₦airaland Forum

Us price per litre N911, could this reflect in our market reality?

ogododo:
https://dailytrust.com/just-in-crude-falls-to-70-but-nigerian-marketers-maintain-n1200-pump-price/9

May God enter these people heart and touch it because the price supposed to have been crashing since last two weeks . USA and Iran have signed mou and everything is coming back to normal . We are not disposed to be buying above 800 -820/litr .

But why can’t government owned refineries reduce their own to 750 Abi all the propaganda about the refineries working are not true?

If we can bribe Dangote by giving him monopoly in one agricultural commodity like salt, let him just give us N500 per liter fuel.

People in this government don't know that allowing fuel prices to remain this high despite decrease in oil prices is not good for a president that is seeking a re-election.

That's the kind of silly country we have n the set of kangaroos enacting policies...

If it was when fuel increase would be eminent, marketers n fuel stations will immediately increase there pump prices but in reductions, they will kept mute n tell you it's old stocks that needs to be sold.

slivertongue:
Greed is the middle name of Nigerian business elites

It is in All NIGERIANS - with Very Few Exceptions,so stop saying the business Elite '- but When last Did you See Anything Raised Up, that Fall back to the same level in Nigeria?
The Greed, Manipulation, Corruption and Lacks of Discipline is in both the elites and the Talakwas( Poor people in the Market, Transportation, Formal and Informal Businesses in Nigeria and is Too Bad ,as we Lack the White man Characters and Values !
• Has Dangote Refinery- Reflected the above PRICES NOW ❓
•Have the Politicians ,
- the Governors in their States - Are they Accountable to the People ?
-The Legislatures ( Senators and House of Reps Members) and,
-The MINISTERS in their Works -Implementation- Reflected that in their CONSTITUENCY Money- PROJECTS - ACROSS the Nigerian LOCALITIES ⁉️
•We are same ,same - as we are Not -PATRIOTIC towards The NIGERIAN Masses.
Just TRUTH and Facts- Very Sad 😥🥵

Change4dbeta:
Is it only the elites? 99% us Nigerians are extremely greedy

You're actually not wrong, most of the people fuming and seething on this thread are no where better if they are in the same shoes.

P.S:
Neither am I anywhere better than them too but at least, we need to recover that lost sense of humanity in this country as it's gone already.

slivertongue:
Greed is the middle name of Nigerian business elites

..they said they have not yet finished selling the old stocks they bought at high price

FCCPC should just call his name. This is the monopoly he was fighting for. Fuel price was $72.6 before the America/Israel/Iran war and petrol was sold around ₦800 then now that the war is over and prices are even below but petrol is still been sold for ₦1200.......I just Weep for Nigeria

Who are this marketers that government can't control

We are too tolerant in 9jeria,we fear to fight for freedom,we fear to fight from oppression,we fear to fight for justice.
In a saner clime election sessions is the best time for labour unions,civil society to go on strikes forcing government/polical office holders to increase minimum wage,improve the economy,reduce inflation,reduce fuel prices or lose the elections.

Change4dbeta:
Is it only the elites? 99% us Nigerians are extremely greedy

The truth nobody wants to hear.

Are the elites the.bus conductors that hike fare immediately there is a drop of rain?

Are the elites the school owners that increases fees every term without increasing their staff salaries?

Are the elites the shylock landlords that increases rents for houses inherited from their fore or five fathers?

Nigerians are generally greedy and wicked.

billyG:
We are too tolerant in 9jeria,we fear to fight for freedom,we fear to fight from oppression,we fear to fight for justice.

So, Nigerians should have invaded the fuel stations and snatch the noodles from the attendants and Pump fuel into their pockets or buckets?

Nairaland Civil warrior.

'Gravity' does not work in Nigeria, sorry.

rhazur:
FCCPC should just call his name. This is the monopoly he was fighting for. Fuel price was $72.6 before the America/Israel/Iran war and petrol was sold around ₦800 then now that the war is over and prices are even below but petrol is still been sold for ₦1200.......I just Weep for Nigeria

Others are bringing in petroleum products too. Let us call them out.

