. war don end na.. haba

They are afraid of mentioning Dangote. Funny and useless people. They can not even give license to marketers to import at prevailing international market price because they signed a bill into law preventing them from importation as long as dangote has products.

They should be working on amending the bill to ensure dangote and all other refineries that shall be established sells below the prevailing international market price or face sanctions. The refineries should also prioritize local market or face tariffs. Some things are that easy.

Same as USA...


Trump complained that prices at the pump are still "too high."

The president appeared to suggest that gas retailers were "gouging" customers and argued that gas prices must decline in line with crude oil futures.
https://go.forbes.com/MiMrcu

nairalanda1:
If government starts setting prices for Dangote, or any other business, that;s when you will see issues like periodic scarcity, and refineries falling down the drain, and people refusing to invest in new refineries.

You should never support a government that sets prices for the refineries...or any business in the name of helping the poor.

AAh! i see, you support dangote unfiltered hike of petroleum without any form of inhibition from the government because you don't want to offend new or foreign investors while the citizenry groan under the yoke of high fuel prices and it's attendant consequences?

Besides I never said the government should set prices, but rather concerned that while dealers often respond swiftly by hiking pump prices whenever crude prices rise, it is curious that it is taking forever for consumers to benefit significantly when crude prices fall. Competitive markets must work fairly in both directions."

https://www.nairaland.com/8699751/crude-price-fall-fccpc-frowns
https://www.nairaland.com/8700348/reflect-global-oil-price-drop

descartes400:
AAh! i see, you support dangote unfiltered hike of petroleum without any form of inhibition from the government because you don't want to offend new or foreign investors while the citizenry groan under the yoke of high fuel prices and it's attendant consequences?

Besides I never said the government should set prices, but rather concerned that while dealers often respond swiftly by hiking pump prices whenever crude prices rise, it is curious that it is taking forever for consumers to benefit significantly when crude prices fall. Competitive markets must work fairly in both directions."

https://www.nairaland.com/8699751/crude-price-fall-fccpc-frowns
https://www.nairaland.com/8700348/reflect-global-oil-price-drop

The thing is, businesses have to make profits to run well. You don't have to like it.

nairalanda1:
The thing is, businesses have to make profits to run well. You don't have to like it.

Even the despicable Trump, the Head of the Capitalist imperialist, do not agree with you

United States President Donald Trump has directed gasoline retailers across the country to reduce pump prices without delay.

He argued that declining global crude oil prices should translate into immediate relief for American motorists.

Trump issued the directive in a post on his Truth Social platform, accusing fuel retailers of keeping prices unnecessarily high despite crude oil trading at about $68 per barrel.

“Gasoline retailers must get their prices down immediately”, the president declared, urging companies to “do what they know is right” by passing lower costs on to consumers.”

He warned that his administration would not tolerate price gouging, describing the practice as illegal and cautioning retailers that those who ignore the call to lower prices could face “big problems.”

https://www.nairaland.com/8700966/cut-petrol-prices-now-trump

descartes400:
Even the despicable Trump, the Head of the Capitalist imperialist, do not agree with you



https://www.nairaland.com/8700966/cut-petrol-prices-now-trump

So? Trump is wrong, and he probably knows it. And he cannot do anything short of releasing crude from the strategic reserve to reduce prices.

Businesses have to make a profit. In that America self, running a fuel station can be risky. Most make money from the attached shop, not from selling fuel.