Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers - Business (2)

Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers - Business (2) - Nairaland

Nairaland Forum › Nairaland General › Business › Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers (8522 Views)

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Re: Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers by integrity16(m): 7:27am On Jul 15

zinowealth:
Una go defend even who wan behead Una. It’s a shame how blind we can be to the truth.

Once dollars go up everything goes up when it drops they find one story to deceive Nigerians. Pure evil

You Nigerians are handful o, this guy keyed into the naira for crude policy of the government and now government have failed to fulfill its end of the bargain consistently failing to supply crude in Naira and now you want to blame Dangote?

Did FG not issue import licenses to marketers against Dangote's advice, what currency do they use to import bad fuel from Malta?

Did you forget that Dangote import crude in dollars? And now you want him to sell to you in naira? Shey you no dey use your head ni?

Na Dangote fault say price of crude dey go up?

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Re: Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers by prinsam30: 7:34am On Jul 15

highchief1:
my brother I tot this Dangote na human being.He is quick to increase but slow to reduce price.May God not give me money that will make me lose humanity.

And who tell U say na Dangote get all this money wey him get, our politicians av about 60% of the money in Dangote account including tinubu, so if him do anyhow with those assets him go hear am and he will be broke for life

Re: Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers by Helinuse: 7:37am On Jul 15

Dialpad:
Is Dangote allowed to price his products in USD? I thought it was illegal in Nigeria

Don't worry,
We will learn.

Re: Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers by DrAda(f): 7:38am On Jul 15

Dialpad:
Is Dangote allowed to price his products in USD? I thought it was illegal in Nigeria

This and many other anomalies allowed in this country

Re: Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers by Dricker: 7:38am On Jul 15

highchief1:
my brother I tot this Dangote na human being.He is quick to increase but slow to reduce price.May God not give me money that will make me lose humanity.

bro most billionaires around the world and nigeria doesn't have any conscience or humanity left,this is like a criteria to be rich..forget all these charity they display outside those people na demons..

Re: Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers by IsraeliAIRFORCE: 7:43am On Jul 15

SonofElElyonRet:
Dangote refinery is located in a free trade zone. Maybe that's why he can do so.... Or maybe he's simply going to be collecting the naira equivalent of prevailing dollar exchange rate

Freezone is for tax and duties and not for flagrant disobedience to the constitution. Freezone is not in the constitution.

Re: Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers by Helinuse: 7:44am On Jul 15

osuofia2:
The government have the opportunity advantage to leverage dangote refineries to our gains, they were playing and given license to marketers to import fuel, refused to sell crude to dangote in naira, Dangote was importing crude from abroad to feed his refinery and you want him to sell in naira. Nna go wait tire.

So in essence, you are saying that Nigeria is selling crude in Dollars to Dangote
So Dangote has to go and buy it at a higher price in the same Dollars from another country

Abi did that country sell it to him in Naira?
grin

Well, let me inform you: the oil trade is much more intrinsic than the Nairaland post suggests. There are factors that are beyond the government's control. The language or the currency of crude oil, everywhere, is dollars. Going against this system brings sanctions from the powers that set the rules. Trading refined crude is not subject to the same sanctions.

Dangote needs to sell his refined crude to people who mandate him to buy it from specific suppliers. Without this, they don't buy. And the market isn't something where, if one doesn't buy, you simply jump ship to another buyer who is asking you to come and sell to him grin

. The markets work on long-term contracts. It's not akara.

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Re: Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers by Reference(m): 7:49am On Jul 15

Yes, it is a free market that the writer claims government has little control over. Agreed.

But the economic consequences are what the government cannot escape from and in sane societies governments rise and fall based on the experiences of the citizens.

Because above all, governments exist to organise societies, protect and prosper the people. They simply cannot hide behind ideals or ideologies.

No citizenry will willingly instal a government that will make life more challenging for it for no reason at all.

Re: Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers by nairalanda1(m): 7:52am On Jul 15

Reference:
Yes, it is a free market that the writer claims government has little control over. Agreed.

But the economic consequences are what the government cannot escape from and in sane societies governments rise and fall based on the experiences of the citizens.

Because above all, governments exist to organise societies, protect and prosper the people. They simply cannot hide behind ideals or ideologies.