Whoever wants to break the monopoly can still obtain license. That is when you will know there is Duopoly and Oligopoly.

ppogba:
So, Nigerians should have invaded the fuel stations and snatch the noodles from the attendants and Pump fuel into their pockets or buckets?

Nairaland Civil warrior.

Is that how you understood it kid?

No, it is the wicked politicians and marketers

Change4dbeta:
Is it only the elites? 99% us Nigerians are extremely greedy

shortgun:
So why is the government not intervening

Because Tinubu is the petroleum minister and he is head of the cabal that controls the oil sector.

THEY ARE VERY GREEDY N SELFISH CAPITALISTS.. CORRUPT N INSATIABLE PPLE JST LIKE USELESS TINIBU.

yemre:
FCCPC will not bite because the downstream is fully deregulated. That is the reason we no longer queue up for hours/days at the filling station. And at this point, I doubt if there's anything even the government can do about it because any step at this point might result in some hostility and resistance from the oil marketers.

The only way out is to encourage enough competition. Issue about 10,000 import license to just any company or organization willing to go into the business. So that we have more people importing and more filling stations litter everywhere.

Maybe by then, the existing ones will learn to price their products reasonably.

Thanks for informing me on the deregulation part.

However, my question is this....
When they visit and lockup supermarkets for uncompetitive practices around pricing, does it mean supermarkets are not deregulated too?

“To be clear, the Commission does not regulate or approve petroleum prices in a deregulated downstream market. Our responsibility under the Federal Competition and Consumer Protection Act, 2018, is to promote competitive markets, prevent anti-competitive conduct, and protect consumers from unfair, deceptive and exploitative business practices,” Bello said.

They have gotten their lion share. How do u protect customers with price control

helinues:
The Nigeria oil marketers are quick to increase the price whenever the global oil price go up, but they always find it hard to do the same with reduction whenever the price come down

Gravity don't work in Nigeria when it comes to price of things as what goes up will likely remain at up

Even if them reduce am , transportaters wont take it down

obeegee:
Thanks for informing me on the deregulation part.

However, my question is this....
When they visit and lockup supermarkets for uncompetitive practices around pricing, does it mean supermarkets are not deregulated too?

Pls give me the link where it says the reason the supermarkets were picketed was pricing. I need to check that out because the last time I checked, supermarket products were not regulated and there's nothing like price control. It's strictly forces of demand, supply and location that determines the price. Do well to paste the link here and let Nigerians check it out. Then I'll respond to that.

Thank you.

yemre:
Pls give me the link where it says the reason the supermarkets were picketed was pricing. I need to check that out because the last time I checked, supermarket products were not regulated and there's nothing like price control. It's strictly forces of demand, supply and location that determines the price. Do well to paste the link here and let Nigerians check it out. Then I'll respond to that.

Thank you.

Here you go

https://www.thecable.ng/just-in-fccpc-raids-supermarket-in-abuja-over-unfair-pricing/

https://www.icirnigeria.org/fccpc-seals-off-popular-abuja-sahad-store-over-irregular-price-fixing/

slivertongue:
Greed is the middle name of Nigerian business elites

Imaginary greed is now your problem and not the laws of demand and supply you celebrated when Tinubu removed subsidy in 2023?

helinues:
The Nigeria oil marketers are quick to increase the price whenever the global oil price go up, but they always find it hard to do the same with reduction whenever the price come down

Gravity don't work in Nigeria when it comes to price of things as what goes up will likely remain at up

When you where celebrating free market forces determining the price of petrol after Tinubu removed petrol subsidy, you didn't remembered that rocket and feathers was part of the equation.

obeegee:
FCCPC suddenly cant bite

Subsidy is gone, says president Tinubu on his inaugural speech in May 2023.

Parachoko:
Even the NNPCL that's owned by the FG is not leading by example

If NNPCL reduce price to 1000/litre, the rest will be forced to reduce their price

Leading by example as per what law?

shortgun:
So why is the government not intervening

Subsidy is gone!

fineboynl:
Many people benefiting. The silence from different quarters shows they are generating election funds through the scheme

It now many people are benefitting and silence from different quarters and longer the forces of demand and supply will determine the price of petrol