No citizenry will willingly instal a government that will make life more challenging for it for no reason at all.

So you want the government to go back to subsides and price setting.

Y'all know how that ended last time.

Re: Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers by nairalanda1(m): 7:54am On Jul 15

Nairalander248:
APC has failed Nigeria, Really

Nigerians were told local refining would bring relief, reduce dollar pressure and make fuel cheaper but the opposite is happening.

Under Tinubu and APC govt, fuel has become more expensive, marketers now need billions of dollars to buy locally refined products, and the naira-for-crude policy appears to be struggling, which sense government does this

If Nigerians are buying Nigerian refined fuel at dollars prices while earning salaries in naira, then the government has failed to translate local refining into economic relief for the people.

The biggest failure here is not just Dangote's commercial decision, it is the government's inability to create a stable crude supply, FX and regulations that protects the Nigerian economy and consumers...

The simple reason is that dangy boy hasn't been able to get enough crude under the crude for naira initiative, because crude oil production isn't enough for us all.

As a result, he had to buy crude from abroad...in dollars. He even bought crude from the UAE...who left OPEC not too long ago.

Either he transfers the cost to Nigerians, or we end up with another scrap refinery some years later.

And we don't trust the APC government to run a transparent subsidy programme, at all atall.

Re: Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers by nairalanda1(m): 7:56am On Jul 15

Dialpad:
Is Dangote allowed to price his products in USD? I thought it was illegal in Nigeria

Abi they are preparing funds for election.... lol

He's raising his prices in naira to cover for fluctuations in the exchange rate.

Dangote, like most of us, is affected by the up and down value of the naira. And yes, government isn';t subsidising naira.

Re: Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers by nairalanda1(m): 7:58am On Jul 15

highchief1:
my brother I tot this Dangote na human being.He is quick to increase but slow to reduce price.May God not give me money that will make me lose humanity.

By your definition, all business people, including the hawkers on the street, aren't humans because they do the same thing.

Likewise people who provide you a service in the private sector are inhumans.

People cannot set prices according to your pleasure and needs. THEY too have a business to run and obligations to meet.

Trying that shit in other countries...selling stuff at people's prices, is how some countries economies nearly collapsed under debt.

Re: Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers by Freshtruth(m): 8:02am On Jul 15

Na only dangonte dey Nigeria we done tire

Re: Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers by RHINO123: 8:04am On Jul 15

osuofia2:
They sale to him in dollars which is not enough for his refinery, he import the crude in dollars as well, when government is ready for sincere business they should come up

those who import car with dollars...they should sell with dollars also?

Re: Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers by tuoyoojo(m): 8:05am On Jul 15

This is a master stroke by Dangote to force the hand of the government to do what they had agreed they would do

With the dollar going up and the results inflation, the would turn the heat on tulumbu's bumbum and he would be forced to revive the naira for crude deal

It's a case of Iran vs US war using the strait as leverage

Re: Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers by OredoPikin: 8:06am On Jul 15

Islie:
• Operators raise concerns over potential uptick in fresh loan demands

• Naira may weaken as marketers stress-test FX liquidity

• $85/barrel spike worsens consumer plight
Good one
Make it 5k please
We will get sense in this country by force

https://guardian.ng/news/fuel-jumps-by-n100-litre-as-dangote-shifts-1-84b-fx-burden-to-marketers/

Re: Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers by JuanDeDios: 8:09am On Jul 15

osuofia2:
The government have the opportunity advantage to leverage dangote refineries to our gains, they were playing and given license to marketers to import fuel, refused to sell crude to dangote in naira, Dangote was importing crude from abroad to feed his refinery and you want him to sell in naira. Nna go wait tire.

Import licenses should be issued. No to monopolies. But they should endeavour to supply Dangote with as much crude as he's willing to uptake from them. Don't think he'll put all his eggs in one basket by closing his import channels though. He will always import crude - that's how business is done.

Re: Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers by HisaacPlus: 8:10am On Jul 15

Islie:
• Operators raise concerns over potential uptick in fresh loan demands

• Naira may weaken as marketers stress-test FX liquidity

• $85/barrel spike worsens consumer plight
Dangote will remain Dangote

https://guardian.ng/news/fuel-jumps-by-n100-litre-as-dangote-shifts-1-84b-fx-burden-to-marketers/

Re: Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers by OredoPikin: 8:10am On Jul 15

highchief1:
my brother I tot this Dangote na human being.He is quick to increase but slow to reduce price.May God not give me money that will make me lose humanity.

He should have sold it for N10 so you will help him pay his staff and also pay his expenses😏
If i be dangote, i will sell that fuel for 5k per litre since all of us nor ready get sense for this country.
We have 4 refineries, FOUR, and none is working because govt lacks the political will to fight corruption in that sector. Instead of us to call out the govt, we are here blaming Dangote that is in business for profits.
Just they whyne yourself

1 Like

Re: Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers by OredoPikin: 8:15am On Jul 15

JuanDeDios:
Import licenses should be issued. No to monopolies. But they should endeavour to supply Dangote with as much crude as he's willing to uptake from them. Don't think he'll put all his eggs in one basket by closing his import channels though. He will always import crude - that's how business is done.

What about Nigeria govt reviving the other 4 refineries to create a competition for dangote or even sell it off at a cheap price with a condition that the buyers must develop it to work or risk losing it.

Re: Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers by bewla(m): 8:18am On Jul 15

osuofia2:
The government have the opportunity advantage to leverage dangote refineries to our gains, they were playing and given license to marketers to import fuel, refused to sell crude to dangote in naira, Dangote was importing crude from abroad to feed his refinery and you want him to sell in naira. Nna go wait tire.

You play to the best chess player in the game
You dangote think you are smart

But one thing is for sure
We can force you out of the country if you want to make it on governable for us

This should be in your mind all the time

Re: Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers by BigYash: 8:20am On Jul 15

Dango baba dey play ludo with the heads of naija phipho grin

25naira deduction,follow by 100naira increase.

Nigerians will be like.. the government is trying.. dangote is trying.

Re: Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers by anonimi: 8:26am On Jul 15

Islie:
• Operators raise concerns over potential uptick in fresh loan demands
• Naira may weaken as marketers stress-test FX liquidity
• $85/barrel spike worsens consumer plight
https://guardian.ng/news/fuel-jumps-by-n100-litre-as-dangote-shifts-1-84b-fx-burden-to-marketers/

Is this part of every aspect that Image123 and this one below are praising Tinubu for?

Maybe they have APC discount card to buy petrol at N70, or even at N40 that we were told Buhari would make it, 11 years ago.

MightySparrow:
In every aspect. Only a fool, especially in the south will not vote him for a second term.

Re: Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers by blackslayer: 8:28am On Jul 15

Just a hint on how these people really become billionaires....it's a game of scale....scale up your usery of others and then turn around and craft a "success" story of hard work, perseverance etc! It's all a big con game!

Re: Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers by anonimi: 8:29am On Jul 15

bewla:
You play to the best chess player in the game
You dangote think you are smart

But one thing is for sure
We can force you out of the country if you want to make it on governable for us

This should be in your mind all the time

Force Dangote out of the country and buy petrol from APC revived government refineris, not so?

Kundus to your balablu bulaba wisdom. You too much walahi. Actually scratch that- you three much grin

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/

Re: Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers by anonimi: 8:31am On Jul 15

blackslayer:
Just a hint on how these people really become billionaires....it's a game of scale....scale up your usery of others and then turn around and craft a "success" story of hard work, perseverance etc! It's all a big con game!

So what enlightenment works are you doing to reduce to the barest minimum, if not completely stop the con game?

Are you doing nothing because you are also a closet conman and hypocrite, waiting for your own opportunity huh

https://www.youtube.com/watch?v=dMWUS1W_ITc

Re: Fuel Jumps By ₦100/litre As Dangote Shifts $1.84 Billion FX Burden To Marketers by Omalicious1: 8:34am On Jul 15

Islie:
• Operators raise concerns over potential uptick in fresh loan demands

• Naira may weaken as marketers stress-test FX liquidity

• $85/barrel spike worsens consumer plight

https://guardian.ng/news/fuel-jumps-by-n100-litre-as-dangote-shifts-1-84b-fx-burden-to-marketers/

Nobody should blame Dangote, rather NNPCL should be asked what happened to the crude for naira deal they had with Dangote. Dangote is a businessman and hence would want to make profit. Let's also not forget that Dangote is importing the crude he's refining.

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